From Lagos to Ibadan, Abuja to Kano, Warri to Port Harcourt, and Akure to Benin, Nigerian households are grappling with soaring rents across cities. In Lagos, rents on the Island’s Lekki corridor have jumped from N7 million to N12 million, and from N10 million to N15 million in other areas. Some high-profile residents recently saw their rent rise from around N15 million to N25 million. On the mainland, neighborhoods like Mushin, Shomolu, Maryland, Surulere, and Agege have recorded increases of at least 30 percent to 40 percent.
In Ibadan, once middle-class suburbs have also felt the pressure. Between 2020 and 2022, a typical middle-class family could rent decent accommodation in areas such as New Bodija, Iyagangu, Jericho, Ikolaba, and Agodi for N1 million to N3 million. Today, the same properties average N4 million to N5 million, with rents climbing as high as N7 million to N8 million in Bodija, Akobo, and Oluyole.
This crisis intensified after 2023 and now affects nearly all major Nigerian cities. The situation is compounded by the rise of so-called housing agents who levy unconventional fees including commission, caution deposits, and legal agreement charges ranging from 40 percent to 50 percent of the actual rent.
