Beyond the Rent: The Hidden Fees Every Tenant Should Know

When hunting for a new apartment in Nigeria, the asking price is rarely the final amount you will pay. Many first-time renters are caught off guard by the sheer number of additional charges attached to securing a property. Beyond the basic rent, you need to budget for the holy trinity of extra costs: Agency, Agreement, and Caution fees. Agency fees typically take 10% of your rent, compensating the realtor for closing the deal. The Agreement or Legal fee, another 5% to 10%, goes toward drafting your tenancy contract. Finally, the Caution fee acts as a refundable security deposit for potential damages. To avoid nasty surprises, always ask your agent to list every single fee upfront before you commit to a property.