The Price Range, Realistically

Lagos shortlet pricing spans an enormous range, from budget studio units on the Mainland to luxury multi-bedroom units on the Island. Reported pricing in the market shows a wide spread, with average listed prices around the ₦150,000 mark, but with the cheapest units far below that and premium units far above it — the average alone doesn't tell you much without knowing which part of the city you're looking at.

Mainland vs. Island: The Real Price Driver

Location is the single biggest factor. Mainland areas like Ikeja GRA, Magodo, and Maryland tend to offer more budget-friendly rates than the Island. Lekki Phase 1 and Victoria Island command noticeably higher pricing for a comparable unit, reflecting both the area's cost of real estate and its concentration of business/expat demand. As a concrete reference point, 3-bedroom apartments in Lekki Phase 1 have been listed from around ₦160,000/night, with comparable Victoria Island units starting from around ₦180,000/night.

What Changes the Price Within an Area

FactorEffect on Price
Number of bedroomsLarger units cost more per night in absolute terms, though often less per-person if you're splitting with a group
Mainland vs. IslandIsland areas (Lekki, VI, Ikoyi) consistently price higher than Mainland areas (Ikeja, Surulere, Yaba)
SeasonPeak periods like Detty December can push prices sharply higher across the board
Booking lengthMonthly rates are typically cheaper per-night-equivalent than booking repeated single nights
AmenitiesReliable power backup, security, and pool/gym access add to the price

Don't Forget the Deposit

The nightly rate isn't the full cost. Most Lagos shortlets also require a refundable security or incidental deposit on top, separate from the rental fee itself — factor this into your total budget, especially for shorter stays where the deposit is a bigger proportion of what you're paying upfront.

Bottom Line

Expect Mainland areas to be meaningfully cheaper than Lekki/VI/Ikoyi for a comparable unit, expect monthly rates to beat repeated nightly bookings, and always ask about the deposit separately from the advertised nightly rate before you commit.

Related Reads