Top locations to rent 1 Bed Apartment of less than 1 million naira in Lagos

Top locations to rent 1 Bed Apartment of less than 1 million naira in Lagos

Top locations to rent 1 Bed Apartment of less than 1 million naira in Lagos

28th July, 2022

2 minutes, 30 seconds read

If you are a young professional living in Lagos or planning to relocate to Africa’s megacity, one crucial financial responsibility to consider is accommodation. Our rental price index note highlighted that the average asking rent for apartments in Lagos has increased by 20%+ over the past year. This was based on an analysis of a pool of listed apartments, comprising 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom apartments in multiple locations in Lagos. While rental prices have increased across board, there are still a few locations where young people can find decent apartments with rental values below one million naira per annum.

In this article, we have profiled and ranked locations where annual rental values for 1 bedroom apartments are still under one million naira, and what makes them attractive for young renters. We adopted a number of metrics including infrastructure, average rental price, availability of power supply, proximity to the CBDs, and overall security/neighborhood serenity in ranking these locations.

  1. Ikeja GRA

Ikeja emerged as the top location to rent a 1 bedroom apartment in Lagos. Based on our property inventory within Lagos’ capital area, the average asking rent for 1 bedroom apartments in Ikeja is N800,000 per annum. So far, Ikeja is one of the areas with decent road infrastructure in Lagos with a modest electricity supply compared to the other locations under consideration.

  1. Gbagada

Ranking second on the list was Gbagada. The average asking rent for 1 bedroom apartment in Gbagada is N650,000 per annum. Outside the fact that the neighborhood has a very decent power supply, Gbagada also has quick access to the Island through the Third Mainland Bridge and the rest of the Mainland through Oworonshoki-Oshodi Expressway. The quality of power supply, affordability, centrality, and accessibility of the neighborhood all come together to make it a choice location to rent an apartment.

  1. Magodo

The average asking rent for a 1 bedroom apartment in Magodo today, is N800,000 per annum. Among other things, Magodo is most notable for its serenity and the decency of the apartments within the estate. Magodo is one of the affluent neighborhoods on the Lagos Mainland, a well-organized estate which has since been modernized and now hosts some of Lagos’ most affluent and middle class.

  1. Yaba

Yaba has over 8 tertiary institutions and a number of technology hubs within it attracting a large population of young people. Due to its proximity to Victoria Island and other business areas in Lagos where the bulk of young people in Lagos work, Yaba is dubbed a residential hub for the younger demographic. As of today, the average asking price for 1 bedroom apartments in Yaba is N700,000 per annum and based on our ranking, Yaba is the 4th best location to rent 1 bedroom apartments for less than 1 million naira in Lagos.

  1. Surulere

Surulere is perceived as a middle-class neighborhood in Lagos supported by pockets of industrial and residential activities. Young people and the middle class in Lagos now like to live there because of its relatively centrality and close proximity to Lagos Island and Victoria Island.  Based on our database, the average rent for 1 bedroom apartment in Surulere is N650,000 per annum, and Surulere ranks 5th in our list of top locations to rent 1-bedroom apartments for less than 1 million naira in Lagos.

You can follow us on LinkedIn and Instagram to get more insights into what is happening in the Nigerian real estate market. Send us your comments and feedback to research@buyletlive.com and we will like to keep in touch.



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15th July, 2022

2 minutes, 44 seconds read

How Investing in Real Estate Can Help You Build a Diversified Portfolio

According to Fundrise and Investopedia, since April 2020, the stock market around the world has not been at its best. Investors are voraciously searching for ways to reduce fluctuation in their portfolios to make them more resilient. The option of diversification aids this process. Below, we explore some of the ways you can glean from diversifying into real estate.

What Is Diversification?

Maximizing returns is the goal behind diversification. The saying, “don’t put all your eggs in one basket” is essentially an appeal for diversification. From the finance perspective, it is the process of mixing various asset classes within an investment portfolio. 

An asset class is a group of investments that have similar characteristics and are subject to the same laws & regulations. The risk profile attached to assets in the same class fall in similar ranges. Typically, you should only invest based on your risk appetite. That means before you invest, ask yourself- “how much risk can I afford to take on this asset”? This is why you should research the risk profile for assets you invest in. Some asset classes are Shares, Bonds, Commodities, Properties, and Cash.

