Lagos, Nigeria’s bustling economic hub, is facing an escalating rent crisis as inflation and economic reforms push housing costs through the roof.
Landlords are passing down rising costs, forcing many residents to move farther from the city, disrupting their children’s education and worsening already lengthy commutes.
With a population of over 20 million and thousands moving in daily, the demand for affordable housing is at an all-time high.
However, government reforms—such as the floating of the naira and fuel subsidy removal—have further strained household finances.
Middle-Class Struggles and Widening Housing Gap
Rent hikes have affected both the wealthy and middle-class residents. In Lekki, cookbook author Yemisi Odusanya saw her rent skyrocket by 120%, leaving her with limited options.
Meanwhile, transportation worker Bartholomew Idowu is considering relocation after his rent increased by 28%.
Personal trainer Jimoh Saheed was forced to leave Ikoyi when his landlord doubled his rent to ₦2.5 million. Now, living on the mainland, he faces higher transportation costs and school disruptions for his children.
Legal Battles and a Luxury Market Boom
Although Nigerian law requires rent increases to be negotiated, enforcement remains weak. Attorney Valerian Nwadike reports a rise in tenant-landlord disputes as renters struggle with drastic hikes.
Meanwhile, Lagos’ housing market remains divided—luxury developments for high-income earners flourish, while affordable housing remains scarce.
High-interest rates and complex regulations further limit mortgage accessibility, worsening the crisis.
Real estate agent Ismail Oriyomi Akinola describes the current situation as “alarming,” with Victoria Island seeing rent hikes of up to 200%.
What Lies Ahead?
Experts believe improved public transportation, like the Lagos-Ibadan rail line, may provide some relief, but until economic stability returns, rent hikes will continue to burden Lagos residents.
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