The average monthly Cost of House Rent in Lagos this year is different from last year. This number has been increasing steadily over the past few years. The high cost of living in this city puts many people at risk for homelessness and poverty.
We also have a housing problem because there is not enough construction to keep up with demand. It’s hard to find an affordable, safe place to live in Lagos when the rent is so high and the supply rate is low.
So if you are a resident of Lagos, you might be wondering about how much it would cost to rent a house in the future. In this article, we will discuss the cost of renting a house and what factors affect it. We will also look at what type of house one can rent for this amount and how much rent one should pay for a certain type of house.
Cost of House Rent in Lagos
The cost of House Rent has been increasing in Nigeria for years now. House rentals are far higher than what people pay in most developed countries. This is due to the large disparity between rent and house prices. The Ministry of Housing & Urban Development reckons that the average house in Nigeria costs about N1,060,000.00.
Getting a one-bedroom apartment for rent on Lagos island should cost you about N500,000 a year whereas getting that same one-bedroom apartment for rent on the mainland should be about N400,000 a year.
If you are looking to rent a two-bedroom apartment on Lagos island your budget should be about N600,000- N900,000 a year and on the mainland, your budget for a two-bedroom apartment should be about N500,000- N800,000 a year.
Let us now discuss how much your budget should be for a three-bedroom apartment on Lagos island and on Lagos mainland. Three-bedroom apartments are bigger and can contain a family. The prices for a three-bedroom apartment differ from the ones previously mentioned. Now let’s get the details of the price of a three-bedroom apartment.
Renting a three-bedroom apartment in Lagos island you should budget about N800,000 – N1.1 million for a year. To get this on the mainland you should budget about N650,000-N950,00 a year.
While this might seem high, you can always get a house to rent for this amount if you know where to look. However, your current budget will not permit you to get one for this amount. The budget is low if you do not plan ahead. You will have to plan a lot of things before moving to the house that you plan to rent.
What Areas of Lagos are Good to Live in?
It is no longer news that prices in Lagos are affordable and it is unlikely that you would struggle to pay the rent for a decent house or apartment. There are a number of areas of Lagos with good infrastructures that are safe for living and renting property.
These areas include Maryland, Bariga, Ilupeju, Ketu, Lagos Island, Oniru, Agege, Orile, Badagry, Ketu, Oworonshoki, Alimosho, Ikorodu, Shasha, and others.
There are some criteria that might determine the quality of a house or apartment in the future. One of the most important things is the condition and accessibility of the area. For example, if you want a decent apartment, you must consider the number of cars in the area. Before renting and house in Lagos, read: 10 Things To Note Before Renting A House In Lagos State
What Type of Housing Can One Afford to Rent?
Before deciding what type of house one should rent, it is very important that the person reading this article should consider the financial condition of him or herself.
However, given the fact that we live in a society where every other person is bent on doing his or her utmost to do all he or she can to stand out from the crowd, renting any type of house other than his or her home of choice will be very difficult to achieve.
It will not be very difficult for the person renting a house, for instance, to rent a house which is near his or her office or school. It would be slightly difficult for him to rent a house which is very near his or her workplace or school as the people renting these houses would be very busy working or studying.
How Much Should You Pay for a Certain Type of House?
In this article, we will look at the different types of houses for rent. We will also consider the cost of the rent. Some of the things that affect the cost of renting a house include the housing land value and rent rate of a type of property in Lagos.
While looking at some facts about housing in Lagos and how the prices have changed in recent years, we will also look at what factors would cause rent prices to increase or decrease.
This way, we will be able to identify the best areas in Lagos to live in and understand which type of housing to rent for the cost of the rent.
In the future, renting a house might cost less than it does today. In Lagos State, for instance, the rent of the lower class houses will be less than the cost of buying a house.
The house type that would probably cost less than purchasing a house will be those which are built to last for several years. House rent in Lagos.