Eko Atlantic City ranked as the most expensive area to rent a two-bedroom apartment in Lagos in 2025, with average annual rents standing at N26.6 million. The city’s master-planned layout, modern infrastructure, and high-end residential towers continue to set it apart as the most premium address in the state.
Built on reclaimed land along the Atlantic Ocean, Eko Atlantic offers residents an uninterrupted power supply, efficient drainage systems, top-tier security, and professionally managed facilities. These features have made the area especially attractive to high-net-worth individuals, expatriates, and corporate tenants seeking exclusivity and reliability.
Demand for two-bedroom apartments remains strong, driven by the appeal of luxury living, ocean views, and proximity to Victoria Island’s commercial district. As a result, Eko Atlantic continues to command the highest rental prices in Lagos’ residential market.
2. Banana Island - #15.5 Million
Banana Island ranked as the second most expensive area to rent a two-bedroom apartment in Lagos in 2025, with an average annual rent of N15.5 million. The island is one of the city’s most exclusive residential locations, prized for its calm environment, high security, and concentration of luxury homes.
A man-made island off the Ikoyi foreshore, Banana Island is strictly residential, unlike other parts of Ikoyi that include mixed-use developments. It features some of Lagos’ most luxurious properties, from high-end apartments to mansions, many priced in foreign currency. Its planned development, premium infrastructure, and emphasis on privacy continue to attract high-net-worth residents seeking exclusivity.
Luxury properties, particularly those with direct water views, often command higher rents due to superior finishes, furnishings, and premium features typical of this elite community.
3. Ikoyi - #15 Million
Ikoyi ranked as the third most expensive area to rent a two-bedroom apartment in Lagos in 2025, with an average annual rent of N15 million. The district is known for its high-end properties, modern infrastructure, lush greenery, and secure environment, making it a preferred choice for business leaders, expatriates, and political figures.
The area features a diverse architectural landscape, from modern high-rise apartment towers along Bourdillon Road and Alexander Avenue to sprawling mansions, detached houses, and terraces within gated communities such as Osborne Foreshore Estate, Park View Estate, and Dolphine Estate.
The rental market for two-bedroom apartments in Ikoyi has grown steadily, reflecting strong demand and the area’s premium status. Rental prices are influenced by factors such as building type, age, level of furnishing, and available amenities.
4. Victoria Island - #12.5 Million
Victoria Island ranked as the fourth most expensive area to rent a two-bedroom apartment in Lagos in 2025, with an average annual rent of N12.5 million.
The neighborhood is a high-end residential and commercial hub. It is known for luxury apartments, Atlantic Ocean views, and proximity to corporate offices, embassies, and leisure.
According to the report, two-bedroom apartments in Victoria Island have seen rents rise by over 212% since 2020, reflecting strong demand for spacious, premium homes. Actual rents vary depending on property type, finishes, and amenities. Luxury units, especially those with prime views or high-end features, often command significantly higher prices.
5. Lekki Phase I - #8.5 Million
Lekki Phase I ranked as the fifth most expensive area to rent a two-bedroom apartment in Lagos in 2025, with an average annual rent of N8.5 million.
The neighborhood is centered around Admiralty Way and offers easy access to Ikoyi and Victoria Island, attracting professionals and families. The area has modern apartment blocks, stylish terraces, semi-detached units, and a few detached homes. Its appeal comes from the mix of residential and commercial activity.
According to the report, rents for two-bedroom apartments have risen by 183% since 2020. Final rents vary depending on the building type, quality of facilities, and the specific features of each property. Luxury units, particularly those in high-end estates, often command higher rents.
6. Ikeja - #5.2 Million
Ikeja ranked as the sixth most expensive area to rent a two-bedroom apartment in Lagos in 2025, with an average annual rent of N5.2 million.
The area is a lively residential and commercial center, covering neighborhoods such as Ikeja GRA, Alausa, Adeniyi-Jones, Allen, Shonibare Estate, and Opebi. It is also home to landmarks like the government offices in Alausa, Murtala Mohammed International Airport, Ikeja City Mall, and Computer Village.
According to the report, rents for two-bedroom apartments have risen by 152% since 2020. Actual rents vary depending on the neighborhood, building age, quality of finishes, and amenities. Units in high-end areas such as Ikeja GRA and Shonibare Estate typically command higher rents.
7. Lekki Phase II - #5.1 Million
Lekki Phase II ranked as the seventh most expensive area to rent a two-bedroom apartment in Lagos in 2025, with an average annual rent of N5.1 million.
The area is a growing residential hub stretching from Ikate to Victoria Garden City. It features modern apartment blocks, gated estates, and a mix of terraces and semi-detached homes. Its location offers access to business and leisure hubs along the Lekki corridor, making it popular with professionals and families.
According to the report, rents for two-bedroom apartments in Lekki Phase II have risen steadily in recent years. Actual rents vary depending on the property type, finishes, and amenities. Apartments in high-end estates or with premium features typically command higher rents.
8. Ajah - #3.2 Million
Ajah ranked as the eighth most expensive area to rent a two-bedroom apartment in Lagos in 2025, with an average annual rent of N3.2 million. According to the report, rents for two-bedroom apartments have risen by a remarkable 313% over five years.
Once largely undeveloped, Ajah has grown into a busy residential area along the Lekki–Sangotedo corridor. It features modern apartment blocks, gated estates, terraces, and semi-detached homes.
Ajah’s proximity to the Lekki corridor and emerging business and lifestyle hubs makes it appealing to professionals and families seeking more affordable alternatives to central Lekki.
9. Yaba - #3 Million
Yaba ranked as the ninth most expensive area to rent a two-bedroom apartment in Lagos in 2025, with an average annual rent of N3 million.
The neighborhood is a busy, mixed-use area known for its tech hubs, educational institutions, and growing residential developments. It features modern apartments, terraces, and gated communities, attracting young professionals, students, and small families.
According to the report, between 2020 and 2025, two-bedroom apartments in Yaba saw significant appreciation, jumping from N600,000 to N3 million. Actual rents vary depending on the property type, building quality, and available amenities, with units in prime locations or modern estates commanding higher prices.
10. Gbagada - #2.6 Million
Gbagada ranked as the tenth most expensive area to rent a two-bedroom apartment in Lagos in 2025, with an average annual rent of N2.6 million.
The neighborhood is a well-established residential area on the Mainland. It features a mix of modern apartment blocks, terraces, and semi-detached homes, attracting professionals and families looking for more affordable options while remaining connected to Lagos’ business districts.
According to the report, two-bedroom units have appreciated significantly, climbing from N600,000 to N2.6 million between 2020 and 2025. Final rents vary depending on property type, building quality, and available amenities, with units in newer developments or gated communities generally commanding higher prices.
Credit: Nairametrics
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