How much is rent in Nigeria In US Dollars [An Overview]
One of the major concerns of most resident Nigerians and those trying to come into the country is having a conducive place to stay. It is a pertinent issue that affects all and sundry from young and old, male, female, rich, and low-income earners, the problem is the same.
Looking for a good apartment in Nigeria can come with its challenges. Although location plays a big role, the bone of contention most times rests on budget constraints when looking for a suitable home.
In this article, we will take a look at the house situation in Nigeria. We will build the conversation around location, rent costs, utilities, and proximity to basic amenities. Here, we will be using the three major cities; Lagos, Abuja, and Port-Harcourt as case studies.
This piece will consequently serve as a guide for Nigerians residing in the country, those trying to come in from abroad, and foreigners as well.
Follow along now…
Cost Of Rent In Lagos In the middle-income Areas
The prices of houses in Lagos are quite standardized. We will group each house type in specific areas around the city along with their rent costs.
Ogba
Three bedroom: 600,000 – 750,000
Two bedroom: 500,000 – 550,000
One bedroom: 300,000 – 400,000
Fagba
Three bedroom: 650,000 – 750,000
Two bedroom: 500,000 – 550,000
One bedroom: 350,000 – 400,000
Anthony Village:
Three bedroom: 700,000 – 750,000
Two bedroom: 500,000 – 600,000
One bedroom: 350,000 – 450,000
Yaba
Three bedroom: 650,000 – 700,000
Two bedroom: 500,000 – 600,000
One bedroom: 300,000 – 400,000
Ejigbo
Three bedroom: 600,000 – 700,000
Two bedroom: 350,000 – 450,000
One bedroom: 250,000 – 300,000
Surulere
Three bedroom: 700,000 – 1,000,000
Two bedroom: 600,000 – 650,000
One bedroom: 350,000 – 450,000
Cost of rent in Lagos in the higher income areas
Ajah
Three bedroom: 650,000 – 750,000
Two bedroom: 500,000 – 550,000
One bedroom: 350,000 – 400,000
Lekki
Three bedroom: 1,500,000 – 2,500,000
Two bedroom: 900,000 – 1,200,000
One bedroom: 600,000 – 800,000
Victoria Island
Three bedroom: 5,000,000 average
Two bedroom: 3,000,000 – 4,000,000 average
One bedroom: 1,000,000 on average
Cost of rent in ABUJA in the middle-income areas
Rent in the city of Abuja can be a little bit tricky. There is no set standard in the middle-income areas as house types can have different price ranges. We will, however, give you an idea using four main areas as a point of focus to help middle-income earners secure affordable accommodation. These areas include the Kubwa, Lugbe, Kuje, and Karu districts.
Because of the expensive nature of the city, people who work in the Abuja metropolis chose to look for cheaper accommodation in any one of these suburban districts. These areas also have basic amenities like markets, shopping centers, banks, churches, mosques, and schools, etc. Lugbe for instance is a 15-minute drive from Abuja Airport.
In any of the four areas mentioned, you can get a self-contain apartment for between N200,000 to N350,000. A one-bedroom apartment can come anywhere between N400,000 and N450,000. Two and three-bedroom apartments cost anywhere between N500,000 to N1,200,000.
Cost of rent in ABUJA in the high-income areas
The high-income areas in Abuja are generally situated around the metropolis. These areas include Wuse, Asokoro, Maitama, and Garki. Asokoro is typically regarded as the most expensive of the four districts and is home to Aso Rock, which is the presidential villa. It also houses the Economic Community of West African States (ECOWAS) Secretariat, the World Health Organization (WHO) Office, and the National Intelligence Agency.
The other three areas all have major landmarks and are equally exclusively reserved for the rich and high-income types. These include politicians, diplomats, and business persons.
Prices of homes in these areas usually fall around the same range. For instance, a two-bedroom can cost anywhere between two to three million naira in these four areas. A three-bedroom should cost between three to five million naira, while the average cost for a 4-bedroom home is around N6 million.
Cost of rent in Port Harcourt in the middle-income areas
Port-Harcourt is one of the most expensive cities to live in. This can be attributed to the fact that it is home to some of the biggest multinational oil companies. As a result, the cost of living here is high to match the GDP rate of the city. The unique thing about PH is that aside from GRAs and exclusively reserved estates, all other areas around the city center have around the same range in terms of cost.
Below are 8 main/popular areas we will use for this assessment:
- Port-Harcourt Town/Marine Base
- Garrison/Waterlines
- Rumuola/Rumuokwuta/ Rumuokoro
- Mgbuogba
- Ada George
- Eleme Junction/Apajo/Woji/Slaughter axis
- Elekahia/Rumuomasi/Artillery
- East-West Road/Tank
In any of the areas mentioned above, you can get a self-contain apartment for between N150,000 and N250,000. A one-bedroom apartment goes anywhere from N300,000 to N450,000 while a two-bedroom house sits anywhere between N500,000 to N600,000. You can get a three-bedroom home in any of the areas listed above between N750,000 and N1,000,000.
Cost of rent in Port Harcourt in the high-income areas
The most expensive areas in Port-Harcourt are located around Old GRA, New GRA, and Odili. Here two and three-bedroom houses go for between N800,000 and N1,200,000.
Are Nigerian Rented Apartment Comes Furnished?
Nigeria is still behind most developed countries when it comes to the state of rental apartments. In developed countries, most rented apartments are already furnished before people move in. Most times, you may only be required to make minor interior changes within the home as most effects are already in place. What you simply take in with are your clothes and personal effects.
In Nigeria however, we are just beginning to catch up to global standards concerning furnished apartments. In major cities like Lagos, Abuja, and Port-Harcourt, there are few apartments in exclusive estates that offer fully-furnished apartments for intending inhabitants.
These kinds of apartments are popularly known as service apartments. They also include in-suited utilities like running water, gas, internet connectivity, and stand-by generators.
In Lagos, you will find such apartments in high-brow areas of the Island to include Lekki, VI, and Ikoyi. Serviced apartments are also present in the Garki and Asokoro areas of Abuja. Port-Harcourt on the other hand has very few service apartments in the Odili area.
Hidden utility cost of renting a property in Nigeria
Like we discussed earlier, some properties come with extra privileges attached to standard rent. These are usually known as utilities. Most times, these utilities will include but are not limited to estate fees, water, electricity, gas, internet connectivity (high-speed WiFi), etc.
Some property owners have one, more, or all of the utilities mentioned and may also choose to make these utilities optional such as water and electricity.
Read about why foreigners come to Nigeria
Author
Abbey Johnson has a Masters degree as an engineer and has over 3 years of teaching and research experience. He is happiest when on a bike and is also interested in electric energy and computer Science.