Nigeria’s rental market is experiencing one of its most difficult periods in recent history, with the cost of two-bedroom flats averaging about ₦2.5 million annually across many cities.
The figure, according to findings, underscores the widening affordability gap in the housing sector and has left millions of households struggling to secure decent shelter. A few years ago, such apartments went for far less. Today, tenants from Lagos to Kano and Port Harcourt to Ibadan are grappling with steep rent hikes.
While ₦2.5 million is seen as a national benchmark, rents vary widely. In Benin City, two-bedroom flats can still be found for ₦250,000 in some neighbourhoods, while prime districts in Lagos command between ₦8 million and ₦20 million yearly.
The two-bedroom category is considered the middle ground for families and professionals, yet this option is increasingly slipping out of reach. In Ibadan, for instance, flats that went for ₦350,000 in 2022 now attract between ₦800,000 and ₦1.5 million. In Abuja, rents range from ₦1.5 million in outlying districts to as much as ₦10 million in Maitama and Asokoro. Lagos remains the most volatile, with rent spikes occurring abruptly and without warning.
Tenants nationwide say the hikes are not only driven by demand but also by additional costs such as agency, legal, and service charges. “We once viewed a flat with about 50 other people, and the landlord raised the price on the spot,” said one tenant in Ibadan.
Experts trace the surge to inflation, rising construction costs, currency depreciation, and Nigeria’s housing deficit, estimated at 28 million units. Estate surveyors and housing professionals argue that landlords are simply passing down costs as prices of cement, steel, labour, and imported finishing materials soar.
“The housing market is under immense pressure,” said Ayodele Olamoju, Assistant National Publicity Secretary of the Nigerian Institution of Estate Surveyors and Valuers. “Without urgent policy intervention, rents will keep rising faster than wages.”
Others warn that the imbalance between supply and demand is forcing middle-income earners into overcrowded housing or pushing them farther out of city centres. In Lagos and Abuja, younger Nigerians are delaying independent living, while in Port Harcourt, rents now consume more than 40 per cent of average household income.
Analysts have called for mass housing schemes, partnerships between government and private developers, and incentives for landlords to moderate rent increases. Proposals also include tax relief on construction materials, expansion of rent-to-own schemes, and the introduction of a transparent rent index.
For now, however, tenants across Nigeria face mounting pressure. With each rent cycle, many are forced to choose between paying for accommodation or meeting essential needs like food, healthcare, and education. Unless urgent reforms are implemented, housing may become even more inaccessible, turning what was once a basic need into an unaffordable luxury for millions.
