This study investigates the impact of the Lagos Metropolitan Development and Governance Project (LMDGP) on residential property rental values in Lagos State, Nigeria. The study adopts a survey approach to determine the effect of the LMDGP on blocks of flats using the hedonic analysis. A total of 385 blocks of flats were selected for both pre and post regeneration project. Results show that the property rental value was significantly higher post regeneration compared to pre urban regeneration period (t=28.252,p < 0.001). The hedonic model (Ordinary Least Squares) accounted for higher variations in the rental value in the post urban regeneration period (R2  = 74.7%) than in pre urban regeneration period (R2  = 68.7%). Further findings show that the residential housing conditions most significantly impacted by the urban regeneration projects are; decline in traffic congestion, easy access, and adequate street lighting. Stakeholders perception on urban regeneration projects that impacted significantly on rental values are; construction of new school classroom blocks, drainage channels, and roads. Economic and political factors amongst others influence the implementation of urban regeneration projects.