Renting a House in Lagos: Best available options to save money
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Renting a House in Lagos: Best available options to save money

Given the hefty cost of living in Africa’s most populous city, most people still believe that renting a house in Lagos still worth it than that of other cities in Nigeria. As the population of the city increases, so does the cost of living in Lagos increases. Of course, who will not want to reside in a city with numerous opportunities?

This article focuses on:

  • Types of available house to rent;
  • Cost of renting a house in Lagos; and
  • Guide to renting a house in Lagos.

After reading it, you may take a look at most idea locations to live in the city.

Despite the fact that Lagos State has a smaller landmass, the state is arguably the most economically important state of the country. With major financial institutions, sea port and international airports, entertainment centers, hotels and shopping malls situated in the state; the city is certainly a place to live for both Nigerians and non-Nigerians.

Provided that you have the capital required, you may decide to buy a house in Lagos; but, owning a property in a financially buoyant city like Lagos does not come cheap. With this in mind, there is an alternative for you to rent a house in Lagos.

Renting a house in Lagos is not a child’s play. As a matter of fact, you need to be extremely careful when dealing with various real estate agents that may come your way. Some of them may be genuine property agents, while the rest are just after your money.

For this reason, here is a guide to help you with renting a house in Lagos State.

Renting a House in Lagos: Types of Available Properties

Truly, the choice of renting a bungalow, detached house, semi-detached house or a duplex is your personal decision. However, before talking about various factors that may influence your decisions, let’s take a look at the advantages and disadvantages that may help you make the right decision.

In reality, the cost associated to buying a house in this part of the world is high; as a matter of fact, it runs into millions of Naira. For this reason, majority of individuals choose to build or rent a place.

Even though an individual may decide to build his or her own house, the cost of buying the land is also high. Therefore, many are left with the choice of renting a property. In that case, let’s take a look at available types of houses you can rent in Lagos.

Buy Detached House, Rent detached house, Vacant Accommodation

There are various detached houses scattered across Lagos for you to pick from; in fact, many more of them are springing up by the day. Renting a detached is good if you have the money to do so.

Wait a minute,

What is a detached house?

A detached house is referred to as a single stand-alone house suitable for family accommodation; although, some Nigerians use them for office use.

With a detached house, you have the following advantages:

  • Privacy:

Most times, we need our privacy and space from our neighbours;  Renting a detached property gives you more than enough privacy that you may need. In fact, you may not bump into your neighbours for days or week. This is one of the advantages of renting a house in Lagos.

  • Indoor and Outdoor Space:

Well build detached dwelling place has been known to provide you with both indoor and outdoor spaces.

This is good for family with kids, extended family and pets. The amount of space you get in this kind of accommodation is second to none.

  • Parking Space:

Most Nigeria family like have multiple number of cars to their name. If you fall into this category, living in a detached house is best for you; as you will have plenty of car parking spaces to accommodate your vehicles.

As shown above, living in a well spacious single family home is good, but it will come at a cost. Therefore, considering the fact that cost of renting a house in Lagos may defer according to location, the table below gives a breakdown to the average cost of securing a tenancy for a detached house in Lagos, Nigeria.

Renting a House in Lagos, House to Rent in Lagos, Cost of Renting a House in Lagos

Semi-detached house is a single family dwelling property build as one of a pair; with a common wall separating them. In other words, semi-detached houses share a wall with one adjoining neighbour.

Another key point, semi-detached houses usually are built as a “mirror image.”

Uniquely, more than 70% of the newly built investment properties in Nigeria are semi-detached.

Why is that?

Well….. most Nigerian property developers are now waking up to the reality to maximize their investment. Not only do they looking to make more money, but also maximize their returns.

Here are the advantages of renting a semi-detached house in Nigeria:

  • Cost of renting

Generally speaking, the cost of renting a semi-detached property is always cheaper than that of a detached house. Although, this may not be the case in all situation; especially when the location is in a highbrow area.

  • Privacy

A well built semi-detached house has its own privacy too. As a matter of fact, the tenant privacy level is more or less similar to those living in a detached house.

Of course, a semi-detached occupant only share a common wall with the next building. That is to say, you do not share a common entrance gate; neither do you share any surrounding compound.

  • Space

The space allocation may not be as big as that of a duplex, but you still have enough spaces to park an good numbers of cars in the compound. Similarly, the playing ground in a semi-detached property is more than enough for kids, extended family and pets to play around.

