Nigeria’s rental market is in a steep climb, with the median annual rent for a two-bedroom apartment around ₦2.5m, squeezing households from Lagos to Kano and Port Harcourt. New findings gathered across major cities show a fragmented market where prices swing from ₦250,000 in parts of Benin City to ₦20m in Lagos’ luxury districts, underscoring a deepening housing affordability crisis.
Two-bedroom units—long seen as the sweet spot for families and middle-income earners—have become the flashpoint. In Jos, well-finished apartments with water and stable power fetch ₦1.5m–₦2.5m, while less-serviced areas sit at ₦500,000–₦800,000. Hidden costs—agency, legal and “renovation” fees—push totals higher.
Abuja reveals the starkest gaps: ₦1.5m–₦2.5m in Karu/Maraba/Kubwa; about ₦3m in Wuse 2, Jahi and Jabi; and up to ₦10m in Maitama and Asokoro, buoyed by diplomatic and political demand. Ibadan, once reliably affordable, is catching up fast—typical two-bedroom rents that were ₦300,000–₦500,000 in 2022 now average ₦800,000–₦1.5m, with bidding wars and new service charges creeping in.
Proximity premiums are reshaping Ogun State—OPIC-axis apartments list at ₦2m–₦2.5m as Lagos commuters seek cheaper bases. In Enugu, ₦800,000–₦4m is common outside prime districts, while New Haven and Independence Layout start from ₦2.5m plus 10–15% in professional fees. Lagos remains the costliest and most volatile: Ikorodu ₦1.5m–₦2m; Ketu/Alapere from ₦2.5m; Gbagada/Shomolu ₦2.5m–₦3.4m; Ikeja ₦4.5m–₦6m; Magodo ₦4m; Ikoyi/VI ₦8m–₦20m. Stories of rents tripling at review are no longer rare.
Agents in Uyo report ₦650,000–₦5m; Benin City ranges from ₦250,000 in poorly serviced districts to ₦2.5m in better areas; Calabar’s prime Parliamentary Extension seldom dips below ₦1.5m; Port Harcourt averages ₦600,000–₦4m, with GRA rarely under ₦3.5m. Kano mirrors its socio-economic tiers: Nasarawa GRA from ₦5m; Zoo Road ₦2m–₦2.5m; Badawa/Sabangari ₦800,000–₦1.5m.
Professionals blame a perfect storm: runaway inflation across cement, steel, fittings and labour; naira weakness inflating imported finishes; land costs; and chronic under-supply. The demand–supply imbalance is structural, experts say, exposing gaps in policy and finance while pushing landlords to pass rising costs to tenants. With earnings largely stagnant, rent-to-income ratios have blown past global norms—many households now spend 40%+ of income on shelter, triggering overcrowding, long commutes and displacement.
Sector leaders are urging a coordinated fix: mass and affordable housing with public-private partnerships; rent-to-own expansion; tariff relief on critical inputs; incentives for longer leases; a transparent rent index; and stronger urban planning to open new serviced districts. Others propose tax breaks for landlords who keep homes affordable and cooperative models for lower-income groups. Without swift action, analysts warn, the affordability gap will widen and urban poverty will deepen—turning the next rent cycle into a breaking point for millions.
