The hidden costs of living alone in Lagos vs co-renting

When you live by yourself you gain full control over your space but also shoulder all expenses that can quickly add up. Sharing a flat reduces many of these costs but comes with compromises in privacy and convenience.

Understanding hidden expenses like upfront security deposits, furnishing and unexpected utility bills is crucial. In Lagos every naira counts and the right living arrangement can make a substantial difference for your budget.

Below is an overview of key cost factors to consider when deciding between solo living or sharing accommodation.

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1. Rent and security deposit

Living alone means paying the full monthly rent. A modest one-bedroom apartment in Surulere or Yaba can range from ₦150,000 to ₦200,000. You must also cover a security deposit, usually equivalent to a year’s rent, tying up more than a million naira at once.

Co-renting a two- or three-bedroom flat splits rent among housemates. Your share may fall to ₦50,000 to ₦80,000 monthly, depending on location and number of tenants. The security deposit is also divided, reducing the upfront sum you need.

2. Utilities and internet

In a solo flat you handle electricity, water and internet bills in full. If power is unreliable, generator fuel adds ₦15,000 to ₦20,000 to your monthly expenses. Water bills and internet plans may total another ₦10,000. Combined, utilities can reach ₦25,000 to ₦30,000 per month.

In a shared flat these bills are divided among roommates. With three people sharing, each pays roughly ₦8,000 to ₦10,000 per month, freeing up funds for other needs.

3. Furnishings and household items

Outfitting a one-bedroom apartment alone can cost upwards of ₦300,000 for essentials such as a bed, wardrobe, sofa, dining set and kitchenware. Even buying gradually requires a significant upfront investment.

In a shared flat you share common items like a sofa, dining table and kitchen appliances. If each roommate contributes ₦50,000 to ₦100,000 toward furnishings, your personal expense drops to under ₦100,000, making setup far more affordable.

4. Security and maintenance

Living alone often means hiring private security guards or installing surveillance systems, adding ₦20,000 to ₦30,000 monthly to your budget. Shared accommodation usually benefits from building security personnel, reducing or eliminating the need for private guards.

Maintenance fees for minor repairs and cleaning supplies are also split, lowering individual costs. However, co-renting requires coordinating maintenance schedules and agreeing on shared costs, which can sometimes lead to disagreements.

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5. Lifestyle and convenience costs

A solo tenant may pay higher rates for small-quantity groceries instead of buying in bulk. Cooking only for yourself can make meal preparation less efficient, leading to more frequent dining outside that increases food expenses.

In a shared flat roommates can pool funds for bulk grocery shopping, saving money. Sharing a ride or carpooling also reduces transport costs. On the other hand, co-renting requires coordinating schedules and respecting others’ routines, which can affect convenience and spontaneity.

6. Social and emotional factors

Living alone can be isolating, prompting extra spending on social outings, restaurants, movies or clubs, to maintain a social life. In contrast, shared flats provide built-in companionship. Spending time with housemates reduces the need to go out just to avoid loneliness.

Still, co-renting can lead to friction if personalities clash or boundaries are not respected, which can affect mental health and, indirectly, your spending on stress relief or personal time.

7. Flexibility and mobility

A solo renter controls lease terms and can move or renovate without needing anyone’s approval. However, breaking a lease early often incurs a two- to three-month penalty paid entirely by you.

In a shared flat, if a roommate wants to move out, you can find a replacement without bearing the entire penalty. But coordinating a switch with multiple people can delay your move and add costs like advertising for new tenants or paying finders’ fees.

Co-renting reduces individual financial burdens by sharing costs but requires compromise, clear communication and flexibility. By understanding these trade-offs, you can choose a living arrangement that balances your budget, convenience and personal well-being.

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