Oikus Reveals 92% of Lekki Rentals Under N2m Are Self-Contained

Oikus, a Nigerian-based artificial intelligence-powered real estate intelligence platform, reported that 92% of homes available for rent in Lekki at N2 million or less are self-contained apartments or rooms in shared flats. The report, based on an analysis of 10,857 homes listed for rent and sale in Lagos in Q3 2026, indicates that a monthly salary of N300,000 is over three times the Lagos State minimum wage of N85,000.

However, with 40% of this salary allocated to rent, only 7% of homes for rent are affordable. The report states that N2 million a year typically secures only a room, not a flat.

It also highlights discrepancies in pricing, with one in four homes listed by multiple agents having different prices. Additional costs such as agency, legal, and caution fees can inflate a N1 million rent to between N1.3 million and N1.5 million.

The report further illustrates that two corpers sharing an apartment cannot afford a typical self-contained apartment, and inspection fees can range from N50,000 to N100,000.