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The short answer
Beyond the rent, budget for agency and legal fees, a caution or security deposit, service charge, repairs and setting up utilities, plus the move itself. Ask for every fee in writing before paying, and keep receipts for each payment.
Why the rent is only part of it
Many people save exactly the rent for a new place and then discover they need much more on the day of signing. Fees vary by city, area and landlord, so the safest approach is to ask for a full written list of charges before you commit, and to plan a total budget rather than a rent budget.
The costs to plan for
| Cost | What it is | Questions to ask |
|---|---|---|
| Rent | Usually up to a year in advance | How much, and for what period? |
| Agency fee | Paid to the agent who found the property | Is it negotiable? Is it a percentage of rent? |
| Legal or agreement fee | For preparing the tenancy agreement | Who prepares it, and can I review it first? |
| Caution or security deposit | Held against damage, refunded at the end | When and how is it refunded? What deductions? |
| Service charge | Shared costs: security, cleaning, water, generator | What does it cover? Is it yearly or monthly? |
| Repairs and painting | Getting the flat ready to live in | Who pays: landlord or tenant? |
| Utilities | Electricity meter, water, internet set-up | Is there a prepaid meter? Any unpaid bills? |
| Moving | Truck, loaders, packing materials | Fixed quote or hourly? |
A worked example
Example only. The figures and percentages below are illustrations; your fees will differ. Funke has found a flat at ₦1,500,000 a year.
| Item | Example amount |
|---|---|
| Rent (1 year) | ₦1,500,000 |
| Agency fee (example: 10% of rent) | ₦150,000 |
| Agreement fee (example: 10% of rent) | ₦150,000 |
| Caution deposit (example) | ₦150,000 |
| Service charge (example, 1 year) | ₦240,000 |
| Painting and small repairs | ₦80,000 |
| Moving and transport | ₦60,000 |
| Basic furnishing and fittings | ₦120,000 |
| Total | ₦2,450,000 |
In this example, the move costs over 60% more than the rent alone. Knowing that in advance can be the difference between moving calmly and borrowing in a rush.
Know the rules on advance rent and receipts
In Lagos, the Tenancy Law 2011 says a landlord may not demand more than one year's rent in advance from a new tenant, and must issue a receipt for every rent payment showing the amount, the date, the period covered and the names of payer and payee. Other states have different rules. If you are unsure, ask a lawyer before paying.
- Pay by bank transfer, not cash, so there is a record.
- Get a receipt for every payment, including agency and legal fees.
- Read the tenancy agreement before signing, especially clauses on repairs, notice and renewal.
- Take dated photos of the property's condition on the day you move in. They help when you ask for your caution deposit back.
Protect yourself from rental scams
Fake agents and landlords are a known risk. Warning signs include pressure to pay before you have seen the property, refusal to let you meet the owner, prices well below similar places, and requests to pay into a personal account unrelated to the landlord or agency. Visit in person, confirm who owns the property, and never pay to "hold" a flat you have not inspected.
How to budget for the move
- Get a full written list of fees for your shortlisted property.
- Add moving, repairs and setup costs from the table above.
- Add a 10% buffer for things you did not expect.
- Divide the total by the months before your move and set that aside each month.
- After moving, start a new monthly pot for next year's renewal straight away.
For help choosing a rent that fits your income, see how much rent you can afford. Employed tenants may also be able to claim rent relief on the rent they pay.
Negotiating the extras
Some costs are more flexible than they first appear. You can ask the landlord to cover painting and repairs before you move in, ask the agent whether their fee can be reduced if you pay promptly, or ask for service charge to be paid quarterly instead of yearly. Put any agreement in writing. A polite, prepared tenant who can pay on time is in a stronger position than they often realise.
Moving out of your old place
Do not forget the other end of the move. Give the notice your current agreement requires, settle any final bills, take photos when you hand back the keys and ask in writing for your caution deposit. Plan for the possibility that the refund arrives late, so you do not count on it to fund the new flat.
Where Pryme fits
Save towards the full moving budget in a Naira Savings Box and pay each fee by transfer with Send, so every payment leaves a record. You can generate a verifiable receipt or statement with VerifyDoc.ai and share it with your landlord or agent, who can check that it is genuine and unaltered. Your Personal Assistant can remind you when renewal is approaching and prepare monthly transfers into your rent pot, each one needing your approval.
Questions people ask
How much do I need to rent a house in Lagos?
Plan for the rent plus agency, legal and caution fees, service charge, repairs and moving costs. Ask for every fee in writing before paying.
Is agency fee compulsory in Nigeria?
It depends on how the property is let. Ask before viewing whether a fee applies, how much, and get a receipt if you pay it.
Is caution fee refundable?
It is usually meant to be refunded at the end of the tenancy, less agreed deductions for damage. Check the tenancy agreement and keep move-in photos.
How can I avoid fake house agents?
Inspect in person, confirm who owns the property, pay by transfer to an account linked to the landlord or agency, and never pay before viewing.
Sources
- Rental laws in Lagos: know your rights as a tenant (Discover Lagos) · accessed Oct 2026
- Step-by-step calculation: deductions and personal income tax under the 2026 reforms (BusinessDay) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.