Apartment for Rent in Ikoyi – How Much You Should Expect To Pay

Ikoyi, the crown jewel of Lagos city and one of few areas you can consider as the most affluent part of the state. It is located in Eti-Osa Local Government Area. Living in this area whether as a rent tentant or house owner, you’ll occasionally rub shoulders with aristocrats, expatriates and get a feel of “Old Money”. The popular Awolowo road is situated here, so also the member only Ikoyi Club. Ikoyi is bustling with businesses, banks, supermarkets and great hang out spots.

If you are looking to rent an apartment in this high brow area, we believe there are some things you need to know starting from pricing, accessibility to area (roads), security of area and what to generally expect.

 

1 Bedroom Apartment

Economic – If you’re being economical, you will find one bedroom apartments, ranging from N100, 000 to N300, 000. Amenities to expect for this budget include a shared kitchen, parking space, good water supply, electricity, accessible road network.

You’ll mostly find economical Ikoyi apartments in areas like Falomo and Keffi.

Standard If you’re feeling good and can afford the standard market price, you’re in luck! You will get an apartment from the price range of N300, 000 – N1,000,000 per year. If you go with any of the standard apartments, amenities you can expect to have include security, bathroom, water supply, accessible road, electricity. You can find these apartments in Falomo, off Awolowo road and Dolphin estate

Luxury If you’re the type that prefers luxury over anything, there are one bedroom Ikoyi apartments you’ll love. With a budget ranging from N1, 000, 000 to N3, 500, 500 you will find exquisite one bedroom apartments with regular water supply, electricity, swimming pool, gym, good roads and standby generator. Expect to pay a caution deposit of at least N100, 000 and a service charge of about N400,000 and agency commission of 10% of your rent.

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2 Bedroom Apartments

Economic – You’ll find 2 bedroom apartments that come with a reasonably low rent. We’re talking prices of about N500, 000 – N1, 000, 000. If you opt for an economical 2 bedroom apartment in Ikoyi, you can expect it to come with the following amenities: water supply, electricity, parking space. You’ll find apartments in this range at Dolphin Estate and Falomo

Standard If you’re willing to splurge a little for a standard 2 bedroom apartment be ready with money from N500, 000 to as much as N3, 000, 000. You can find these properties in Osborne, Parkview and Dolphin Estate.  The standard 2 bedroom apartment in Ikoyi comes with the following amenities, portable water, electricity, accessible road, swimming pool, security, elevator if it is a tall building and kitchen.

 

 

Luxury If high end luxury is more of your thing, you’ll find 2 bedroom apartments with prices ranging from N2, 000, 000 and above. These properties are available at Falomo, Osborne estate, Parkview estate and Banana Island. Amenities that come with luxury 2 bedroom apartments include accessible road, good water supply, 24hr electricity supply with standby generator, concierge service, gym, swimming pool, fitted kitchens, en-suite rooms and interlocked compounds

 

3 Bedroom Apartments

Economic – The barest minimum budget you can find for a 3 bedroom apartment in Ikoyi is between N1, 000, 000 and 2, 000, 000. You’ll most likely find these apartments in Dolphin Estate and Falomo. They come with parking spaces, kitchen, water supply and electricity. You may have to pay service fee of at least N700, 000 per annum.

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Standard Rent for a standard 3 bedroom apartment in Ikoyi start from about 2, 000, 000 till as much as 4, 000, 000. You can find these properties in Parkview and Osborne estate. Amenities to expect in this category include en-suite rooms, good water supply, elevator, swimming pool, gym and personal parking space. Service fee of N500, 000 and above may apply, also a 10% agency fee.

Luxury A luxury 3 bed apartment in Ikoyi ranges from N4, 000, 000 and above. Some property owners collect rent in foreign currencies like Dollars. You can find these properties in Osborne, Bourdillion road, Alexander road, Glover road, Parkview, Banana Island to name a few.

With high price tags on such properties you can’t expect less. Amenities which can be found in luxury 3 bedroom apartments in Ikoyi include portable water supply, stand by generator/ 24 hours electricity, security, concierge service, swimming pool, elevator, environment cleaning, spacious compound, gym, lounges and apartment furnishing. Expect your annual service charge to be above N1, 000, 000 also factor in agency fee of 10%.

Now that you know what to expect price wise, it’s time to make your decision and hire the right professional to guide you. A handy tip is to make sure you view the properties extensively and do your due diligence before committing.

Abd'kareem Oladipo

"Seize the day, never trust in the promise of tomorrow" - a wise person

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