COST OF LIVING IN LAGOS: RENTING AN APARTMENT

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Grown up starter pack= Finish from school, get an apartment, move out from home and become a ninja while taking over the world. I’ll add get married and have kids but we are agreeing that particular decision remains a choice and the world is slowly moving to a place where it can understand.

Recently, Lagos was ranked as the third worst city for humans to live in the world. This was disclosed in the latest 2018 Global Liveability Index released by The Economist Intelligence Unit and World Bank.

Lagos ranked 138 out of the 140 cities considered for the ranking. According to the latest ranking, Lagos only outperformed Dhaka in Bangladesh and Damascus in war-torn Syria. Out of an overall score of 100, Lagos was rated 38.5 points.

The ranking was based on Social Stability, Healthcare, Education, Culture and Environment and Infrastructure.

All of these details aside. Lagos is pretty much the New York City of Nigeria simply because it is believed to be where people make dreams come true. Unlike the lyrics of Empire State of Mind by Alicia Keys, there is absolutely no guarantee that big lights will inspire you but, a walk through the streets will definitely make you feel brand new.  Pack a bag and go, and make your dreams a reality, after a couple of months living under the bridge, doing menial labor and you might get fortunate and land something good but, if you’ve saved some money, and decide to launch your dreams with an actual roof over your head, bring along very comfortable shoes, water and puff puff because you are about to have a difficult experience or in the words  of legendary Bob Marley 

Cost of livin’ gets so high

The rich and poor they start to cry

And now the weak must get strong, they say

Oh, what a tribulation, saying

My belly full but me hungry

A hungry mob is an angry mob

A rain a-fall but the dirt it tough

A pot a-cook but the food no ‘noug

 

A quick survey of apartments in decent areas of Lagos where there is a measure of security, easier access to water and fairly good road will come up with statisticsvery similar to this. According to Nigeria Property Centre , the average price of flats for rent in Lagos is ₦1,350,000 per year. The most expensive flat costs ₦2,500,000,000 per year while the cheapest cost ₦60,000 per year.  While this might seem considerably fair in comparison to other metropolitan cities with high cost of survival, it is barely accurate. When faced with the challenge of finding decent accommodation in Lagos, the cost is way higher than what you see online. Hidden cost like agent fee, security fee, legal fee, caution fee, estate fee and plenty other fees that your agent can think of, actual house rent aside, it will destroy your budget.

There are surprisingly few factors that affect the cost of apartments in Lagos. First, think about the area you want to choose. Is it susceptible to flooding? If those areas are on the Island, they will be expensive but if they are on the mainland, they will be cheap when compared to adjacent streets.

Basically, no matter how you look at it, if you want to rent a cheap apartment, you have to stay within the confines of the mainland metropolis. That’s where most Island workers come from Mondays to Fridays.

Also, take note that areas such as Ikoyi, Victoria Island and some parts of Lekki are a bit safer than mainland areas which holds too many crowded areas. If you care about being safe away from constant burglary, you may want to move to the Island.

No matter where you live in Lagos, be prepared to pay more if you’re coming from in-land areas such as Abeokuta or Ibadan. Remember that Lagos is home to many big-time companies. It is fully cosmopolitan in nature, therefore the cost of living in Lagos continues to rise each year.

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