Lagos, Abuja rents surge 20% yearly in housing strain

The Managing Director of Stallion Cardinal Homes, Dr Waliu Adeoye, has noted that rents in Lagos and Abuja have surged by up to 20 per cent annually in some locations, intensifying housing pressure on tenants amid widening affordability challenges.

In a statement, Adeoye noted that Nigeria’s real estate sector stands at a critical crossroads in 2026, with an unprecedented convergence of policy reforms that could redefine housing access if properly implemented.

He said, “Nigeria’s rental market is worsening, especially in Lagos and Abuja, where rents are rising by 15 to 20 per cent annually in some locations. Most urban Nigerians are renters, and the sector is in crisis, with the widespread demand for one to two years’ rent upfront posing a major barrier for households.

“The combination of new tax reforms, land digitalisation efforts, mortgage recapitalisation, and emerging housing data infrastructure represents the most comprehensive housing policy push Nigeria has seen

For the first time in a generation, we are seeing housing-related reforms advancing together rather than in silos. The real question is whether these policies will move beyond gazette pages to actual homes, mortgages, and secure land titles for Nigerians.

“Private developers also have a role to play, and Stallion Cardinal Homes has invested in capacity building, flexible payment structures, and site-and-service models to expand access. However, individual company efforts cannot replace systemic reform.”

Adeoye noted that the housing crisis was not primarily a technical problem.