The Curious Case of Short-Letting in Lagos

Holiday Seeker, have you considered Short-Letting an Apartment instead of staying at an Hotel?

Landlord, have you considered the returns of Short-Letting your Apartment vs Normal Letting?

Last Christmas, I visited one of my “Egbons” whose Family came to visit him from the UK. The location was a quiet street in Ikoyi. The apartment was on Short-let for a few weeks . It seemed like a Hybrid between a Hotel and a normal accommodation. Their feedback was the experience was much better than staying at a hotel as it offered a Homely atmosphere especially for the kids as they was ample space for them to run around (and bump into objects). The availability of a furnished Kitchen avails guests the option of cooking their meals.

This Short-Let arrangement is becoming more common nowadays particularly in choice areas with high vacancy rates. The Residential Vacancy rate in Lagos is about 33%; Vacancy rates with Retail outlets at large shopping malls are about 33%-50%. The billing structure with Short-Let apartments ranges from Daily, Monthly or Yearly charges depending on the short-term preference of guests. Here is a guide to Short-Let charges in Lagos:

Shonibare Estate, Maryland, Ikeja: 1-Bedroom apartment  goes for N30,000; 2-Bedroom for N45,000; 3-Bedroom for N70,000; 3-Bedroom penthouse for N90,000 per day.

Magodo GRA: 3-Bedroom apartment goes for N35,000 to N50,000 per day.

Ikeja GRA: 2-Bedroom apartment goes for N45,000 per day; 3- Bedrrom apartment goes for $150 per day.

Victoria Island: 3-Bedroom apartment goes for N2 million per month; Duplex for N200,000 per day.

1004 Estates, Victoria Island / Lekki Phase I: 3-Bedroom apartment goes for N35,000 to N45,000 per day.

The most important factors to a Short-Let accomodation are Location, Well-Secured Environment and Luxury Amenities.

While some Guests enjoy the structure of a regular Hotel, others prefer Short-Let apartments where they can cook and enjoy themselves – a Home away from Home. Typical Short-Let guests include Holiday Seekers from abroad and people with important functions to attend in areas with Short-Let accommodations like Government Officials and Wedding Guests.

 

Source: Guardian

 

Photo Credit: Booking

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