Lagos Island rents soar as two-bedroom apartments become pricier
The cost of renting a two-bedroom apartment in key Lagos Island areas has surged, with some locations now commanding record-high annual rents. A recent report by Lagos Realty highlights dramatic increases in rental prices across Ikoyi, Victoria Island, Lekki Phase 1, and Ikate. Ikoyi leads as the most expensive submarket, while Ikate remains the most affordable among the four. The report also reveals that rental costs have more than doubled in all areas covered.
TLDR
- The Lagos Island Residential Market Report 2026 shows average annual rents for two-bedroom apartments ranging from N8.5 million in Ikate to N17.25 million in Ikoyi in 2026.
- Ikoyi recorded the highest rent at N17.25 million, representing a 115.63% increase from N8 million in 2022.
- Ikate saw the largest percentage rise, with rents jumping 183.33% from N3 million in 2022 to N8.5 million in 2026.
- Lekki Phase 1 and Victoria Island also experienced significant increases, with rents reaching N10 million and N15 million respectively in 2026.
- The report attributes these increases to rising demand, limited new housing supply, and ongoing residential development in these areas.
