Short letting house or apartment is gradually becoming more popular and acceptable in Lagos. Although it’s not new in Nigeria but recently more investors are going into that sector and investing massively because it’s getting more patronage from travellers from other countries and states.
People seem to prefer this short term let to hotels and other regular offices.
For those who really don’t know much about short term letting, let’s tell you more about it!
Short-term rental describes furnished self-contained apartments that are rented for short periods of time, usually by the month as opposed to annual rentals in the unfurnished apartment rental market. They are seen as an alternative to hotels.
“Short Stay” rentals are an offshoot of the corporate housing market. Popular uses include vacation rent and relocation.
This industry is seen as the most affordable option for month-long stays and might be 25–50% cheaper than a hotel room. Some companies permit pets. Some booking procedures to be expected are credit checks, damage and holding deposits, and departure cleaning fees. Some renters have found that online photographs and descriptions were misleading, contact with the company in question is recommended.
The proliferation of short-term rentals can affect those in the area who are looking for long-term rentals. Through short-term rental, landlords can make upwards of 20% more than they would on a rent-controlled property. Thus landlords convert their properties into short-term rental units, and there are less long-term housing options available to permanent residents. Landlords also sometimes pressure and coerce people out of their homes, particularly if residents are of low-income. One of the effects of this is that diversity in the neighbourhood decreases as no one can move in anymore.
This short let apartment is gradually gaining ground in Lagos as more and more investor now going into the sector. It is believed that short letting is cheaper and it’s conducive for travellers who are coming from other states or countries. The privacy is also another significant factor about short letting.
One of the best in this business in Lagos is Tiara short apartment in Lekki, Lagos… They have been in the business for a while and are credible for the service it renders.
Tiara short let apartment is perfectly built for travelers who need a luxury home away from home at a serviced apartment in Lekki Phase 1 with convenience and comfort in mind. The most sought after short let apartment in Lekki Phase 1. 24-7 electricity & security, superfast wifi, 4 bedroom en-suite complete with shower in each room, a 65 inch TV in the living room with a pool table. An air hockey table in the Chillaxation room, a super base wifi speaker and a 43inch-55inch smart tv in all bedrooms depending on size.’
In a chat with Mr. Debo Adejana, Chairman REDAN, South-West chapter, said: Service apartment of short letting is not new actually. However, because of the application of new technology is gaining more grounds; it’s getting wider spread. Short letting is the middle point between the regular rental and hotels. Short letting gives you like a home environment and you can only do that for a short period of time and a lot of what you need to live your normal life has been provided there already, all you just have to do is come there with your personal belongings. Yes, it’s gaining ground. And as people move from one place to another, and people coming from other countries to Nigeria, there would be a need for more and more people coming to demand short letting the apartment as to the hotel probably it’s will be cheaper and affordable for them. Yes, it’s away to go and it more popular and lucrative in some certain areas and not just every area. Short letting is not something that has to be in every environment. Can short letting work in this environment?
Of course, there are numbers of areas that short letting is doing well in Lagos. The Lekki, Victoria Island, Ikoyi axis and some other areas where you have big industries, short letting would always do well in those areas. Also, in an area like GRA Ikeja, short letting is not doing badly there because people who come to Lagos many of them prefer to stay in Ikeja because of their trip to the airport and from there they can navigate to wherever they want to go, especially now that most government parastatals are on the mainland. So Ikeja, Maryland, Magodo are not bad at all for short letting.
Below are some of the prices of short let apartments in Lagos
Three bedroom flat short let at Primewater View Garden2 Estate, Off Freedom Way, Lekki Phase 1, Lekki, Lagos and it costs N50,000
Three bedroom flat short let at Off Kusenla Safe Court, Ikate, Lekki, Lagos, goes for N55,000.
Two bedroom flat short let at 1004 Estate, Victoria Island (VI), Lagos, goes for N25,000.
One bedroom self-contained (single rooms) short let at Lekki Garden Phase 1, Olokonla Lagos, Olokonla, Ajah, Lagos and it cost N10,000.
– ISAAC ABIMBADE