Oikus Report Reveals Lekki Rent Crisis for N2M Budget

A report by the artificial intelligence-powered property intelligence platform Oikus indicates that N2 million annual rent is insufficient for securing a conventional apartment in Lekki, Lagos. The analysis, which examined 10,857 residential properties listed for rent and sale during the third quarter of 2026, found that 92% of properties listed for N2 million or less are self-contained apartments or individual rooms in shared flats.

Even well-paid workers face challenges, as an employee earning N300,000 monthly can only allocate N1.44 million for housing, which covers only seven percent of available listings. Additional hidden charges, such as agency fees, legal fees, and inspection costs, further strain tenants' budgets.

For example, properties advertised at N1 million can end up costing between N1.3 million and N1.5 million after fees. The report also highlights Ajah as a more affordable area compared to Lekki, with combined annual rent and transportation costs being lower.