Introduction
Lagos’ short-let market is booming! In December 2024 alone, short-let apartments generated a staggering ₦21 billion from nearly 6,000 bookings, with an average nightly rate of ₦120,000 (Premium Times). This proves that short-let rentals are not just an alternative to hotels—they are a lucrative investment opportunity.
If you’ve ever considered investing in Lagos’ real estate market, now is the time to tap into the high demand for short-let apartments. In this article, we’ll break down why this market is thriving, how you can invest, and what steps to take to maximize your earnings.
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Why is the Lagos Short-let Market So Lucrative?
1. High Demand from Travelers and Expats
Lagos is a bustling city with a steady flow of business travelers, tourists, expatriates, and Nigerians in the diaspora who prefer the comfort and privacy of short-let apartments over hotels. During festive periods, the demand skyrockets as people return home for the holidays.
2. Premium Rates and High Occupancy
With an average nightly rate of ₦120,000, a well-located and well-furnished short-let can generate millions of naira monthly. During peak periods like December, occupancy rates reach nearly 100%, making it one of the most profitable real estate ventures.
3. Flexibility and Higher ROI Compared to Long-term Rentals
Unlike traditional rentals where tenants pay yearly, short-lets generate higher returns within a shorter period. A 2-bedroom apartment in Lekki, which typically rents for ₦4M–₦6M per year, could generate that amount in just 3–5 months through short-let bookings.
4. Strategic Locations Make It a Goldmine
Prime locations like Lekki, Victoria Island, Ikoyi, Ikeja, and Ajah attract high-paying guests, including corporate clients, tourists, and returnees. If you own a property in these areas, short-let rentals can be a game-changer.
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How to Invest in Lagos’ Short-let Market
Step 1: Choose a Strategic Location
Location is key! Invest in areas with high demand, such as:
Victoria Island & Ikoyi: Attracts business executives and expatriates.
Lekki Phase 1 & Oniru: Popular with young professionals and tourists.
Ikeja GRA: Ideal for corporate clients and visitors from the airport.
Ajah & Chevron Drive: Emerging areas with high demand and lower entry costs.
Step 2: Buy or Lease a Property
Buying: If you have capital, purchasing an apartment or serviced condo in a prime location is a great long-term investment.
Leasing & Subletting: Some investors lease luxury apartments and convert them into short-lets to earn profits.
Step 3: Furnish for Comfort and Style
Guests expect hotel-like luxury with home-like comfort. Invest in:
✅ Modern furniture
✅ High-speed internet & smart TVs
✅ Fully equipped kitchen
✅ Aesthetic interior decor
✅ Reliable power supply (Inverter/Gen)
Step 4: List on Booking Platforms
To attract bookings, list your apartment on platforms like:
Airbnb
Booking.com
ShortletNigeria
Private booking websites or social media
Step 5: Market Your Property for Maximum Occupancy
Use high-quality photos & videos to showcase the apartment.
Run social media ads targeting tourists, business travelers, and diasporans.
Offer discounts for long-term stays to attract corporate clients.
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Best Locations for Short-lets in Lagos
Luxury Market: Ikoyi, Victoria Island, Lekki Phase 1
Business Travelers: Ikeja GRA, Victoria Island, Lekki
Budget-friendly Options: Ajah, Sangotedo, Chevron Drive
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How to Optimize Occupancy and Earnings
✅ Price Smartly
Charge higher rates during peak seasons (December, Easter, Summer).
Offer discounts for long-term stays to corporate guests.
✅ Provide Excellent Guest Experience
Maintain cleanliness and prompt customer service.
Offer fast WiFi, 24/7 power, and security.
Get great reviews to increase bookings.
✅ Consider Hiring a Property Manager
Managing short-lets requires time and effort. A property manager can handle bookings, guest relations, and maintenance while you focus on expanding your investments.
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Final Thoughts: Should You Invest?
With ₦21 billion made in just one month, the short-let market in Lagos is clearly a profitable venture. If you want to diversify your income, generate passive revenue, and maximize property returns, investing in short-let apartments is a smart move.
📢 Ready to Invest? Let’s Get You the Best Short-let Property!
We help investors find high-yield short-let apartments in prime Lagos locations. Whether you’re looking to buy, lease, or manage a profitable short-let, we can guide you through the process.
📩 Send us a message now on WhatsApp or call +234 915 321 2051 to get started.
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Let’s turn your property into a money-making asset!
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