Lagos Ranks 4th Globally for Luxury Two-Bedroom Rents

Lagos has been ranked fourth among the world's most expensive cities for luxury two-bedroom rentals, with an average annual rent of $19,379, according to a January 2026 report by Nairametrics. The high costs are attributed to limited land availability, strong demand in prime areas, rising construction costs, speculation, and the depreciation of the naira.

High-end properties in Ikoyi, Victoria Island, and Banana Island often have rents priced in dollars, with some ultra-luxury developments commanding as much as $130,000 annually. Additional costs for tenants include agency fees, legal fees, and utility deposits, which can significantly increase the total amount needed to secure a rental.

The housing deficit in Lagos was estimated at 3.4 million units in 2025. For those seeking more affordable options, Badagry offers the lowest average rent at N575,000, followed by Epe at N605,000, and Ikorodu at N815,000, as identified in the Lagos Residential Market Report 2025 by Edala Development.