Lagos In Crisis: Skyrocketing Rents Push Residents To The Brink

The sharp 100% surge in rent across many parts of Lagos State is putting immense pressure on residents from all income brackets, making it increasingly difficult to secure affordable and livable housing.

Tenants have accused landlords and property agents of taking advantage of the situation by drastically hiking rent, sparking growing calls for a comprehensive review of tenancy laws—complete with possible penalties to curb the rising exploitation.

One affected resident, Abimbola Anifowose, a businessman, recounted renting a mini-flat in Ogba for ₦350,000 after getting married three years ago. In June, he was stunned when the landlord informed all tenants of a rent increase to ₦650,000, warning that anyone unable to pay would have to vacate the premises.

Abimbola also complained about the poor condition of the building, noting that the borehole water supply has been out of service for over a year with no repair in sight, forcing tenants to rely on purchased water.

Sharing another experience, he said that in August 2024, a landlord had promised his friend a two-bedroom flat for ₦700,000, assuring availability by February 2025. But when the apartment became available, the price had unexpectedly jumped to ₦1.2 million per year.

In response to growing public frustration, Ibiruke Famakinwa, Director of Public Affairs at the Lagos State Real Estate Regulatory Authority (LASRERA), told Naija News that the state government is unhappy with the current rent inflation trend.

Famakinwa revealed that the Lagos State House of Assembly is taking legislative steps to improve tenant-landlord relations. The revised Tenancy Bill has already passed its second reading, with proposals to slash both agent and agreement fees from 20% to 10% each and implement broader rent control measures.

She said, “The Lagos State government is displeased with the current rent situation. Many people now use their end-of-year bonuses, annual leave pay, or even most of their salaries just to cover housing costs. This level of greed by some landlords is unjustifiable.

While rising costs of building materials are a factor, it’s outrageous that even landlords who built their homes over a decade ago are jumping on the price-hike bandwagon.”