Cheapest areas to live: Lagos is the most active rental market in Nigeria, where over 80 percent of the state’s population, estimated at 22 million, lives in rented accommodation, spending over 50 percent of their income on house rent.
This partly explains why it is difficult to find a ‘cheap’ house to either rent or buy in the city. Though this presents a huge opportunity for build-to-let or buy-to-let investors, it also fuels fraudulent activities in the market. Many renters have had their fingers burned, resulting in substantial income loss to fraudsters.
According to market analysts, some locations in the city are considered the cheapest relative to what is obtained in other locations. Such areas, they say, are for renters who are low-income and have tight budgets.
A market report by Estate Intel, an online property research startup, lists the six locations as Ojo, Ikorodu, Alagbado, Agege, Ikotun, and Egbeda, where average rents for 1-bedroom apartments range from N325,000; N220,000; N270,000; N350,000; N350,000; and N240,000 per annum, respectively.
“From our analysis, we found that most of the preferred areas of living (due to closeness to office areas and city centres) are unaffordable because of the higher costs of living,” Deborah Jesusegun, a senior researcher at Estate Intel, noted.
Jesusegun pointed out that these ‘cheapest’ areas typically fall towards the outskirts of Lagos, stressing that, when looked at closely, the top six of these areas for both 1-bedroom and 2-bedroom apartments fall towards the border areas of Lagos and Ogun State.
Agege is worth considering for rental accommodation. It has a growing population and boasts a wide range of residential buildings, from old houses to modern apartments. What makes Agege a good option for those looking to rent in Lagos is its accessibility to other parts of the city. The area is known for its efficient transportation system, including its proximity to the Lagos-Abeokuta Expressway which makes it easy for residents to travel to other parts of the city.
Agege presents a haven for people looking for low cost of living just as its affordable housing and cost of basic amenities give residents comfortable lifestyle at an affordable price. Renting in Agege can be very cost-effective, especially when compared to other areas in Lagos.
Though located on the outskirts of Lagos, Ikorodu is a bustling suburb that offers affordable rents It is far from the city center, no doubt, but it is easily accessible by road and water transport. As one of the largest and fastest growing towns in Nigeria, Ikorodu has a wide range of housing options that are suitable for individuals, families, and businesses. The cost of living in Ikorodu is lower than in many other areas in Lagos, making it an attractive location for renters who want to save on rent expenses.
Another cheap area in Lagos to rent a home is Ikotun/Igando. This area is located in the Alimosho Local Government Area of Lagos State. One of the advantages of living in Ikotun/Igando is its proximity to the Lagos State University (LASU) and the Alimosho General Hospital.
Housing options in Ikotun/Igando range from mini-flats to 2-bedroom apartments, making it ideal for small families or individuals on a tight budget. The area has several local markets where residents can get groceries and other household items at a cheaper rate.
However, one of the downsides of living in Ikotun/Igando is its location. The area is quite far from the central part of Lagos and getting to work or school can be tasking, especially during rush hour. Also, some parts of the area have poor road networks and might be inaccessible during the rainy season.
Another affordable area to consider for renting in Lagos is Ojo. This area is located on the outskirts of Lagos, making it a bit more peaceful than some of the more central areas. However, it is still easily accessible from Lagos Island and the mainland. Ojo is home to a few higher education institutions, including the Lagos State University (LASU), which makes it a popular area for students. As a result, there are plenty of affordable options for apartments and rooms for rent in the area.
In addition to being affordable, Ojo has a few notable attractions, including the popular trade fair complex. This makes the area an attractive option for entrepreneurs and business people who are looking for affordable accommodations while attending the numerous events that take place there.
When it comes to transportation, Ojo has many bus routes that run through the area, making it easy to access other parts of Lagos. There is also a ferry terminal in Ojo, which provides easy access to areas such as Apapa and Victoria Island.
Alagbado is another affordable area to consider if you’re looking for a place to rent in Lagos, Nigeria. Located in the Ifako-Ijaiye Local Government Area of Lagos, Alagbado offers relatively cheap housing options that are suitable for individuals or families.
The cost of living in Alagbado is relatively lower than many other areas in Lagos, which makes it an excellent choice for those who are budget-conscious. It’s also well connected to other parts of the city, with good road networks and public transportation options available.
You can find various house types in Alagbado, including apartments and flats. The cost of renting a one-bedroom apartment in Alagbado is usually between 100,000 to 200,000 Naira per year, depending on the location and facilities available.
Egbeda is another affordable area to rent in Lagos, Nigeria. It is located in the Alimosho local government area of Lagos. One of the reasons why Egbeda is a popular location to rent in Lagos is because it is close to the Ikeja business district and the Lagos State University. This means that residents have easy access to job opportunities and quality education.
The cost of rent in Egbeda varies depending on the type of accommodation and location. However, the average price of a two-bedroom apartment in Egbeda is between ₦300,000 and ₦400,000 per annum. This makes Egbeda a great option for individuals or families on a tight budget.
Egbeda is developing and is fast becoming an urban centre in Lagos. As such, there are many amenities and facilities in the area, including hospitals, supermarkets, and restaurants. It is also well connected to other parts of Lagos, with good road networks and transportation systems.