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In LAGOS
Over the years, Lagos has been one of the best states to live in and work in the country due to the massive number of business and economic opportunities it witnesses. This city is also the top destination for people all over Nigeria who are in search of greener pastures.
Over 80 percent of the state’s population, estimated at 22 million, live in rented accommodation, spending over 50 percent of their income on house rent.
This partly explains why it is difficult to find a ‘cheap’ house to either rent or buy in the city. Though this presents a huge opportunity for build-to-let or buy-to-let investors, it also fuels fraudulent activities in the market. Many renters have had their fingers burned, resulting in substantial income loss to fraudsters.
While this country’s economic hub has many costly areas where rent may be too expensive for the middle-class or low-income earners, it also has lots of other places where these categories of citizens can easily find accommodation.
While buying a plot of land or renting an apartment at Victoria Island, Banana Island and Lekki will cost you an arm and leg, doing the same thing in any of the neighbourhoods we mentioned in this post is affordable.
According to a report by Estate Intel, an online property research startup, lists some affordable locations in the sprawling city. These are Alagbado, Agege, Badagry, Igando-Ikotun, Ikorodu, Mushin and Ojo.
Average rents for a 1-bedroom apartment in these areas, according to the report, range from N325,000; N220,000; N270,000; N350,000; N350,000; N240,000; N265,000; N350,000; N300,000, and N230,000 per annum respectively.
“Deborah Jesusegun, a senior researcher at Estate Intel said that from their analysis, they found that most of the preferred areas of living (due to closeness to office areas and city centres) are unaffordable because of the higher costs of living. “These ‘cheapest’ areas typically fall towards the outskirts of Lagos, stressing that, when looked at closely, the top six of these areas for both 1-bedroom and 2-bedroom apartments fall towards the border areas of Lagos and Ogun State,” she noted.
According to her, this is apart from Lagos Island, which is a well-known old office area in the city centre with old residential buildings. “The location of these areas is not surprising as houses closer to the city centre are expected to be more expensive. “This is because there is more sophisticated infrastructure, major commercial hubs, as well as leisure and entertainment areas, compared to those areas farther away,” Jesusegun said.
AGEGE
Agege is worth considering for rental accommodation. It has a growing population and boasts a wide range of residential buildings, from old houses to modern apartments. What makes Agege a good option for those looking to rent in Lagos is its accessibility to other parts of the city. The area is known for its efficient transportation system, including its proximity to the Lagos-Abeokuta Expressway which makes it easy for residents to travel to other parts of the city.
Agege presents a haven for people looking for the low cost of living just as its affordable housing and cost of basic amenities give residents a comfortable lifestyle at an affordable price. Renting in Agege can be very cost-effective, especially when compared to other areas in Lagos.
ALAGBADO
Alagbado is another affordable area to consider if you’re looking for a place to rent in Lagos, Nigeria. Located in the Ifako-Ijaiye Local Government Area of Lagos, Alagbado offers relatively cheap housing options that are suitable for individuals or families.
The cost of living in Alagbado is relatively lower than many other areas in Lagos, which makes it an excellent choice for those who are budget-conscious. It’s also well connected to other parts of the city, with good road networks and public transportation options available.
You can find various house types in Alagbado, including apartments and flats. The cost of renting a one-bedroom apartment in Alagbado is usually between 100,000 to 200,000 Naira per year, depending on the location and facilities available.
IGANDO-IKOTUN
The Igando-Ikotun Axis is part of the Alimosho Local Government Area of Lagos. It is also regarded as the cheapest place to live in Lagos for business owners and corporate workers.
To rent a good house in Igando-Ikotun, set aside about N300,000 – N350,000 for a 3-bedroom, N200,000 for a 2-bedroom, and 150,000 for a one-room self-contained. The only downside we see with living in this area is the heavy gridlock you’ll face every morning while going to work.
BADAGRY
Currently, Badagry has proven to be the cheapest place to live in Lagos. It being far removed from Lagos Island is another contributing factor to why it is a cheap place to reside in this city.
At Badagry, the average price of getting a standard 3-bedroom flat is about N400,000, while the cost of a one-bedroom apartment is about N170,000. Buying an empty piece of land here is also relatively affordable, however, you should work with a trustworthy agent so that you don’t get scammed.
Popular areas within the Badagry axis are Agbara, Mowo, Oko-Afo, Aradagun, etc. This place is one of the most budget-friendly areas you can stay in Lagos.
OJO
Another affordable area to consider for renting in Lagos is Ojo. This area is located on the outskirts of Lagos, making it a bit more peaceful than some of the more central areas. However, it is still easily accessible from Lagos Island and the mainland. Ojo is home to a few higher education institutions,
including the Lagos State University (LASU), which makes it a popular area for students. As a result, there are plenty of affordable options for apartments and rooms for rent in the area.
In addition to being affordable, Ojo has a few notable attractions, including the popular trade fair complex. This makes the area an attractive option for entrepreneurs and business people who are looking for affordable accommodations while attending the numerous events that take place there. When it comes to transportation, Ojo has many bus routes that run through the area, making it easy to access other parts of Lagos. There is also a ferry terminal in Ojo, which provides easy access to areas such as Apapa and Victoria Island.
Kayode Bello (Developer) said that the only problem with some of these places is the transport fare from there to their place of work. “The only problem you’ll have in terms of cost when getting an apartment at any of these locations is the price of transportation. And this will only apply to you if you are working on the Island and need to commute to work. Other than that, living in these places shouldn’t hurt your pocket.
“In Ikorodu where I know very well is located on the outskirts of Lagos. Ikorodu is a bustling suburb that offers affordable rents It is far from the city center, no doubt, but it is easily accessible by road and water transport.
“It is one of the largest and fastest growing towns in Nigeria, it has a wide range of housing options that are suitable for individuals, families, and businesses. The cost of living in Ikorodu is lower than in many other areas in Lagos, making it an attractive location for renters who want to save on rent expenses,” he said.
According to him, he moved to Oshodi and continued his business and in Oshodi, he noticed that Mushin is even cheaper than Ikorodu. “Mushin might be a cheap place to live in this city, but it is not the safest area if you are a newbie in Lagos. When you live here, you must keep your head on a swivel, so that you won’t be hoodwinked by just anybody who caught you unawares.
“This area is often referred to as a Ghetto and finding a standard apartment for a working-class Lagosian with all the basic amenities complete may be a tad difficult.
“Other than that, you may brave Mushin if you are certain that is a neighborhood you can comfortably stay in. But if you can’t, then don’t even try it,” he urged.
In conclusion, other areas within this state provide affordable house rents. However, the ones listed are the cheapest you can find. Also, keep in mind that Landlords in Lagos often inflate the prices of rent depending on the location and quality of the apartment.
-Benprince Ezeh
08068599879