All in all, I will recommend you rent a semi-detached property if you do not have enough capital to get a detached house tenancy.

3. Duplex: Cheaper to Rent

Renting a House in Lagos, Duplext to Let, Cheap Duplex for Rent

Duplex is house consisting of living rooms attached to each other. In other words, these buildings are joined with each other. Unlike a semi-detached house that share a common wall; duplexes not only share a common wall, but also share common building partition.

To put it another way, the two buildings (duplexes) share a common partition wall.

Another key point, and contrary to some people’s belief, a duplex can be either next to each other or above each other. In a word, a duplex can be referred to as a “maisonette” as used in the United Kingdom real estate market.

What is the cost of renting a duplex in Lagos?

Comparatively, renting a duplex is relatively cheaper than renting. As can be seen (see table below), you can have a savings of up to 40% if you decide to rent a duplex.

Although, your choice of renting a property solely depend on you and few other factors; nevertheless, you will save some considerable amount of cash renting a duplex.

Above all, renting a duplex has its own benefits too. Here are the advantages of renting a duplex.

  • Cost of renting

Of all the three types of properties spoken about so far, the cost associated to renting a duplex is the cheapest. In other words, securing a tenancy to live in a duplex is cheaper than both detached and semi-detached house.

Be that as it may, one of the determining factors associated to renting a house in Lagos is cost; therefore, if the cost to secure the place is favourable, go for it

  • Privacy

Living in a duplex provide you with having a private or shared backyard; besides, a duplex may have a fenced in the backyard for privacy.

As a matter of fact, you (as a tenant) have a place to relax and enjoy barbecue; additionally, kids have a place to play around.

  • Parking Space

Most tenants living in a duplex enjoy their own parking spaces. Unlike tenants living in an apartments or flats, you have private allocated slots to park you vehicles.

All things considered, you can rent a duplex in Lagos to save money. Also, with this type of property, you enjoy similar space like that of a detached house and semi-detached house.

4. Bungalows

Bungalow for rent in Lagos, Rent a bungalow

If you like to live in a house with lots of space, renting a bungalow may be your best option. Not only do you have spaces within the compound, but also have privacy to yourself. Be that as it may, renting a bungalow is considerably cheaper than semi-detached house; even though, it may sometimes be more expensive than being a tenant in duplex.

Although many people do not like living in a bungalow, but residing in such type of property comes with some benefits too.

Let’s take a good look at the advantages of renting a bungalow.

  • Affordability

Most bungalow are affordable to rent. Comparatively, the cost of renting a bungalow is much cheaper than that of detached house; however, some may be may be more expensive than semi-detached house.

  • Space

With a bungalow, you have spaces in and around the building. Not only will you have a spacious compound for your cars, but also have spaces for the kids and family members to play around.

  • Privacy

In addition to you having car park spaces, you have privacy to yourself. As the only family living in the compound, no neighbour will interfere with your doings.

Cost of Renting a House in Lagos

As shown above, you have options to rent any of the type of houses of your choice. It is important to realize that your decision may be influenced by some factors.

So, what can influence your renting decision?

The most important factore that can influence your decision is cash. For this reason, we conducted a research on the cost of renting a house in Lagos.

To summarize, the table below list the average cost of renting a house in Lagos State, Nigeria.

Location/Average Cost of Renting Detached House (₦)
Semi-Detached House (₦) Duplex in Lagos (₦)
Bungalow in Lagos (₦)
Banana Island 25,000,000 19,900,000 17,000,000 N/A
Ikoyi 21,000,000 17,400,000 14,750,000 N/A
Lekki Phase 1 4,500,000 3,500,000 3,000,000 3,000,000
Lekki Phase 2 2,900,000 2,100,000 1,730,000 2,000,000
Victoria Garden City (VGC)
Magodo 3,000,000 2,500,000 1,800,000 1,200,000
Victoria Island
5,500,000 4,100,000 2,000,000 1,500,000
Allen
4,800,000 4,000,000 3,200,000 M/A
Ajah 3,000,000 2,500,000 1,800,00 1,000,000
Ikeja 3,000,000 3,350,000 2,800,000 2,500,000
Ikeja GRA
7,500,000 6,000,000 5,100,000 2,700,000
Maryland
3,100,000 3,000,000 2,000,000 1,000,000
Surulere 3,500,000 2,900,000 2,150,000 2,000,000
Ogudu 4,500,00 3,500,000 3,000,000 1,200,000
Agege 1,200,000 900,000 500,000 550,000
Gbagada 3,000,000 2,000,000 1,500,000 1,500,000
Ibeju Lekki 2,000,000 1,400,000 900,000 1,500,000

Guide to Renting a House in Lagos

Considering the fact that you are using your hard earn money to rent a good home for yourself and family; for this reason, it will be a lovely idea for you to consider going through this guide.

