The Rental Market Nightmare: Practical Tips for Renting in High-Demand Lagos Areas

Renting an apartment in Lagos specifically in "High-Brow" areas like Ikoyi, Victoria Island (VI), and Lekki often feels less like a business transaction and more like a high-stakes survival game. With 2025 rental data showing standard 2-bedroom apartments in VI and Ikoyi commanding anywhere from ₦2.5M to ₦5M monthly (or upwards of ₦30M annually for luxury units), the market is tighter than ever.

​If you are currently hunting for a home in the "Gidi" jungle, use these battle-tested strategies to secure a space without losing your sanity.

​In Lagos, the "Asking Price" is just the beginning. When budgeting, you must account for the "Total Package," which typically includes:

• ​Legal Fee: Usually 10% of the rent.

• ​Agency Fee: Another 10% (though some agents push for more).

• ​Caution Deposit: A refundable fee for potential damages, often 10–20%.

• ​Service Charge: In gated estates or serviced apartments, this covers security, waste, and "PHCN" (power). Always ask if this includes diesel costs for generators.

​In high-demand areas, a "good deal" doesn't last 24 hours. If you see an apartment that ticks 80% of your boxes, be prepared to pay immediately. Have your documentation (ID, proof of employment) and funds ready in a liquid account.

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​Avoid "roadside" agents. Stick to reputable platforms like Private Property or Nigeria Property Centre, or better yet, use a registered realtor. Red Flag: If an agent asks for a "Consultation Fee" just to show you a house that they don't have the keys to, walk away.

Never, under any circumstances, pay for a Lagos apartment based on photos alone.

• ​The Rain Test: If possible, visit the street after a heavy downpour to check for flooding—a common Lekki/VI nightmare.

• ​The Water Test: Turn on the taps. Is the water clear or "Lekki-brown" (sulfur-heavy)?

• ​The Power Grid: Ask neighbors about the average hours of electricity