About two months ago, Edala Development firm released the Lagos Residential Market Report 2025.
The report involved a rigorous study of properties across various parts of Lagos. And one shocking finding from the study was that the average rent of a one-bedroom reached N20 million. This was observed in Eko Atlantic City.
However, in places like Yaba and Surulere, the average rent price is less than N2.3 million.
The real question is, “How did we get here so fast?”
Property prices in Lagos have moved aggressively in recent years, and the cost of even small apartments has climbed to levels many buyers didn’t expect.
In this guide, I’ll break down why the average cost of a one-bedroom apartment
What Is the Current Average Rent of a 1-Bedroom Apartment in Lagos?
The image above is a visualization directly from the report.
As you can see, places on the island command higher prices than on the mainland.
This doesn’t mean every one-bedroom apartment costs that much.
Location, building quality, infrastructure, and estate development standards still significantly influence pricing.
In places like Lekki and parts of the Ikate or Chevron corridor, prices tend to be on the higher side due to demand and estate infrastructure.
The place in Lagos with the cheapest average rent is Badagry at less than N400K for a one-bedroom.
Why the Rent of 1-Bedroom Apartments Increased
Property prices don’t rise randomly. They respond to economic pressure and investor behavior.
Here are the main reasons behind the spike.
1. Population Pressure and Housing Demand
Lagos continues to attract people from across Nigeria and beyond. The city remains the country’s commercial nerve center, and job opportunities still draw thousands of new residents every year.
More people mean more demand for housing.
But housing supply has not grown at the same pace. Developers are building new estates, but the demand curve is still ahead. When demand consistently outpaces supply, prices rise.
2. Rising cost of materials
Do you know that in 2025, the price of a 50kg bag of cement was around N2,600-N3,000?
As of Q1 2026, the same cement is around N9,000-N15,000.
Even reinforcement rods, tiles, electrical fittings, and imported finishing materials have increased significantly.
When construction costs rise, property prices eventually reflect that increase.
Developers simply cannot sell new apartments at old prices without compromising quality or running at a loss.
3. Inflation and Currency Pressure
Nigeria’s broader economic environment has played a major role in real estate pricing.
High inflation reduces the purchasing power of money. The cost of land acquisition, labour, and materials keeps rising. Developers adjust their prices to stay ahead of these pressures.
Currency fluctuations also affect imported construction inputs. When exchange rates move sharply, developers often reprice ongoing projects to reflect the new realities.
4. Rising Investment Demand
According to BO Properties, the shortlet apartment sector in Nigeria has grown by 263% over the last three years (2019-2021)
The growth of short-let rental businesses has also influenced pricing. Investors buying small apartments for rental income create additional demand pressure in the market.
With uncertainty in other sectors, many investors see property as a safer long-term store of value.
When investment demand rises alongside population growth, property prices move upward faster.
Is This Now the New Normal for Small Apartments?
Not entirely, but it is becoming more common in well-developed locations.
You can still find older one-bedroom flats in certain parts of Lagos for less.
Buildings constructed years ago, especially outside estate environments, may offer more affordable options.
However, newly built apartments with modern finishing, stable infrastructure, and secure estate environments increasingly command higher prices.
Should You Buy a 1-Bedroom Apartment in Lagos Now?
The answer depends on your personal goals and financial readiness.
If you have stable income, access to financing, and a long-term investment mindset, buying now may make sense.
To be honest, property markets rarely move in perfectly predictable cycles.
Waiting indefinitely for prices to fall can mean missing opportunities.
However, if current price levels stretch your finances too far, it may be wiser to opt for developing locations.
You can even consider flexible payment structures offered by some developers.
Pst! RentHouseSurulere Is Here For You!
One common concern when people search for flats to buy in Surulere is the extra charges for agreement, commission, damages, and legal fees, which push the total rental cost higher.
Of course, there are other concerns, like time-wasting, fear of scams, or fear of not knowing where to start.
If you’re looking to buy any property in Lagos, the easiest and fastest way is to use the ‘Request Property’ feature on RentHouseSurulere.
- Proudly Registered: We are a fully registered and certified real estate agency with the Lagos State Real Estate Regulatory Authority (LASRERA). This means we operate legally, transparently, and in full compliance with Lagos State’s real estate laws.
- Zero Inspection Fees: Unlike traditional agents, who may charge ₦5,000 to ₦10,000 per property inspection (often with no guarantee of quality), we offer three free inspections.
- Transparent Process: You’ll always know how much rent, caution, and agency fees cost, all of which are disclosed before inspection. We deal directly with landlords, so there are no surprises. We clearly present the landlord’s terms, and you receive a receipt for each payment.
- Verified Listings: We only upload listings that we’ve personally inspected. We update our listings regularly so you don’t waste time chasing unavailable houses.
- It’s Fast: If you’re in a hurry or just prefer chatting, message us on WhatsApp.
We’ll reply faster than you expect, usually with ready-to-go apartment options, photos, videos, and even personalised advice on which areas in Surulere are most suitable for you, based on your lifestyle and budget.
