Since the establishment of the University of Ibadan in 1948 as the first University in Nigeria, the strategy for the provision of student accommodation in Nigeria has been largely driven by the institutions themselves. Today, Lagos has over 20 tertiary institutions, 8 of them, which account for a student population of over 90,000, are concentrated in Yaba alone, where there is an 80%+ hostel supply gap. According to the Vice-Chancellor, in 2017, the University of Lagos (UNILAG), had a student population of 58,000 and 8,000 student beds; Yaba College of Technology (YABATECH) had over 20,000 students at the time according to the school’s website and 6 halls of residence meeting less than 10% of demand. Despite the clear gap in the market, we are curious as to why the student housing market in Lagos has not seen larger amounts of private investment.