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For Rent · Lekki Phase 1

Property for Rent in Lekki Phase 1

Apartments, duplexes, terraces and serviced units. Admiralty Way · Freedom Way · Fola Osibo · Mekunwen Road. Available now. Inspections arranged within 48 hours.

✓ Verified listings only 2-bed avg: ₦10M Lagos Island's highest rent CAGR

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Verified listings only Office: 26b Abike Sulaiman St, Lekki Phase 1 Inspections within 48 hours Mon–Sat, 8am–6pm

Current rental price bands in Lekki Phase 1

Guide rents based on verified listings and the Lagos Island Residential Market Report 2026. Average 2-bedroom rent in Lekki Phase 1 is ₦10 million — the highest in five years, up from ₦4 million in 2022. Lekki Phase 1 recorded a five-year rent CAGR of 35.9%, the strongest among Lagos Island submarkets.

Property typeTypical sizeAnnual rent
1-bedroom apartment / mini flat50 – 80 sqm₦5M – ₦8.5M
2-bedroom apartment (standard)90 – 130 sqm₦8M – ₦12M
2-bedroom apartment (serviced / furnished)90 – 130 sqm₦12M – ₦15M
3-bedroom apartment140 – 200 sqm₦15M – ₦20M
3-bedroom apartment (premium, water view)160 – 220 sqm₦20M – ₦30M
3-bedroom terraced house (serviced)180 – 250 sqm₦20M
4-bedroom apartment220 – 320 sqm₦21.5M – ₦30M
4-bedroom terraced house (new build)250 – 350 sqm₦40M
5-bedroom apartment300 – 450 sqm₦25.7M – ₦40M

Lekki Phase 1 sub-locations we cover

Lekki Phase 1 has distinct rental micro-markets. Admiralty Way commands the highest premiums; Fola Osibo and Mekunwen Road offer established residential character; the Friday Avenue area is mid-market and apartment-dense.

Admiralty Way

The commercial spine of Phase 1. Highest concentration of serviced apartments, offices and mixed-use buildings. 2-bed serviced flats from ₦12M. 3-bed from ₦15M. Direct access to VI.

Fola Osibo

Premium established residential with mature community. Tree-lined streets and low-density apartment buildings. 2-bed furnished maisonettes at ₦85M. Popular with returning diaspora.

Mekunwen Road

High-end residential, lagoon-facing in places. Quiet streets, larger plots and premium apartment buildings. 3-bed from ₦20M. Suited to senior professionals and executives.

Babs Animashaun

Mixed townhouses and small apartment buildings. Walkable to Admiralty Way amenities. Good balance of value and location. 2-bed from ₦10M. Strong family demand.

Femi Okunnu Estate

Premium internal residential estate within Phase 1. Gated, secure and well-managed. 3-bed apartments from ₦18M. 4-bed townhouses from ₦25M. Strong corporate lets.

Friday Avenue Area

Mid-market, apartment-dense block. Lower entry points within Phase 1 boundaries. 1-bed from ₦5M. 2-bed from ₦8M. Good for professionals who want the Phase 1 address at a lower rent.

Why rent in Lekki Phase 1

  • Lagos Island's most liquid rental market. Broadest renter base and highest transaction volumes among Lekki, Ikoyi and Victoria Island submarkets. Vacancy rates for quality listings sit below 5%.
  • Strongest rent growth. 2-bedroom rents rose from ₦4M in 2022 to ₦10M in 2026. 3-bedroom from ₦5M to ₦15.5M. 4-bedroom from ₦5.5M to ₦21.5M. Five-year CAGR of 35.9% — the highest on Lagos Island.
  • Tenant profile. Senior banking and finance professionals, tech founders, oil and gas executives, returning diaspora, and established families. Typical household income ₦12M+.
  • Short-let yields. Lekki Phase 1 leads Nigeria in short-let net yields at 32%. Short-let rates range from ₦60,000 to ₦230,000 per night. 85–95% occupancy in peak periods.
  • Walkability and lifestyle. Established schools, hospitals, restaurants, malls and the Lekki Conservation Centre within the district. A neighbourhood that functions as a community.
  • Fast cycle. Median rental time in Lagos is 23 days. Well-priced Lekki Phase 1 units let in under two weeks. We arrange inspections within 48 hours of your enquiry.

How renting through us works

Send your brief

Name, WhatsApp, requirement and budget. One minute on your phone.

We match

We send verified Lekki Phase 1 listings that fit your brief — with rents, not "DM for price".

Inspect

We arrange and attend the inspection with you. No upfront inspection fee.

Offer & keys

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

Frequently asked questions

How much is rent for a 2-bedroom apartment in Lekki Phase 1?
Average annual rent for a 2-bedroom apartment in Lekki Phase 1 is ₦10 million in 2026 — the highest in five years, up from ₦4 million in 2022. Fully serviced 2-bedroom flats range from ₦12M to ₦15M depending on estate, floor and facilities. Lekki Phase 1 recorded a five-year rent CAGR of 35.9%, the strongest among Lagos Island submarkets.
What is the average rent for a 3-bedroom apartment in Lekki Phase 1?
Average annual rent for a 3-bedroom apartment in Lekki Phase 1 is ₦15.5 million in 2026, up from ₦5 million in 2022 — a five-year CAGR of 32.7%. Self-serviced 3-bedroom apartments off Admiralty Way start at ₦15M. Fully serviced 3-bedroom terraced houses range from ₦20M with service charges of ₦5M per annum. Premium buildings with water views and newer construction command ₦20M–₦30M.
Do you offer short-lets in Lekki Phase 1?
Yes. Short-let rates in Lekki Phase 1 range from ₦60,000 to ₦100,000 per night for 1-bedroom mini flats, ₦100,000–₦200,000 per night for serviced 1-bedroom apartments, and ₦230,000 per night for 3-bedroom serviced penthouses with private cinema, pool and gym. Minimum stays are typically 2–3 nights. Short-let net yields in Lekki Phase 1 reach 32% — the strongest in Nigeria.
What service charges apply on Lekki Phase 1 rentals?
Service charges vary by estate and facilities. A fully serviced 2-bedroom flat off Admiralty Road carries ₦4M per annum service charge. A fully serviced 3-bedroom terraced house carries ₦5M per annum. A new-built 4-bedroom terraced house carries ₦2.5M per annum. A 3-bedroom apartment off Admiralty Way carries ₦2M per annum. For a 4-bedroom terraced house off Admiralty Way, expect ₦800,000 per annum. All service charges typically exclude power and diesel costs.
What is the rental yield in Lekki Phase 1?
Lekki Phase 1 delivers gross rental yields of 3.95% on Stears data, with mid-market yields between 4% and 6.5%. Short-lets in Lekki Phase 1 achieve 32% net yields — the highest in Nigeria. Capital appreciation tracks the broader Lekki market at 8% year-on-year. Compared to Ikoyi at 3.09% gross yield, Lekki Phase 1 offers superior rental returns.
Which area of Lekki Phase 1 is best for renters?
Admiralty Way is the commercial spine with the highest concentration of serviced apartments and offices. Fola Osibo is premium established residential with a mature community. Mekunwen Road is high-end residential with lagoon-facing properties. Babs Animashaun offers mixed townhouses and small apartment buildings. Femi Okunnu Estate is a premium internal residential estate. Friday Avenue area is mid-market and apartment-dense. Each has its own rental price band and lifestyle character.
What agency and legal fees apply on a Lekki Phase 1 rental?
Agency fee is 10% of annual rent per LASRERA cap. Legal fee is 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.

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