Top 10 Cheapest Areas To Rent A Two-bedroom Apartment In Lagos (2026)

Two-bedroom apartments remain one of the most sought-after rental options in Lagos, offering a practical balance of space, comfort, and affordability. They are especially popular among small families, young professionals, and shared renters navigating the city’s increasingly expensive housing market.

With rents steadily rising across Lagos amid a persistent housing supply gap, affordability has become a critical factor for many residents—often requiring compromises on proximity, infrastructure, or convenience. Eyes Of Lagos reports,

Understanding where value meets accessibility is therefore essential for anyone looking to rent within budget.

This ranking is based on data from The Lagos Residential Market Report, which tracks average rental prices across the state. The list highlights the 10 most affordable areas to rent a two-bedroom apartment in Lagos as of 2026.

10. Festac Town — ₦1.5 Million Per Year

Festac Town ranks as the 10th cheapest area to rent a two-bedroom apartment in Lagos, with an average annual rent of ₦1.5 million.

Located in Amuwo-Odofin Local Government Area, Festac is a federally planned housing estate originally built for the 1977 Second World Black and African Festival of Arts and Culture (FESTAC ’77).

Designed as a structured community with over 5,000 housing units across seven major avenues, the estate benefited from strong government-backed infrastructure. Over time, relaxed ownership restrictions allowed Festac to evolve into an active rental market.

Its organised road network, multiple access routes from the Lagos–Badagry Expressway, and connectivity via the Festac Link Bridge continue to attract tenants working along Lagos’ western corridor.

9. Ajegunle — ₦1.4 Million Per Year

Ajegunle ranks ninth, with average two-bedroom rents at ₦1.4 million annually.

Situated in Ajeromi-Ifelodun Local Government Area, Ajegunle borders Apapa Wharf and Tin Can Island Port, making it strategically located near two of Nigeria’s busiest seaports.

While the area has long struggled with overcrowding, infrastructure deficits, and security concerns, recent years have seen private-sector-led urban renewal, including modern residential buildings, hotels, and event centres.

Markets such as Ajegunle Market, Boundary Market, and the central bus terminal support daily commerce, while proximity to Ajeromi General Hospital and Navy Town adds to its functional appeal. Traffic congestion remains a major challenge.

8. Agege — ₦1.2 Million Per Year

Agege is the eighth cheapest area to rent a two-bedroom apartment in Lagos, with an average rent of ₦1.2 million per year.

The neighbourhood stretches from Dopemu Road to Abeokuta Expressway and is known for its vibrant commercial activity, supported by major markets such as Abattoir Meat Market and Alade Market.

Key landmarks include the NYSC Permanent Orientation Camp, Agege Stadium, and the Pen Cinema Flyover, which has improved traffic flow.

The Babatunde Fashola Railway Station, opened in 2021, connects Agege to Ogun and Oyo States, enhancing regional mobility. Residential estates like Sunshine Estate and New Dairy Farm Housing Estate cater to families and working professionals.

7. Oshodi — ₦1.1 Million Per Year

Oshodi ranks seventh, with average two-bedroom rents of ₦1.1 million annually.

A major commercial and transport hub on the Lagos Mainland, Oshodi’s importance dates back to the early 1900s, when it served as a key colonial trade route.

It is home to Oshodi Market, one of West Africa’s largest, alongside Arena Market and Bolade Market. The area also hosts the Oshodi Transport Interchange, a modern facility linking BRT buses and multiple city routes through three multi-storey terminals equipped with security and passenger amenities.

Bordered by Mushin, Surulere, Somolu, and Alimosho, Oshodi remains a fast-paced urban centre balancing commerce, culture, and infrastructure.

6. Mushin — ₦1.1 Million Per Year

Mushin ranks sixth, with an average annual rent of ₦1.1 million for a two-bedroom apartment.

Established in 1955, Mushin has grown into a vibrant mix of residential and commercial activity. Major roads like Agege Motor Road and Ikorodu Road provide strong connectivity, supported by buses and tricycles.

Markets such as Ojuwoye and Ladipo attract traders from across Lagos, while small-scale manufacturing and workshops sustain the local economy.

Despite challenges like traffic congestion and waste management, Mushin offers schools, healthcare facilities, and recreational spaces that support daily life.

5. Alimosho — ₦1 Million Per Year

Alimosho ranks fifth, with average two-bedroom rents at ₦1 million per year.

It is the most populous local government area in Lagos State, bordering Ifako-Ijaiye, Agege, Ikeja, Kosofe, and Ogun State.

Rapid population growth led to its division into several LCDAs, including Ikotun-Idimu, Ayobo-Ipaja, Egbe-Idimu, and Agbado-Oke Odo.

Driven by urbanisation, a thriving informal economy, and a growing middle class, Alimosho hosts numerous markets, schools, residential estates, and small businesses that contribute significantly to Lagos’ economy.

4. Ojo — ₦967,000 Per Year

Ojo ranks fourth, with an average annual rent of ₦967,000.

Located along the Lagos–Badagry Expressway, Ojo is a major commercial and residential area on the Badagry axis. It hosts Alaba International Market, one of West Africa’s largest electronics markets, as well as Iyana-Iba Market.

The presence of Lagos State University (LASU) boosts rental demand, while ferry services along nearby creeks complement road transport.

3. Ikorodu — ₦815,000 Per Year

Ikorodu ranks third, with average two-bedroom rents of ₦815,000 annually.

Located in north-eastern Lagos, Ikorodu enjoys strong transport links, including BRT corridors to TBS, Ikeja, and Oshodi, and multiple jetties offering water transport to Victoria Island, Ikoyi, and Lekki in under 30 minutes.

