SIR: The Lagos State rental market has in recent times witnessed an unprecedented surge in property values. For a city that carries the heaviest housing demand in Nigeria, the effect of this rise is most visible among middle-income earners, professionals, civil servants, and small business owners, who form the backbone of the state’s economy.

Several factors are responsible for this trend. First, inflation and rising construction costs have pushed up the cost of delivering new housing units. Cement, steel, finishing materials, and labour have all become more expensive.

Secondly, the dollar exchange rate and Lagos State’s position as Nigeria’s commercial hub mean that demand for property continues to outpace supply, especially in centrally-located neighbourhoods. In addition, insecurity in some parts of the country has pushed migration into Lagos, further pressuring the rental market. For the middle-income group, these economic realities translate into a painful squeeze. The traditional rule of thumb is that rent should not exceed one-third of yearly income.

Today, many earners find themselves paying up to 60 per cent–70 per cent of their income on rent, leaving little or nothing left for savings, education, healthcare, or investment. The effect is a decline in quality of life, with many households forced into less desirable locations, smaller apartments, or shared arrangements. This not only strains family stability but also increases commuting time and costs, as affordable housing are often found far from major employment centres.

Another worrying outcome is the rise of informal rental practices. Desperate tenants now agree to lump-sum advance payments of two to three years, despite the Lagos Tenancy Law discouraging such arrangements. Landlords, facing their own financial pressures, often insist on these terms, effectively locking out honest earners who cannot raise such funds upfront. The result is a widening gap between the housing market and the realities of average residents.

As professionals in the built environment, Estate Surveyors and Valuers recognise both sides of this equation. Landlords and developers seek returns on investment, but tenants require affordability and fairness. Bridging this gap requires deliberate interventions.

Firstly, government must incentivise the construction of mass housing through tax reliefs, low-interest financing, and public-private partnerships. Secondly, there is an urgent need to expand mortgage accessibility so that middle-income earners can transition from perpetual tenants to homeowners. Finally, enforcement of tenancy regulations, especially on advance rent and transparency of charges, must be strengthened to protect vulnerable tenants.

In the long term, only an increase in housing supply can stabilise rents. Lagos has already begun experimenting with housing schemes in Igbogbo, Igando, and other corridors, but these must be scaled up and targeted specifically at the middle-income market, not just the elite.

The rising rental market is a reflection of economic realities, but it must not become an instrument of exclusion. As estate surveyors and valuers, our professional duty is to guide policy, advise landlords, and advocate for a fairer, more sustainable housing market. For Lagos State to remain a city of opportunity, housing must remain accessible to those who drive its economy—the middle class.
Olawale Taiwo, an estate surveyor, wrote from Lagos.