Do you find the idea of paying your rent and ending up broke funny? You probably don’t, which is why we have decided to take a look at some neighbourhoods in Lagos where you can rent an apartment below N1m.
The plan is to help you narrow down your search to specific neighbourhoods where you can rent a decent space without starving yourself of other essential needs.
Let us shed some light on the term phrase, ‘affordable apartment’ – An apartment that you consider affordable based on your N1.2 million annual salary might not be affordable to your friend/colleague who earns N1.8 million per annum. Your needs and preferences vary and these go a long way in dictating what you deem affordable.
For the purpose of this article, we will look at 3 types of apartments; 2-bedroom flats, mini-flats and self-contained apartments.
Ikeja is a vibrant and lively neighbourhood in Lagos. It has a reputation for being secure, clean and central, which makes it easy to connect other neighbourhoods from. It is also known for its gated estates, shopping malls and police barracks, beautiful schools and many other alluring facilities and amenities.
You can rent an apartment below N1m in Ikeja but you will find more self-contained apartments and mini-flats within this range. If you decide to settle for a 2-bedroom flat, be prepared to part with an ‘Agent and Agreement,’ which will overshoot your N1m budget but this is a one-time payment if you don’t mind. It also works if you’re planning to live there for a decent period of time.
Check: Property For Rent in Ikeja
This neighbourhood is surrounded by water, beaches, good road network and a rich assortment of entertainment and commercial activities. Your coverage area will include Lekki Phase 1 and 2.
If you want an apartment below N1m in Lekki, you should be on the lookout for a decent self-contained apartment or a mini-flat. Your budget for a self-contained apartment starts from a range of N450,000. There are also 2-bedroom apartments listed at a minimum of N1m. If you decide to settle for this, your ‘Agent and Agreement’ fee will be in the range of an additional N150,000 to N200,000. If you don’t mind paying this one-off fee, the apartment could become yours.
Given the peculiar landscape of the neighbourhood, if you cross over into the Ibeju-Lekki axis, you can get a self-contained apartment for as low as N300,000.
Check: Property For Rent in Lekki
Ikorodu stands out for its community feel. The neighbourhood shares strong borders with Ogun State. Districts like Ofin, Ogijo and Ijede are all districts within the neighbourhood. The cost of living is low and Ikorodu has over 60 public primary schools and 12 secondary schools.
The neighbourhood is also known for its strong cultural values. An apartment below N1m in Ikorodu will cost you a minimum of N100,000 for a mini-flat, which makes it one of the most affordable neighbourhoods in Lagos.
If you prefer a 3-bedroom apartment, your budget starts at a minimum of N300,000 while a 2-bedroom apartment starts at a minimum of N250,000.
Check: Property For Rent in Ikorodu
Living in Agege is not expensive and this covers both accommodation and cost of living. Searching for an apartment below N1m in Agege isn’t difficult considering how affordable the houses are. A self-contained apartment in Agege will cost you a minimum of N200,000.
The neighbourhood is known for its trading and road network and accessibility to districts like Ikeja, Ogba, Orile-Agege, Ipaja and Dopemu.
Renting a mini-flat in this part of Lagos would cost you between N200,000 and N400,000 per annum. A 2-bedroom apartment within the same neighbourhood goes for a minimum of N300,000.
Check: Property For Rent in Agege
The Egbeda axis of Lagos has become synonymous with low-cost living. It, therefore, doesn’t come as a surprise to find decent homes within the neighbourhood falling under the N1m mark especially if you’re going for something simple.
A typical self-contained apartment in Egbeda would cost you between N200,000 and N400,000 depending on what your taste is. You can get a mini-flat at a minimum of N160,000. If you have a preference for more space; perhaps a 2 bedroom apartment, then your budget should fall between N250,000 and N400,000.
Check: Property For Rent in Egbeda
This district lays within the Lagos suburbs on the mainland and is one place you would find exciting if you are looking for a decent and inexpensive living space.
Idimu is one of the few neighbourhoods within the Lagos metropolis where you can find a self-contained apartment for as low as N70,000 and N130,000. A 2-bedroom apartment in the same neighbourhood is pegged between the range of N200,000 and N400,000.
Transportation and cost of living within this part of Lagos is very affordable.
Ikotun and Igando are known for their local markets, petty trading and proximity to Egbeda and Idimu. The lifestyle of the majority of the residents might not be on the side of opulence but it makes up for this with its affordability of food and accommodation.
A mini-flat apartment in Ikotun will cost you around N100,000 and N200,000.
This neighbourhood has Agege and Iyana-Ipaja as its closest relatives and lays on the outskirts of Lagos. It’s a perfect place to get an apartment below N1m.
A mini-flat in Abule Egba begins from the N150,000 range and can rise to N200,000 and N300,000. The rent might rise a little depending on the specific part of the neighbourhood you settle for but it rarely ever crosses the N1m mark.
Mushin is known for its congested neighbourhood, affordable homes, local stores and large-scale retail trading. The neighbourhood is easily accessible through popular districts like Oshodi, Surulere and Ilupeju and Isolo.
Renting a self-contained apartment or a mini-flat in Mushin can go as low as N90,000 per annum.
This neighbourhood has a location that is central to both the island axis of Lagos as well as the mainland. If you have plans to live in Surulere with a budget under N1m, you should go for self-contained apartments and mini-flats.
The cost of a mini-flat and self-contained apartment in Surulere falls within the range of N400,000 (inclusive of Agent and Agreement fee) for the latter and N600,000 for the former.
Yaba is known for its bubbly character and proximity to the University of Lagos and the Yaba College of Technology. The presence of campuses within the neighbourhood, a cinema, shopping malls and good road network have made it a prime destination.
This neighbourhood is also close to two stadiums; the National Stadium and the Teslim Balogun Stadium. Renting a self-contained apartment in Yaba will require a budget in the range of N200,000 and N600,000. If you’d rather have a 2-bedroom apartment, your budget should fall between N700,000 and N950,000.
Check: Property For Rent in Yaba
Whether you are raising a family or living by yourself, Ajah is a great place to live especially if you enjoy living on the Island in Lagos. Ajah is close to nature and borders shares with the Atlantic sea.
Ajah has an abundance of open space and is devoid is high rise buildings, which are common in other parts of Lagos especially Victoria Island and Ikoyi.
With a budget of between N250,000 and N400,000, you can rent either a self-contained apartment or a mini-flat. For a bigger space; perhaps a 2-bedroom apartment, your rent will be within the N300,000 and N650,000 range
Check: Property for Rent in Ajah
This neighbourhood falls within the Somolu Local Government Area of Lagos State and is known for being home to the oldest secondary school in Nigeria. Living in Bariga should not put a strain on your budget especially if you keep your space needs simple.
Renting a self-contained apartment or mini-flat in Bariga will cost you between N100,000 and N250,000. A bigger space like a 2-bedroom apartment will require a budget in the range of N400,000 and N500,000 excluding Agent and Agreement fee.
The neighbourhoods suggested in this article are hinged on the premise that you are allowed to pay for rent covering a period of one year. In some cases, the property owner could insist that you pay for 2 years. This is illegal but it doesn’t stop deviant landlords from asking for it.