Human beings have always had and will always have needs. Of all these needs, the physiological ones are thought to be the most important and shelter is one of them.
We either buy or rent properties in order to keep ourselves and loved ones safe. In many parts of the world, renting is still the most viable option for so many people who are still saving to buy land or a property outright.
Renting an apartment in Nigeria, especially urban areas, can be quite challenging. First, for availability due to taste and standards. Secondly and most importantly due to high price tags.
Afriland Properties Plc. habitually conducts research to determine how much you should budget for apartments in the following locations.
Renting a Two Bedroom Flat
Budget of N300, 000- N5, 000,000 per annum
If you don’t like to spend eye-watering amounts on renting a property but still seek comfort, safety and a nice environment, areas that could be of interest to you are:
When budgeting for Lagos, one must adjust budgets in accordance with the often premium price tags attached to these densely populated and highly sought after cities.
N500, 000- N2,000 000
Close to Berger on Lagos mainland, Magodo is a vibrant area. Some parts of the town, such as Magodo G.R.A offer a luxurious living environment.
N160, 000- N350, 000
Ikorodu is an expanding industrial and residential area on the outskirts of Lagos, sharing a border with Ogun State. Bustling with a lagoon shoreline, it’s further out from some of the main commercial and residential locations of Lagos, but still a viable option for many.
N450, 000- N1, 100,000
Gbagada is an increasingly upwardly mobile area with a collection of young professionals opting to live in the area for its cost effectiveness and proximity to the commercial hubs of the city. On the higher end of the scale is Gbagada G.R.A, with its premium homes and gated estates.
N650, 000-N5, 000,000
Located on the island, Lekki is vast when it comes to cost and indeed quality. Phase 1 is the top end of the budget and is valued as a residential hub full of shops, salons and restaurants that are easily accessed. Further down Lekki, towards Ajah, in areas such as Agungi, properties typically cost less than other parts of the island, thus helping your funds stretch further.
Budget of N1, 500,000-20,000,000
For those with more to spend and are seeking high-end offerings, the following areas are arguably considered the most deluxe in Nigeria.
N1,500,000 – N14,250,000
From Obalende to Banana Island, Ikoyi is another Island location that has a vast price gap when it comes to rental properties. If you’re not fortunate enough to stumble upon bargain prime real-estate (which can happen in Ikoyi on the odd occasion), be prepared to pay a pretty penny for what is considered the most elite address in the country, and in fact, highly ranked across Africa.
N1,500,000 – N16,800,000
Victoria Island is the commercial epicenter of Lagos, home to every major bank and densely populated with corporate firms, hotels, restaurants and bars. A property here really is at the center of it all.
Lekki Phase 1
N650,000 – N5,000,000
Potentially the most residential friendly location in Lagos, Lekki dwellers have an array of convenience stores, eateries, hair salons and mini shopping malls to choose from. For its conveniences, the fact is it lies on sand-filled water and its celebrity inhabitants prices are on the higher side. Some areas are prone to flooding too.
Lagos, Ikeja GRA
A former Government Residential Area, Ikeja GRA still boasts an air of refinement and based on the often picturesque, leafy streets and well-built roads, Ikeja GRA can undoubtedly be viewed as one of the nicest parts of the country.
N800,000 – N6,750,000
Another high end part of the country, where the Presidential villa and most government houses are based. Asokoro is a quiet and serene neighbourhood with easy access into the city’s commercial centre.
Abuja, Wuse II
N600,000 – N6,750,000
Wuse II is a leafy suburban, yet central part of Abuja, filled with amenities that make convenience unquestionable. Abuja is vast and for those on the outskirts, a commute can be lengthy and contrary to popular belief- traffic filled during rush hour. For areas such as Wuse, Garki and Asokoro, proximity is key.
*We have based our write up on average rental prices in these areas, using a 2 bedroom apartment.