The median rent of a three-bedroom apartment in Nigeria has reached a new high of N750,000, findings by The PUNCH have revealed.

A comprehensive evaluation of the average rent of a three-bedroom apartment across 15 major cities in the country, with prices sourced from propertypro.ng and estate agents, showed that the cost of a three-bedroom flat in Lagos, Abuja and Port Harcourt went as high as N1.5m per annum.

Minna, Lokoja and Ilorin were some of the major cities with the lowest rental rates in this category, with a three-bedroom flat going for as low as N300,000 in Lokoja.

Other major cities covered in the survey were Jalingo, Asaba, Keffi, Enugu, Makurdi, Uyo, and Gusau.


Median market rent represents the equidistant rent, by unit type (types of flats) as determined in the annual survey of rents for a given period. The survey aggregates average rates in different parts of a geographical locale with a view to striking a mid-point between the highest and lowest rental rates.

Experts have attributed the increase in rental rates across the country to a rise in the cost of building materials and maintenance.

According to a Lagos-based realtor, Michael Ajibola, real estate developers have had to weather an aggressive surge in the cost of doing business.

Source: https://punchng.com/median-rent-hits-n720000-in-lagos-10-states/

If it's #750, it's still cheap, cos I know some people are paying #1m and above. Nah only God fit help us