Lagos one-bedroom rents reach ₦20.9m in 2025 – Report

One-bedroom apartment rents in Lagos have climbed to as high as ₦20.9m annually in 2025, with premium Island locations recording the steepest increases, according to the Lagos Residential Market Rep...

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Published 2 Jan 2026

By Musa Adekunle

Residential apartment building in Lagos. Photo: Freepik

One-bedroom apartment rents in Lagos have climbed to as high as ₦20.9m annually in 2025, with premium Island locations recording the steepest increases, according to the Lagos Residential Market Report 2025

The report by Edala Development showed that Eko Atlantic City recorded the highest one-bedroom rent in the state at ₦20.9m. Banana Island followed at ₦10m, while Ikoyi and Victoria Island recorded average rents of ₦8m and ₦7.5m, respectively.

Lekki Phase I recorded an average of ₦4.5m for one-bedroom apartments, while Lekki Peninsula II stood at ₦3.5m. On the Mainland, Ikeja recorded ₦3.2m, Yaba ₦2.2m, while Ajah and Gbagada stood at ₦2m each.

Lower one-bedroom rents were recorded in Surulere at ₦1.5m, Apapa at ₦1.3m, Ketu and Shomolu at ₦1.1m each, and Oshodi at ₦840,000. Agege recorded ₦755,000, Mushin ₦735,000, Ikorodu ₦555,000, Epe ₦400,000 and Badagry ₦358,000.

The report also showed that two-bedroom apartment rents followed a similar pattern across Lagos. Eko Atlantic City recorded the highest average rent at ₦26.6m, while Banana Island stood at ₦15.5m. Ikoyi and Victoria Island recorded ₦15m and ₦12.5m, respectively.

Lekki Phase I recorded ₦8.5m for two-bedroom apartments, while Ikeja stood at ₦5.2m. On the Mainland, Ajah recorded ₦3.2m, Yaba ₦3m and Gbagada ₦2.6m. Lower rents were recorded in Surulere at ₦2m, Shomolu ₦2.1m and Festac ₦1.5m. Ikorodu, Epe and Badagry recorded ₦815,000, ₦605,000 and ₦575,000, respectively.

For three-bedroom apartments, Eko Atlantic again topped the list with an average rent of ₦35.3m, followed by Banana Island at ₦27.5m and Ikoyi at ₦25.5m. Victoria Island recorded ₦15m, while Lekki Phase I stood at ₦11.2m.

On the Mainland, Ikeja recorded ₦6m for three-bedroom apartments, Yaba ₦3.4m, Gbagada ₦3.3m and Ajah ₦3.8m. Surulere recorded ₦2.4m, Mushin ₦1.7m and Ikorodu ₦1.1m, while Badagry and Epe recorded ₦673,000 and ₦705,000 respectively.

Studio apartment rents also remained high in prime locations. Eko Atlantic City recorded ₦14.2m, Banana Island ₦5.1m and Ikoyi ₦4.2m. Lekki Phase I stood at ₦2.7m, Ikeja ₦2.1m and Yaba ₦1.5m.

More affordable studio apartments were found in Ikorodu at ₦375,000, Epe at ₦275,000 and Badagry at ₦150,000, while Agege and Oshodi recorded ₦575,000 and ₦580,000 respectively.

Commenting on the figures, Edala Development said the rental surge reflects broader economic pressures and a widening gap between Lagos Island and the Mainland.

“This year has been defined by continued economic shifts and evolving market dynamics. The Lagos real estate sector has not only weathered policy shocks and elevated interest rates but has also adapted, demonstrating resilience and renewed investor confidence. Success in this market now requires more than capital; it demands insight into the widening gap between high-end Island neighbourhoods and the fast-growing Mainland,” the report stated.

It added that despite easing inflation, cost pressures remain high. “The operating environment remains challenging. Inflation has eased to 16.05% as of October 2025, down from 33.88% in late 2024, yet the Monetary Policy Rate remains elevated at 27%. Despite this, the residential sector continues to expand,” the report said.

According to the report, construction activity rose in 2025. “Construction activity has also picked up, reflected in a 9.9% jump in nominal output in Q1 2025. Latest data from the NBS indicate that this momentum remains positive, with real-term growth of 5.57% recorded in Q3 2025,” it added.

The report noted that rental pressures are strongest in specific locations. “We spotlight the submarkets driving activity from the dollar-denominated resilience of Eko Atlantic and Banana Island to the high rental demand Yaba and Surulere,” it stated.

Edala Development also said future housing trends would be shaped by infrastructure and affordability concerns. “We explore the ongoing debate between luxury and value, assess the impact of new coastal infrastructure, and analyze the persistent price gap between landlords and tenants,” the report said.

Guardian Life