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Affordable Housing: Where to Rent Apartments Between N120k – N300k in Ipaja/Egbeda/Ikotun Axis of Lagos

| General Articles, Nigeria Real Estate News | May 16, 2012

An almost completed block of flats for rent

Buoyed by the demands of property seekers who crave affordable, but decent properties around the Ipaja/Egbeda/Ikotun axis of the Lagos metropolis, went into town to investigate what it takes for prospective tenants to rent apartments within the locality.

Ayobo/Ipaja/Egbeda/Akowonjo/Idimu/Ikotun Axis

Investigations carried out by through the aid of real estate agents domiciled in the sub-titled areas revealed almost uniform charges on rent for properties within this axis. This however, varies slightly from area to area.

  • Ayobo/Ipaja

In Ayobo/Ipaja, a 3-bedroom flat in the government-owned residential estates of Abesan, Gowon and Shagari goes between N200k – N250k per annum, while 2-bedroom flat goes between N180K – N250k. Places like Baruwa, Church, Command, Atan, Megida, and Ikola, all within the locality, charges between N150k – N200k per annum for 3-bedroom flat, and N150K – N180k per annum for 2-bedroom flat. 1-room Boys Quarters or Self-contained apartments in Ayobo/Ipaja are generally put up for rent between N120k – N150k per annum.

  • Egbeda/Akowonjo

Since the late 90s, the Egbeda/Akowonjo axis of Lagos have witnessed rapid commercialization, and this has significantly affected the rent on housing in the area. 3-bedroom flats in Egbeda/Akowonjo and environs which include: Orelope, Okun-ola, Ile-epo Alhaji, Vulcaniser etc., goes for N300k per annum. A 2-bedroom flat will go for N250k, though the rent may vary in some quarters. Generally, self-contained apartments in this area rents between N150k – N180k per annum.

  • Idimu/Ikotun

In Idimu/Ikotun, 3-bedroom apartments in areas such as Council, Sumbo, and up to Ikotun and environs such as Ile-iwe; Hostel, Agodo, Egbe goes for N250k per annum. 2-bedroom flats can be obtained for N200k per annum, while self-contained apartment can be gotten between N150k – N180k per annum.

Prospective tenants seeking to acquire properties in these listed areas need not worry about the issue of flooding like it is obtainable in other parts of the state. However, it is important to state that while the road networks around these areas are good and interlinking, it is not immune from the general traffic snarls experienced all around Lagos.

The Lagos State Tenancy Law notwithstanding, rent in all these areas are still demanded in excess of one and half to two years. This is not inclusive of the agency fees and other commissions charged by the estate agents.


Post / Read Comments

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