Residents across Lagos State are sounding the alarm over skyrocketing house rents, warning that the trend is pushing many families to the brink and demanding immediate intervention from lawmakers and the executive. Many tenants say that rent now consumes a large chunk of their income, leaving little for savings or other essential expenses.
Recent data on Nigeria’s housing market shows that households spend between 50 and 70 per cent of their income on rent, well above the global recommendation of 30 per cent.
Observers say this is a sign of structural issues in the housing sector rather than a temporary spike. Residents from areas like Ogba, Surulere, and Ikeja reported struggling to afford basic accommodation without exhausting their entire earnings.
A corps member, Mercy, shared her shock at rent prices in Lagos, saying a mini flat in Surulere was being offered at N1.5m—well beyond what she and her colleagues could afford, even pooling resources. Similarly, a recent graduate named Peter said he was forced to live with relatives in Ogun State because Lagos rents remain unattainable, citing the added transport burden.
Banker Damola Hafiz described the challenges of incremental rent hikes, recounting how his single-room rent increased from N800,000 to N900,000 within a year. Moses, another tenant, lamented that the high cost of living leaves little room for savings, creating widespread financial stress among residents.
Political aspirant Ayodele Adio called the situation a “rent crisis” and urged the state government to enact strong regulatory measures. He proposed capping rent increases to official inflation rates, limiting agency fees, mandating 12-month notices for rent hikes, and restricting increases to once every three years. Adio also highlighted the need to regulate short-term rental platforms and expand housing supply through government-led construction projects.
Adio further advocated for mortgage reforms to make homeownership more accessible to working-class residents, emphasizing that reducing rent burdens, improving transportation, and strengthening public services would boost disposable income, stimulate economic growth, and alleviate the housing pressure in Lagos.
