Nigeria’s rent crisis deepens as two-bedroom flats hit N2.5m
Nigeria’s rental market is spiralling, with two-bedroom apartments now averaging ₦2.5m annually, far above the rates of just a few years ago. From ₦250,000 flats in Benin to ₦20m luxury units in Lagos, tenants nationwide are grappling with surging rents that are worsening the affordability crisis and squeezing millions of households.
The median rent for a two-bedroom apartment has risen sharply, marking one of the toughest housing periods in Nigeria’s recent history. From Lagos to Kano, Ibadan to Port Harcourt, tenants across urban centres are feeling the heat of escalating costs.
While ₦2.5m serves as a national benchmark, real rents vary significantly depending on location and property type. Industry experts note that some areas in Benin City still offer apartments at ₦250,000, while in contrast, premium two-bedroom units in Ikoyi and Victoria Island, Lagos, go for as high as ₦20m per year.