 

How Will Investing in Real Estate Diversify Your Portfolio and Yielding ROI?[1]

Real estate historically has strong returns, making it a valuable choice for diversification. Unlike stocks, real estate has longevity which means that it matures over time. You can always expect its value to appreciate. Real estate also falls in the low-risk asset class which encourages consistent and sustainable returns over a longer period. Basically, your real estate investment can provide for others after you. The advantage is that depending on your risk appetite, you can mix aggressive and low-risk assets in your portfolio. It creates a baseline that will buffer impact and enable more returns. Real estate is also popular for its ability to generate passive income. It will get you cash flow for your retirement years.

Another benefit of investing in real estate is being able to build equity. Equity is an asset that is part of your net worth. Real estate can also be a good hedge against inflation and gives you leverage to acquire more property.

 

How to Use a Mix of Real Estate Assets to Diversify Your Portfolio


Experts recommend a 60/40 split when diversifying portfolios, allocating 60% of capital to stocks and 40% to fixed-income investments such as bonds. Real estate bonds are fixed-income investments or loans, backed by real property. Some other options to invest in real estate are private equity funds, publicly-traded REITs (Real Estate Investment Trusts), and DIY by purchasing directly from other real estate platforms.

As an independent investor doing it yourself, selecting the right piece of real estate to invest in is a vital part of the process. When choosing, you need to do thorough due diligence. If you use a real estate platform, consider the structure of service, the actual value of properties on offer, and process management expertise. We recommend using one that has both local and international appeal. That way, those in the diaspora can invest in properties. A proven track record is a good standard to rely on.

BuyletLive.com is an excellent reference for a real estate marketplace that fulfills these conditions. Using a seamless process, users can purchase properties. Agents’ posts are advertised through Buyletlive’s paid effort, addressing potential local & international customers. This helps agents gather more leads and users connect faster to properties for sale. The properties posted are thoroughly verified to ensure that their current state keeps up with maximum standards. There is also dedicated customer service available to handhold a user through the entire process and manage every inquiry.

 

Want to see for yourself? Check today’s properties here.



[1] ROI- Return on Investments. It means profits.

15th July, 2022

2 minutes, 1 second read

Owning a home is easier than you think. Here’s why

Many of us have at one point or the other dreamt of owning a home. Experts agree that there is no age or status barrier toward home ownership. Anything is possible with the right information and tools at your fingertips.

While we acknowledge that renting has some great benefits, long-term options in a place like Nigeria reflect that owning a home offers more unique advantages.

Your Home is a store of value. Because Real estate typically appreciates, all things being equal, your home assumes higher value with time. You'll also have living security and can earn passive income. Real Estate is generally a low-risk asset class that accounts for steady and sustainable profits over time. You can use it to hedge against inflation. It gives you more control over costs and as a big addition, your mortgage repayments can be a way of saving money by relying on extended payment duration.

Financial capacity is usually the first thing people contemplate in home ownership. One might wonder where to access lump sums to buy a home, considering the high value placed on real estate in Nigeria and abroad. Some options to address this worry can be found in mortgage systems, installment payment plans, housing loans, etc. Microfinance banks and larger financial institutions offer credit loans for home ownership.

While you sort the finance aspect, the other part of home ownership is to have a plan that suits your unique context. Your plan should typically include the choice of location, the size of the house, maximum budget, payment plan, and renovation requirements, and so on. When these are aligned to suit your objectives, you can then scout the market to see what’s available and how your plan measures against market realities.

Property search as a key item in this process can be overwhelming sometimes. The options available may not meet your requirements or offer you decent comparisons. The photos to peruse could be unclear and not cover the areas you want to see. Getting feedback on additional inquiries may take longer than anticipated and going for physical inspections might prove challenging. This is why you need BuyLetLive. We are all about creating an easier, happier, and faster property search experience.

On the BuyLetLive platform, you have an array of great properties to choose from and seamless steps to complete the process. Our dedicated customer care team will handhold you as you go along and soon, our mobile app will launch. That means better, faster, and easier property search at your fingertips!

Remember that after you find a suitable home, another level of due diligence is required to ensure that you are dealing with a property of correct value. All you need to do is work with verified agents and developers, get started on https://buyletlive.com/