Renting an apartment in Accra can be a significant financial commitment. With rental deposits, monthly rent, utilities, and additional expenses, proper budgeting is essential to ensure you can afford your home without financial stress.
This guide breaks down how to budget for renting an apartment in Accra, helping you manage costs effectively and avoid unexpected expenses.
Experts recommend spending no more than 30-40% of your monthly income on rent.
✔ Multiply your monthly income by 0.3 to 0.4 to get your rent limit.
| Monthly Income (GHS/USD) | Recommended Rent Budget (GHS/USD) |
|---|---|
| GHS 4,000 ($330) | GHS 1,200 – 1,600 ($100 – $135) |
| GHS 8,000 ($660) | GHS 2,400 – 3,200 ($200 – $265) |
| GHS 15,000 ($1,250) | GHS 4,500 – 6,000 ($375 – $500) |
✔ If your rent exceeds 40% of your income, consider cheaper locations, shared housing, or negotiating payment plans.
Rent prices in Accra vary based on location, apartment size, and amenities.
| Location | 1-Bedroom (GHS/USD) | 2-Bedroom (GHS/USD) | 3-Bedroom (GHS/USD) |
|---|---|---|---|
| Luxury Areas (Cantonments, Airport Residential, Labone, East Legon) | GHS 8,400 – 24,000 ($700 – $2,000) | GHS 18,000 – 42,000 ($1,500 – $3,500) | GHS 30,000 – 66,000 ($2,500 – $5,500) |
| Mid-Range Areas (Osu, Achimota, Spintex, Tesano, Adenta) | GHS 3,600 – 8,400 ($300 – $700) | GHS 9,600 – 24,000 ($800 – $2,000) | GHS 14,400 – 36,000 ($1,200 – $3,000) |
| Affordable Areas (Madina, Dansoman, Kasoa, Ashaley Botwe, Teshie) | GHS 1,800 – 4,800 ($150 – $400) | GHS 3,600 – 12,000 ($300 – $1,000) | GHS 6,000 – 18,000 ($500 – $1,500) |
✔ Choose a location that fits your budget while considering proximity to work, transportation, and amenities.
Most landlords in Accra require 1 to 2 years' rent upfront, which can be a major financial burden.
✔ Advance Rent Payment – Typically 12 to 24 months upfront.
✔ Security Deposit – Usually 1-2 months' rent, refundable if no damages occur.
✔ Agent Fees – If using an agent, expect to pay 1 month’s rent as a commission.
| Expense | Amount (GHS) |
|---|---|
| 12 Months Rent | 18,000 |
| Security Deposit (1 Month) | 1,500 |
| Agent Fee (1 Month) | 1,500 |
| Total Upfront Cost | 21,000 GHS ($1,750) |
✔ Tip: Some landlords accept flexible payment plans, so negotiate where possible.
Apart from rent, consider utilities, groceries, transport, and personal expenses.
| Expense Category | Estimated Cost (GHS/USD) |
|---|---|
| Rent | 1,500 – 4,000 ($125 – $330) |
| Electricity & Water | 300 – 600 ($25 – $50) |
| Internet & TV Subscription | 250 – 400 ($20 – $35) |
| Transportation | 300 – 800 ($25 – $65) |
| Groceries & Food | 1,000 – 2,500 ($85 – $210) |
| Total Estimated Monthly Budget | 3,500 – 8,300 GHS ($295 – $685) |
✔ Tip: Look for apartments that include utilities in the rent to save on costs.
If your budget is tight, use these cost-saving strategies:
✔ Negotiate Rent Prices – Some landlords offer discounts for lump sum payments.
✔ Find an Apartment with a Flexible Payment Plan – Some properties allow monthly or quarterly payments.
✔ Consider Shared Housing – Rent a room in a shared apartment to split rent and utility costs.
✔ Use Public Transport Instead of Ride-Hailing Apps – Trotros and shared taxis reduce transportation costs.
✔ Cut Unnecessary Expenses – Limit eating out, entertainment, and subscriptions to save money.
Once you start renting, track all expenses to ensure you stay within budget.
✔ Use a budgeting app like Wallet, YNAB, or Excel spreadsheets.
✔ Review monthly expenses and adjust spending where necessary.
✔ Set aside emergency savings for unexpected costs like repairs or medical needs.
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Budgeting for an apartment in Accra requires careful financial planning, saving for upfront costs, and managing monthly expenses. By following these budgeting tips, you can secure an affordable apartment and maintain financial stability.
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