The area hosts LASUSTECH and Caleb University, as well as industrial facilities such as the SAGLEV Electromobility Plant and the Egbin Power Station, strengthening its economic profile.

2. Epe — ₦605,000 Per Year

Epe is the second cheapest area, with average annual rents of ₦605,000.

Situated along the Lekki Lagoon, Epe has road links to Ijebu-Ode and Ikorodu and a strong fishing and agricultural economy.

Local markets like Epe Fish Market, Oluwo Market, and Aiyetoro Market support trade, while mangrove forests, beaches, and waterways enhance its natural appeal.

1. Badagry — ₦575,000 Per Year

Badagry is the cheapest area in Lagos State to rent a two-bedroom apartment, with an average annual rent of ₦575,000.

A historic coastal town along Porto Novo Creek, Badagry serves as a transit route to Benin Republic and has an economy driven by fishing, trading, and tourism.

In 2024, the Federal Government commenced construction of the 1,068-kilometre Sokoto–Badagry Superhighway, expected to boost trade, reduce transport costs, and significantly improve connectivity to Lagos.

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There's an old saying on Wall Street: when a company requests more time to publish its financial results, it's rarely because the numbers are too good to release immediately. Guaranty Trust Holding Company Plc recently obtained an extension from the Nigerian Exchange Limited to delay the release of its financial results for the first half of the year, covering the period ending June 30, 2026, pushing the deadline to September 30, 2026. We are informed that the board of directors approved these results on July 28, 2026. However, weeks later, GTCO still cannot, or will not, disclose even an interim report to the market, unlike other institutions. To be clear about what's happening, while other financial institutions in Nigeria have released their interim half-year financial statements to investors with the punctuality of professionals, GTCO is still "awaiting the necessary regulatory approvals" before it can publish anything. The group's general counsel and company secretary, Erhi Obebeduo, offered the usual reassurance: if the approvals come soon, the results will be published soon. How reassuring. How predictable. These are interim results, not audited statements. Interim reports are, by design, less burdensome to produce. They require less granular scrutiny, fewer sign-offs, and shorter review cycles. They are the financial equivalent of a progress report, not a doctoral thesis. Yet GTCO cannot manage even this modest obligation within the standard window. If a bank cannot produce an unaudited half-year summary on time, what exactly is happening inside its finance department? The question every serious investor should be asking is: what exactly justifies such prolonged regulatory oversight for an interim report? The Central Bank of Nigeria's review process for interim disclosures is nothing new. It's not an unexpected obstacle that appeared overnight. Yet GTCO needs an additional two months to clear the hurdle for figures. Is the Central Bank of Nigeria examining its accounts with unusual skepticism? Or was GTCO's management working behind closed doors to present a plausible version of events before the inevitable disclosures? Context demands that we view this delay with deep suspicion. After all, this is the same institution that, in the first quarter of 2025, recorded a staggering 41% drop in pre-tax profits. The same institution whose full-year 2025 results showed a 15% decline in profit after tax to ₦865.75 billion, thus surrendering Nigeria's banking crown to Zenith Bank. The same institution whose first-quarter 2026 results, while superficially stable at the pre-tax line, revealed a worrying 15% drop in profit after tax to ₦218.13 billion and a collapse in earnings per share from ₦7.83 to ₦5.89. The pattern is unmistakable. This looks like a controlled downward trajectory, disguised with corporate euphemisms. Now, in mid-2026, with competitors having already laid their interim cards on the table, GTCO is asking for more time. The market is expected to wait patiently while the "lead regulator" conducts its review. But let's call a spade a spade: this is a delaying tactic that reeks of either disastrous figures in need of cosmetic surgery, or an internal crisis so severe that the institution cannot produce a coherent interim report within the usual timeframe. Neither explanation inspires confidence. When companies like Stanbic IBTC Holdings announce an interim corporate action framework earlier in August 2026 and GTCO, once the crown jewel of Nigerian banking, needs an extension after a year of decline, more than a few eyebrows must be raised. When a bank with GTCO's resources, pedigree, and infrastructure cannot match the disclosure discipline of its mid-tier competitors, one must wonder what is rotting inside the vault. The group's CEO, Segun Agbaje, has spent the last eighteen months talking about "sustainable revenue," "core revenue streams," and "ecosystem businesses." His rhetoric is convincing. However, the figures haven't reflected reality. And now, when the market most needs transparency to assess whether the bleeding has stopped, GTCO is hiding behind regulatory delays for even its unaudited numbers. This is an insult to the intelligence of all shareholders who have watched this stock lag behind while its competitors' stocks have soared. Of course, other possibilities exist. Perhaps the delay was entirely unintentional. Perhaps the Central Bank of Nigeria was conducting an unusually thorough review of GTCO's interim accounts for reasons unrelated to material deficiencies. Perhaps the figures were spectacular, and the regulator simply wanted to verify their superiority. But if you believe that, I have a bridge in Lekki to sell you. In the real world, where capital is allocated based on trust and punctuality, delays breed suspicion. And suspicion, once rooted, is difficult to eradicate. The Nigerian capital market deserves better. Investors who have held GTCO shares throughout its decline, from the pinnacle of Nigerian banking to its current stagnation, deserve more than vague promises and extended deadlines. The board approved these results on July 28. What has happened in the weeks since? What discussions have taken place between the board and regulators? What revisions have been requested? The silence is deafening. GTCO's management would do well to remember that, in the age of instant information, a lack of transparency is not a strategy, but an admission. An admission that something is wrong. An admission that management is not well organized. 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