Therefore,

Here is a guide to help you with renting a house in Lagos State.

  • Conduct a thorough research on the location

First thing to remember when looking for a new home in Lagos is to conduct a thorough research on your intending to move to location. You will need this for various reasons such as – proximity, distance to your work place and kids school.

Additionally, you get to have a better insight on the location; also, your decision to move to such location will be based of fact. Therefore, I recommend you conduct a thorough research when doing house hunting; this gives you an additional benefit to familiarize yourself with the area.

  • Register with local agent

There are local agents and websites you can register with; pick one that is best for you. Remember, not all that parade themselves as a real estate agents are genuine.

You may have to ask few questions before picking an agent to work with. As a matter of fact, you can look through the Association of Estate Agents in Nigeria website for your peace of mind.

  • Inspect few houses

After you find an agent to work with, view available properties that fit your needs; equally important, go for the once that fit into your budget and have your required social amenities within its proximity.

Try not make your judgement on a single property inspected; I recommend you view and inspect up to four properties before making up your mind. Generally speaking, viewing more properties gives you a better chance of making the right decision.

  • Ask questions

You need to ask questions. Make inquiries from the agent and the neighbourhood. By doing so, you will be able to pin-point in the house is for you.

For example, if you are the kind of person that keep pets, you will need to ask if pets are allowed in the house; also, you may want to know about neighbours attitude with regards to pets in the locality.

Thus, responses you get will give you a better idea of the area you intend to move into.

Hey, the next two entries are very important when renting a house in Lagos; particularly, before you sign the tenancy agreement.

  • Conduct Inventory

Make sure you conduct a thorough inventory. If the property is being rented as a furnished house, make a record of the inventory, especially the white goods.

What are white goods?

According to Cambridge.org dictionary, white goods are large electrical goods for the house, such as cookers and washing machines.

By physically inspecting and testing these items, you will be able to be rest assured that they are in good condition before you move into the house. Additionally, you will be in a good position to point out any defect in them.

Hence, it will prevent future issues relating to deposit paid. I am sure you know what I mean; as most Nigeria agents and landlords may be funny when it comes to paying back your deposit.

  • Go for tenancy agreement

Your tenancy agreement is your legal right to occupy the house; therefore, you got to make sure that it contain what you agreed with the landlord or agent. Some hidden cost may be included, so, read through it thoroughly, and point out anything that you are not cleared about.

  • Money matters

Money is an important factor when it come to moving into a new home. Therefore, before making any financial commitment (with the landlord or agent) towards the house, make sure you are satisfied with all conditions.

Also, read through the terms and conditions and anyone you are not happy with, kindly make it know at this stage. Pointing them out at this stage before making a payment may save you some issues in the future.

Provided that you are satisfied with all terms and conditions, go ahead to make payment.

Another key point, make sure you collect receipt for all payment made​​.

By and large, house hunting takes time. You need to be very careful while on it because will not want to move into a house that you may not like few months down the lane. Moreover, a home is where your heart is.

Conclusion

As can be seen, each of the type of houses mentioned have there own benefits. As you look to rent an accommodation that will suite you, try to consider all the factors mentioned above. Additionally, you may consider searching the internet for a suitable property.

While you do that, I advice you to take into consideration all that was mentioned in the “guide to renting a housr in Lagos”. All in all, you have many options to choice from. As long as you have the capital need, I am sure you will secure a good tenancy agreement within a good locality.

Good luck.

Yokebay

Koye Beckley is an Entrepreneur, SEO specialist and a Trainer. He is the founder of Yokebay.com and has published numerous business related articles that has high ranking position on search engine result pages (SERP). He is passionate about helping business owner grow their online business through search engine optimization (SEO); at the same time, he lives to travel the world.
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