Apartment For Rent In Lagos:Top 10 Affordable Locations

Are you looking for an apartment for rent in Lagos? Over 80 percent of the estimated 23 million inhabitants in Lagos reside in rented accommodations; they spend more than 50 percent of their income on housing.

There has been a growing need for affordable rental apartments, hence the challenge that many people face in their endeavors to land a nice and relatively cheap house to rent in Lagos. However, this has also presented investment opportunities in both buy-to-let and build-to-let markets. Unfortunately, it has also created room for fraud, where many are left financially drained because of rental scams.

The property research start-up, Estate Intel, in its report shows that there are a few places in Lagos where one can get accommodation at relatively low costs. Rentals on average for a year of a one-bedroom apartment range from about ₦240,000 to ₦350,000 depending on where it is in the city.

Lagos is the commercial capital of Nigeria and one of the fastest-growing cities in Africa, with affordable housing options in most parts.

Top 10 Neighborhoods You Can Locate An Apartment For Rent In Lagos

Herein are 10 of the cheapest neighborhoods you can locate an apartment for rent in Lagos that will conveniently fit your budget.

1. Agege: Agege is one of the cheapest options for people looking for an apartment for rent in Lagos. With a variety of housing, including old buildings and modern apartments, Agege is affordable and accessible. Its proximity to Lagos-Ibadan Expressway and good transport network makes it very suitable for residents who are cost-driven. However, a few negative factors include area boys, drug-related activities, and stench emanating from the Oko-Oba abattoir.

Agege lagos state

2. Ikorodu: Ikorodu is a happening suburban area located on the outskirts, where you will get a cheap apartment for rent in Lagos. While it lies pretty distant from the city centre, Ikorodu is accessible through both road and water, which means one can move into the city if need be. It offers a mix of residences for singles, families, and businesses. The cost of living is slightly less than in central Lagos, but heavy traffic and security threats due to area boys are some common disadvantages.

3. Ojo: Ojo is also among the areas in which one can pick up a serene, low-priced apartment for rent in Lagos. Situated at the peripheries, it is very convenient to get to the mainland or Lagos Island while retaining that serenity. This locality also hosts Lagos State University (LASU) and is liked by students. It also has attractions like the Trade Fair Complex, making Ojo favorable to business people. The area also has many bus services and ferry terminals that enhance commuting.

4. Egbeda: Egbeda is a quick developing urban settlement area in Alimosho Local Government Area and is a place one can easily get affordable apartments to rent in Lagos. It is in close to the Ikeja business district and Lagos State University which makes it ideal for people looking for job centers and educational centers. A two-bedroom apartment in this area could be leased at about ₦700,000 annually. With supermarkets, hospitals, and good road networks, Egbeda is increasingly becoming the area that most people look forward to being associated with for residential purposes.

5. Alagbado: Alagbado is also another cheaper estate to consider when looking for an apartment to rent around Lagos. Alagbado is located within the Ifako-Ijaiye Local Government Area, and this place makes housing more convenient for singles as well as families. The prices of rents in this place range from ₦250,000 to ₦350,000 per year for a one-bedroomed apartment, thus affordable to residents within different budget brackets. Public transportation and good road networks make it easy to reach other parts of Lagos.

6. Ikotun/Igando: For those looking for an inexpensive apartment for rent in Lagos, Ikotun and Igando are worth considering. These are close to Lagos State University and Alimosho General Hospital, and come in several forms, including two-bedroom flats and mini flats. Despite the low prices, they are far from the heart of Lagos and driving through can be a nightmare during peak hours. There are sections of the area where the road is not user-friendly—particularly when it’s the rainy season.

7. Badagry: Badagry is relatively very far from Lagos Island. It has some of the cheapest housing, with a lot of history in connection to Nigeria’s slave trade history. For instance, a three-bedroom apartment for rent in Lagos can be acquired in Badagry for as little as ₦300,000 annually. Studio apartments usually go at around ₦150,000 in this town, making it one great place for budget renters.

8. Mushin: Mushin is one of the areas that you could find an affordable apartment in Lagos to let, but with pitfalls. Reputable for having an insecure environment, Mushin has built a reputation as one of the more dangerous regions in Lagos. However, this affordability and access to various markets make it an option viable for some prepared to run security risks. Mushin provides easy access to other parts of Lagos and plenty of local stalls for daily needs.

9. Bariga: Located close to the University of Lagos, Bariga is another very affordable area in which to secure an apartment for rent in Lagos. With its proximity to Yaba, where groceries, clothing, and household items are all sold at lower rates, Bariga is recommended for those looking to dwell near the mainland. Besides, well-rated schools such as CMS Grammar School put it on the top of the list for housing families with kids.

10. Epe: Epe, located at the north side of the Lagoon in Lekki, is often dismissed by Lagosians. Although it is far from the island and mainland, the peaceful and relatively low-cost housing make it a small haven to those who are searching for an apartment for rent in Lagos. A two-bedroom apartment here costs around ₦200,000 or more annually, making it one of the cheapest in Lagos.

There are so many decent and affordable apartments to choose from in Lagos. Be you a student, a family person, or a businessperson, one of these districts should have just the right apartment for rent in Lagos that is suitable for your budget and lifestyle.

Frequently Asked Questions

• How much is it to rent an apartment in Lagos? The average annual rent for a one-bedroom apartment in Lagos is pegged at between ₦240,000 and ₦350,000. The cost often varies according to locality within Lagos. Bigger-sized apartments, like two or three-bedroom flats, might cost more—especially where the location is easily accessible to the city center.

• What are the cheapest areas to stay in Lagos? The cheapest neighborhoods in Lagos include Agege, Ikorodu, Ojo, Egbeda, Alagbado, Ikotun/Igando, Badagry, Mushin, Bariga, and Epe. These offer quite a fair range of options when one is on a tight budget for renting.

• How can I avoid rental scams in Lagos? To avoid rental scams, always work with reputable real estate agents or verified property listings. It is also crucial to go and see the property, confirm ownership, and not pay without having signed a legal rental agreement.

• What is the best area for families looking for affordable apartments in Lagos? Good family locations include Bariga, Egbeda, and Alagbado, which provide relatively cheaper residential properties, as well as accessibility to schools, supermarkets, and hospitals. In addition, these areas possess better road networks and are thus convenient for families.

• Can I find a furnished apartment in Lagos at an affordable rate? Although furnished apartments tend to be costlier, some of the affordable neighborhoods, such as Ikotun and Egbeda, might provide at least semi-furnished apartments. However, most apartments in these areas will be empty.