Lagos Rent Crisis: Inflation Forces Residents Out, Strains Workers, Families

The economic crisis in Nigeria is hitting renters in Lagos hard, as landlords pass down the costs of spiraling inflation, pushing residents further from the city, disrupting children’s education, and worsening the already grueling commutes of workers.

With a population of over 20 million and an influx of 3,000 people daily, Lagos has long struggled with housing demand. However, recent government-led economic reforms—including the floating of the naira and the removal of fuel subsidies—have sent shockwaves through the economy, causing rents to skyrocket across both the affluent islands and the relatively affordable mainland.

“I might just have to find a way to plead with my landlord,” said Yemisi Odusanya, a 40-year-old cookbook author and food blogger. She welcomed twins last year and now faces a staggering 120 percent rent increase on her Lekki apartment, making it nearly impossible to find an alternative for her family of seven.

For Bartholomew Idowu, a transportation worker, the decision is more straightforward.

“I’m planning to pack out,” he said after his landlord hiked his rent by 28 percent—from ₦350,000 ($232) to ₦450,000. However, he remains uncertain about where to move next, as housing prices continue to surge.

Despite the government’s recent revision of inflation data—bringing the official year-on-year rate to 24.48 percent in January from December’s 34.80 percent—many Nigerians find little relief.

“The way out at the moment is to look for a way to pay,” lamented Dennis Erezi, a journalist who chose to stay put despite a 31 percent rent increase, fearing the costs of relocating.

For others, relocation has already had significant consequences. Jimoh Saheed, a personal trainer, was forced out of his one-room flat in Ikoyi when his landlord more than doubled his rent to ₦2.5 million. Moving to the mainland put him further from his clients, forced his children to change schools, and added transportation costs to their already stretched budget.

“This is affecting me emotionally, mentally, and physically,” said the 39-year-old, who now works longer hours but still struggles to keep up with inflation.

Legal Protection Weak, Structural Problems Persist

While Nigerian laws require that rent increases be negotiated between landlords and tenants, attorney Valerian Nwadike noted that enforcement is rare without legal action. He reported a surge in tenant-landlord disputes over the past year.

The government argues that its economic reforms will eventually yield positive results, but for now, the crisis is deepening. High interest rates have made homeownership nearly impossible for most Nigerians, and bureaucratic hurdles continue to stifle developers.

Even as construction cranes dot the Lagos skyline, new housing developments primarily cater to high-end buyers—foreign investors, Nigerians in the diaspora, and oil sector workers who earn in dollars. Economist Steve Onyeiwu explained that this creates a distorted market where luxury housing flourishes while middle- and lower-income residents struggle.

“Most Lagos landlords have dollar-based expenses—such as mortgage payments on overseas properties—so they’re increasing rents to cover losses from the naira’s collapse,” noted a director at Island Shoreline, a property management firm. He revealed that his own landlord recently attempted to double his rent.

A City in Housing Turmoil

While initiatives like the Lagos-Ibadan rail line may eventually ease transportation burdens, the rising cost of living has created a snowball effect that continues to push rents higher.

With lease payments typically required upfront for one to three years, both tenants and landlords scramble to hedge against inflation. However, the scale of rent hikes is unprecedented.

“The current spike is alarming,” said Ismail Oriyomi Akinola, a real estate agent, highlighting cases where Victoria Island rents have jumped by 200 percent.

“Good shelter is essential for everyone, not just the rich,” he added.