Report: Self-contained forms 92% of Lekki rentals below N2m

Founder of Oikus, Israel Ihaza.

A Nigerian-based artificial intelligence-powered real estate intelligence platform, Oikus, has reported that 92 per cent of Lekki homes for rent at N2m or less are self-cons or rooms in shared flats.

Oikus, in its recent report obtained by The PUNCH over the weekend, said it analysed 10,857 homes listed for rent and sale in Lagos in Q3 2026 to find out what the average Nigerian can afford.

The firm explained that a N300,000 monthly salary is over three times Lagos State’s N85,000 minimum wage, “yet with 40 per cent going to rent (N1.44m a year), only seven per cent of homes for rent fit.”

“N2m a year in Lekki gets you a room, not a flat. 92% of Lekki homes for rent at N2m or less are self-cons or rooms in shared flats,” the report stated.

According to the report, the same flat can have different agents and command different prices, adding that, of the homes listed by more than one agent, one in four came with different prices.

“A N1m rent becomes N1.3m to N1.5m when you move in. That is agency, legal and caution fees. Only two per cent of listings say the caution fee comes back,” it added.

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The report illustrated that two corpers sharing an apartment can’t afford a typical self-contained apartment, stressing that 40 per cent of two N77,000 allowances is N739,000 a year, short of the cost of a typical self-contained or mini flat in any zone.

It pointed out that the Ajah side beats most of the mainland, highlighting that a mini flat plus a year of bus fares costs N2.63m around Ajah, N3.1m in Yaba and N4.73m in Lekki.

“In Ipaja, the bus fare costs more than the rent. A year of fares to VI and back is N1.43m. A typical mini flat there rents for N1m. The smaller the home, the bigger the agent’s cut. Nearly half of N500,000 to N1m homes with a stated agency fee charge over 10 per cent,” it added.

Oikus, in the report, emphasised that inspecting with 10 agents can cost N50,000 to N100,000.

“Inspection fees usually run N5,000 to N10,000 per agent, and you pay them before you rent anything. A long lease can cost less than half the rent, if you can pay it all at once. A typical mini flat lease: N18m for about 18 years, or N1m a year, against N2.2m a year in rent,” it said.

Oikus is a Lagos property platform where house hunters search and verify listings before they commit. The Oikus Pulse is its quarterly report on the Lagos housing market.