For Rent · Ikoyi

Property for Rent in Ikoyi

Apartments, duplexes, maisonettes and serviced units. Old Ikoyi · Banana Island · Parkview · Osborne Foreshore · Falomo. Available now. Inspections arranged within 48 hours.

✓ Verified listings only ₦15M – ₦120M / annum Avg 2-bed: ₦17.25M

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Current rental price bands in Ikoyi

Guide rents based on verified listings across Ikoyi in 2026. Average annual rent for a 2-bedroom apartment in Ikoyi is ₦17.25 million — the highest on Lagos Island. Rents have risen 22.6% CAGR over five years.

Property type	Typical size	Annual rent
Studio / self-contained (serviced)	40 – 60 sqm	₦15M – ₦25M
1-bedroom apartment	70 – 100 sqm	₦25M – ₦40M
2-bedroom apartment (standard)	110 – 150 sqm	₦17.25M – ₦35M
2-bedroom apartment (serviced / furnished)	110 – 150 sqm	₦55M – ₦75M
3-bedroom apartment	160 – 220 sqm	₦40M – ₦60M
3-bedroom maisonette (Parkview / Old Ikoyi)	180 – 250 sqm	₦45M – ₦85M
4-bedroom apartment / penthouse	260 – 400 sqm	₦60M – ₦105M
4-bedroom terrace duplex (serviced)	280 – 380 sqm	₦70M – ₦120M
4-bedroom semi-detached duplex (furnished)	300 – 400 sqm	₦55M – ₦75M
5-bedroom maisonette / detached	350 – 500 sqm	₦40M – ₦80M

Ikoyi sub-locations we cover

Ikoyi has distinct rental micro-markets. Old Ikoyi has the deepest supply of apartments and duplexes; Banana Island commands the highest rents; Parkview is family-oriented; Osborne Foreshore attracts expatriates; Falomo offers the closest access to Victoria Island.

Old Ikoyi

The largest selection of apartments, duplexes and maisonettes. 2-bed furnished maisonettes at ₦85M. 3-bed apartments from ₦40M. 4-bed terrace duplexes at ₦70M–₦120M. Service charges ₦5M–₦12M.

Banana Island

Ultra-prime gated estate. 3-bedroom wings of duplexes at ₦45M. Serviced studios from ₦15M. Short-let self-contains from ₦90,000/night. 24-hour power, underground utilities, highest security.

Parkview Estate

Gated, family-oriented, serene. 3-bedroom maisonettes from ₦45M. Short-let 2-bedroom apartments at ₦170,000/night. Consistently strong resale values and low vacancy.

Osborne Foreshore

Waterfront luxury. 4-bedroom semi-detached duplexes (furnished) at ₦55M. 1-bedroom executive suites for short-let at ₦175,000/night. Strong expatriate and corporate demand.

Falomo

Compact, well-serviced, closest to Victoria Island and the Link Bridge. Strong serviced-apartment demand. 2-bedroom serviced units from ₦25M. Good short-let yields.

Bourdillon & Glover

Premium addresses anchoring the luxury rental market. 3-bedroom serviced apartments from ₦40M. Corporate lets dominate. Direct access to Awolowo Road and Alfred Rewane Road.

Why rent in Ikoyi

Highest rents on Lagos Island. Average annual rent for a 2-bedroom apartment is ₦17.25 million — above Victoria Island at ₦15M and Lekki Phase 1 at ₦10M. Ikoyi has risen 22.6% CAGR over five years.
Corporate and expatriate demand. Multinationals, embassies and law firms place staff and expatriates in Ikoyi. Corporate lets sign longer leases and carry lower default risk than individual tenants.
Serviced apartment premium. Fully serviced units command 40–60% higher rents than unfurnished equivalents. Serviced 2-bedroom apartments in Old Ikoyi rent for ₦55M–₦75M.

Short-let yields. Short-let rates in Ikoyi range from ₦90,000 to ₦430,000 per night with 75–80% occupancy. Net yields of 8–12% in Osborne Phase 2 outperform traditional long-term lets.
Capital preservation. Ikoyi delivers the lowest gross yield on Lagos Island at 3.09%, but that is because it is the most expensive address. Capital appreciation for luxury segments in Ikoyi, Banana Island and VI is expected at 5–10%.
Fast cycle. Median rental time in Lagos is 23 days. Well-priced Ikoyi units let in under two weeks. We arrange inspections within 48 hours of your enquiry.

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Offer & keys

We present your offer, coordinate the tenancy agreement, and hand over keys.

Frequently asked questions

What is the average rent for a 3-bedroom apartment in Ikoyi?

A standard 3-bedroom apartment in Ikoyi rents for ₦40 million per annum. Serviced 3-bedroom units range from ₦40M to ₦60M depending on estate and facilities. Average annual rent for a 2-bedroom apartment in Ikoyi is ₦17.25 million — the highest on Lagos Island, ahead of Victoria Island at ₦15M and Lekki Phase 1 at ₦10M.

How much does a 4-bedroom duplex rent for in Ikoyi?

Fully serviced 4-bedroom terrace duplexes in Old Ikoyi range from ₦70M to ₦120M per annum. Furnished 4-bedroom duplexes in Osborne Foreshore are available at ₦55M. A 4-bedroom terrace duplex in Ikoyi typically rents for ₦70M with a service charge of ₦6M per annum.

What is the rental yield in Ikoyi?

Ikoyi delivers the lowest gross rental yield on Lagos Island at 3.09%, despite being the most expensive address. However, 2-bedroom flats in Ikoyi show 7.5% gross yield and 5.3% net yield — significantly higher than 3-bedroom flats at 5.3% gross. Investors prioritising capital preservation over yield accept the lower returns.

Do you offer short-lets in Ikoyi?

Yes. Short-let rates in Ikoyi range from ₦90,000 per night for a self-contained unit in Banana Island, through ₦170,000 per night for a 2-bedroom apartment in Parkview Estate, ₦175,000 per night for a 1-bedroom executive suite in Osborne Foreshore, up to ₦430,000 per night for a 3-bedroom serviced flat in Shoreline Estate. Minimum stays are typically 2–3 nights.

What estate service charges apply on Ikoyi rentals?

Service charges vary by estate and facilities. A 4-bedroom terrace duplex in Old Ikoyi carries a service charge of ₦8M per annum. A serviced 2-bedroom apartment in Old Ikoyi has a service charge of ₦7M per annum. A fully serviced 2-bedroom luxury apartment carries ₦15M per annum. For a 4-bedroom terrace duplex in Ikoyi, expect ₦6M per annum. Always confirm what the service charge covers — diesel, power, cleaning and security are common exclusions.

Which Ikoyi sub-location is best for renters?

Old Ikoyi offers the largest selection of apartments and duplexes, with easy access to Awolowo Road, Alfred Rewane Road and the commercial district. Banana Island is ultra-prime with the highest security and price point. Parkview Estate is family-oriented and gated. Osborne Foreshore offers waterfront luxury and expatriate demand. Falomo is compact, well-serviced and closest to Victoria Island.

What agency and legal fees apply on an Ikoyi rental?

Agency fee is 2.5–5% of annual rent, shared between agents. Legal fee is typically 5–10% of annual rent. A caution deposit of 10% of annual rent is also standard. All fees are disclosed in writing before you inspect. You will never be asked for an upfront inspection fee.