In this article, we shall be letting you in on how to find and rent affordable or cheap apartments in Lagos. If you are reading this, then house hunting for an apartment in Lagos must have shown you shege or you are trying to avoid it by learning the tips and tricks of renting an affordable yet decent apartment in a location of your choice in Lagos. We have all heard the house hunting woes and horror stories told through the lens of renters. We’ve also heard that a golden rule to having a sane life in Lagos is renting a house close to where you work because Lagos traffic can drive one crazy. So, let’s dive into it as we share amazing tips for renting a decent and affordable apartment in Lagos.
Understanding Your Budget
Before delving into the apartment search, it’s crucial to establish a realistic budget. For instance, if your monthly income is ₦200,000, allocating around ₦40,000 to ₦60,000 for rent ensures a balanced budget, leaving room for other expenses. It is also important to note that because it would be your first year renting the apartment, you also need to budget for the usual additional charges. Such as agency fees, legal, caution and service charges etc.
Let’s be frank, it may be difficult to escape them especially if you are renting an apartment for the first year on the mainland. It would surprise you to know that some of these fees are imposed by the property developer and landlords especially on the mainland and not even the agents. So even if you try to bypass the agents, sometimes, the fees go still jam you for front by the time you go directly to the developer or landlord. However, with Island landlords, it’s possible to avoid legal and agency fees, they are mainly interested in their rent, service charge (if any) and refundable security deposit. Now, this brings us to our next 2 points.
Leveraging Local Networks
Tap into your local network for firsthand insights. Engaging with colleagues or friends and family might reveal hidden gems not listed online. Your friend’s cousin might be moving out, offering you an affordable off-market opportunity which will be significantly less expensive compared to renting an apartment listed by the agent. This applies when the landlord doesn’t try to impose the agency and legal fees on you. Thus, using this method can help you find and rent affordable apartments in Lagos.
Explore Shared Apartments
We know a lot of renters love their privacy and would rather not share. However, if you are considering renting an affordable and cozy apartment in locations like Lekki, Victoria Island, Ikoyi, Ikota, Ajah and central mainland locations like Yaba, Surulere, Gbagada, Ikeja, Maryland etc you may want to consider renting a room in a shared apartment listed by flatmates who are looking for a like-minded flatmate to share the apartment with them. This is because house rent is expensive in these locations. Apartments listed by flatmates are a lot cheaper because you would be splitting the cost of rent and in some cases no additional fees. More interestingly, flatmates are more flexible and some of them are open to accepting weekly payments, monthly rent payments and payments in 2 or 3 instalments. Here’s an easy place to find them here. Renting with flatmates is definitely another proven way to find cheap apartments or houses in Lagos.
Monthly Rent Payment
Omo! Our economy is not smiling and we are of the opinion that we should shift towards monthly rent payments in Nigeria, aligning with global practices or how it is done in other parts of the world. This will not only help renters better manage their cash flow but they would be able to rent lovely apartments that they can afford monthly and it would give them the flexibility to move out easily instead of being tied down for a year or more.
At UloSpaces, you can find monthly rental apartments from landlords/partner agents and even flatmates. That’s not all, where the landlord/agent or flatmate insists on 1 year of rent, we can assist in financing the rent via a rent loan to enable monthly payment through our finance partner. Hence, the full rent or a portion of the rent will be paid to the landlord on your behalf so you can pay monthly to us.
Finding a compatible flatmate
Another way to rent affordably in Lagos is by pairing up with a like-minded flatmate or even roommate to rent an apartment together. The both of you can do the house hunting together and rent a spacious 2-bedroom apartment, 1-bedroom/mini flat or self-con/studio apartment in your desired location. You can find and pair up with one on UloSpaces.
Alternatively, if you have already rented an apartment and you need a flatmate or roommate to share it with, you can post your apartment for free on UloSpaces Community platform and interested flatmates will reach out to you to rent the apartment with you. You can also send them messages to see if they would be interested in sharing the apartment with you.
Join a Community for Renters on a Budget
Become part of a vibrant community tailored for budget-conscious renters! You’ll find off-market deals and affordable apartments by joining a WhatsApp group dedicated to renters on a budget in Lagos. Connect with fellow renters who post their apartments, searching for flatmates or someone to take over the remaining rental period as they plan to move. It’s not just about finding a place; you will also discover like-minded flatmates and much more.
Online Platforms and Real Estate Agencies
You can use rental platforms like UloSpaces to find affordable apartments. UloSpaces is dedicated to renters on a budget in Lagos who are looking to rent decent and affordable apartments. You can find affordable apartments to rent solo i.e. alone or shared apartments with the option to pay rent monthly and even flatmates to pair up with to rent or share an apartment with.
Inspecting the Property
Scheduled property visits are vital. For example, during inspections, check for any maintenance issues. If you notice minor repairs are needed, you can use this as a negotiation point to secure a better rental rate.
Negotiation Techniques
Negotiation is an integral part of Lagos’ rental process. Suppose the listed rent for an apartment in Ikeja is ₦800,000. A well-informed negotiation could lead to a reduction to ₦750,000, aligning with your budget.
Researching Neighbourhoods
Lagos boasts diverse neighbourhoods with varying price ranges. Central mainland areas like Yaba, Surulere, Gbagada, Ikeja, Maryland etc offer a blend of affordability and proximity to business hubs because you can easily connect to the 3rd mainland bridge or the Island. However, they are relatively more expensive than other mainland locations like Ikorodu, Agege, Festac, Mile 2, Ogba, Ojodu, Ipaja etc. Of course, the most expensive of them all are on the Island, like Victoria Island, Lekki, Ikoyi and Ajah.
Researching neighbourhoods helps align your preferences with your budget so that you don’t get frustrated trying to find a studio apartment in Ikoyi with a NGN500,000 budget.
Final Thoughts
Securing an affordable apartment in Lagos requires a strategic and informed approach. By aligning your budget, paying monthly, sharing an apartment with a flatmate or roommate, researching neighbourhoods, leveraging online platforms, and using local networks, you can navigate the overwhelming Lagos rental market successfully. Remember, patience and diligence are your allies in finding the ideal, budget-friendly residence in Lagos.
These are really helpful tips
[…] Establish a realistic budget that aligns with your financial situation. Consider not only the monthly rent but also additional costs such as utilities, internet, and maintenance. Clearly define your preferences, including the type of shared arrangement you’re looking for, such as co-living spaces, shared apartments, shared rooms or flatshares. Cut your coat according to your material. In fact, you can also find other interesting and helpful ways to rent affordably in Lagos here. […]