Renting in Lekki and Environs: The Complete Cost Guide for Tenants

on . Posted in Personal Finance

You are a lagosian and you're thinking of moving to the island so you can be closer to work right? That's great... You are not alone. Commuting to and from the mainland to the Island daily is just frustrating but before you act, think again. Apart from the fact that moving to the island is an expensive option, the hassle of commuting from some areas of the island to Victoria Island and environs is not really very different from that of the mainland (some areas).

Renting a property in Lekki and environs (anywhere before Ajah roundabout) might be the best option for you if reducing the hassle of your daily commute is the main reason behind your decision to move to the Island.

The cost of renting an apartment in Lekki and environs depends on the following:

  • proximity to Victoria Island
  • road network
  • availability of water
  • security
  • type/design of the building e.g if its fully detached, semi-detached, a bungalow, a duplex, a terrace etc
  • the quality of the building materials used (especially for the interior)
  • nature of the building (new or old)
  • other amenities like parking space, standby generator etc

A good number of apartments around Lekki and environs are serviced apartments. Tenants are required to pay a "service charge" (about 200k to 2M) annually in addition to the rent. A service charge typically covers estate dues (if the apartment is in an estate), cleaning of the common areas of the building, regular supply of water, security fees and sometimes 24 hours electricity supply.

Let's take a look at the average cost of renting different property types in different areas in Lekki...

**A one bedroom apartment is also known as a mini flat. It consist of a sitting room, a bedroom, a kitchen and a bathroom.**

Renting in 1st roundabout, 2nd roundabout and environs

Lekki-Epe expressway is the main road in Lekki and environs. The expressway begins at the end of Ozumba Mbadiwe road in Victoria Island somewhere before the 1st Lekki toll gate. The first entrance road into any community in Lekki can be found after the 1st roundabout of Lekki-Epe expressway. Lekki Phase 1 is the most popular area around the 1st and 2nd roundabouts of the expressway.

Lekki Phase 1

Lekki Phase 1 takes up the better part of the left side of the area around the expressway from the 1st roundabout all the way through the 2nd roundabout up to the 3rd roundabout. Lekki phase 1 is one of the most expensive places to live in Lekki. It's very close to Victoria Island and the route is usually free of heavy traffic.

Find below the annual cost of renting a home (excluding service charge) in Lekki Phase 1:

Self-contain in Lekki Phase 1
Regular price: ₦600,000
Can be as low as: ₦400,000
Can be as high as: ₦1,200,000

1 bedroom in Lekki Phase 1:
Regular price: ₦1,500,000
Can be as low as: ₦900,000
Can be as high as: ₦2,000,000

2 bedrooms in Lekki Phase 1:
Regular price: ₦2,500,000
Can be as low as: ₦1,300,000
Can be as high as: ₦5,000,000

3 bedrooms in Lekki Phase 1:
Regular price: ₦3,000,000
Can be as low as: ₦2,000,000
Can be as high as: ₦11,000,000

4 bedrooms in Lekki Phase 1:
Regular price: ₦4,000,000
Can be as low as: ₦3,000,000
Can be as high as: ₦13,000,000

5 bedrooms in Lekki Phase 1:
Regular price: ₦5,000,000
Can be as low as: ₦3,000,000
Can be as high as: ₦15,000,000