Rents for two-bedroom flats now average about ₦2.5m annually across Nigeria, squeezing households and worsening the country’s housing affordability crisis.
Nigeria’s rental market is in turmoil, with the average cost of a two-bedroom apartment climbing to ₦2.5m annually, according to data gathered by The PUNCH. The figure reflects a sharp increase from just a few years ago and underscores the deepening strain on tenants nationwide.
While prices vary widely across regions, the pattern is consistent: escalating rents outpacing incomes. In Benin-City, poorly serviced flats can be found for ₦250,000, while prime Lagos neighbourhoods such as Ikoyi and Victoria Island command between ₦8m and ₦20m.
Experts attribute the surge to inflation, rising building costs, land scarcity, and currency instability. “Rent now consumes a disproportionate share of income. Families are forced to choose between paying rent and meeting basic needs like healthcare and education,” said housing analyst Timilehin Olubiyi.
With an estimated 28 million housing deficit, analysts warn the crisis could worsen unless deliberate efforts are made to boost supply and regulate arbitrary rent hikes.