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Did you know that statistic has it that apartments in Lekki Phas1 have the highest demand for Shortlet apartments in Lagos State?
Yes, you heard me right. I got you something beautiful right here.
An amazing property right here in the heart of Lekki Phase 1.
Renting Or Buying House In Lekki, which are you opting for?
I am super excited to have you here today.
Whether you are renting or buying, I will be sharing with you, how the shortlet apartments are becoming the preferred hospitable option as compared to various hotels.
I will also be talking about the overview of the shortlet market.
If you are an intending buyer who is looking to go into the shortlet market for investment purposes, then, there are essential things you need to look out for.
If you eventually purchase that property, how to manage a shortlet apartment.
I will always be dropping interesting and amazing topics here, so, feel free to share this post with your loved ones, your friends your family whoever you think should be getting this knowledge, or whoever you know who is about to make that purchase for a shortlet property.
As well, I urge you to drop a comment at the end of this post.
I would definitely be looking forward to that.
So let’s go into the business of the day, basically, what is a shortlet apartment?
Shortlet apartment: a fully furnished apartment that allows for extended Stay so they come in various options and different unit types ranging from;
- Studio/self-contained apartment
- One-bedroom
- Two bedrooms
- Three bedrooms
- Four bedrooms
- Five bedrooms etc.
and sometimes even semi and fully-detached duplexes are oftentimes also used for short-term Rentals.
The shortlet market has actually seen tremendous growth in the past few years from 2019 to 2024 they’ve seen tremendous growth in that market space.
The reason for this is the fact that they are an alternative to your typical Hotel setup.
So, they offer you more flexibility, they offer you more options.
Shortlet Apartments comes fully furnished, with fully fitted kitchens so you can actually do your cooking.
You don’t necessarily need to rely on Hotel Foods or have to eat out.
Take out all the time so this is one of the reasons why the shortlet market has seen such kind of growth.
Because it offers you more options some of the reasons as to why people now prefer shortlet apartments to regular residential apartments.
From an Investor’s perspective, it has easy entry points.
So for people who want to go into the shortlet market, all you need is a fantastic location.
You don’t necessarily need all that huge sum of money to invest in property because there are strategies that make entry points very easy for intending investors who want to come into the shortlet market.
One such way is fractional co-investing in real estate. This is a situation where few investors come together to jointly invest in a real estate project.
Shortlets also offer you flexibility and control. flexibility because you’re able to switch your apartment from a Shortlet apartment to a normal residential apartment at any point in time.
You may also wish to pull out of the market and use it for your personal use.
It also gives you control because you’re going to be managing clients.
In this case, tenants and clients have short-term commitments to your property as against a tenant who has a long stay, so it’s easy for you to manage because you’re free to decide if to give it out to the client or decide not to give it out to the client
The shortlet market also offers investors more return on investment on their investment as compared to a normal residential property.
For prospective users, the shortlet market offers much larger spaces.
It offers them more flexibility as well because they are able to decide to do their cooking or you know instead of that’s not necessarily relying on eat-out or hotel Foods.
It offers them more options as well in the sense that you have this apartment in different varieties and in different unit types it also offers them value for their money yes it does because it also offers you that commonly feel you know it’s like a home away from your actual home.
So these are some of the reasons the shortlet market in recent years has seen this tremendous growth and it’s not going to stop any time soon.
The Best Places To Buy House In Lagos:
If you are an intending investor who is looking at going into the shortlet Market, here are some of the most important things you need to look out for;
Location:
Location is key and it’s very important when deciding where you want to put your money in terms of investing in a short-lived property in Lagos.
Some locations actually have a higher chance of Performing in the shortlet market than some other locations why because they are in a commercial area.
This simply means that there’s a lot of influx of people on daily base.
You have a lot of businesses around their Leisure outlets as well so it’s only natural that these places will have a higher influx, higher occupancy rate as compared to others.
Some of these areas like Victoria Island in Lagos, I
Ikoyi as well as Ikeja GRA on average does about 80 percent occupancy rate.
Places like Ikate Elegushi and areas around Chevron have about a 70 percent occupancy rate.
Yaba, Magodo, and a few other locations on the Lagos Mainland equally do about 60 occupancy rates in the shortlet business.
Shortlet markets have their Peak periods and their off-peak periods.
So as an investor, you want to know when these Peak periods as well as the off-peak periods so that you can utilize them and you can be able to fluctuate your prices because those periods will have higher demand and you know the market as compared to off-peak periods.
You want to utilize that period so Peak periods between September to December sometimes spilled over to January and February but the off-peak periods are between the months of March to August for the shortlet market.
Architectural Design:
Another thing you want to check is the architectural design of the property.
This is very key as well because if you want to buy beautiful and durable properties that years to come you can still get value for your money and trust me as someone who has had to deal with a lot of shortlets requests I can tell you for a fact that people check Aesthetics.
It’s just natural for me to want to live in a very fancy place or a nice place so make sure that is also a key make sure that box is also checked when you’re looking for invest when you’re looking for a shortlet property to invest into.
Facilities:
Another factor to consider is amenities. It’s very important because you want to keep your end users in mind when checking when looking to buy into a shortlet property.
What are the facilities available to them for convenience and accessibility for ease I take for instance for one if I want to get a shorter apartment I also want to check what amenities they have to offer me.
Am I going to have to use a staircase or am I going to use elevators, you know does it have a swimming pool these are some of the things that any client will check so it’s important that as a prospective investor, you put all those things into consideration for the sake of your clients.
You also want to consider the electricity in that area. I almost forgot this is very important.
You want to know the options for electricity that that location or that property has so that you don’t end up spending a lot of money on electricity and Diesel and you end up cutting into your profit.
At the end of the day, these things need these boxes checked before you invest in any shortlet apartments.
Now if you have bought a shortlet apartment let’s go into how you can manage this property.
Shortlet management is a full-time job, so it’s important you get an experienced property manager.
I would emphasize the word experienced property manager, someone who has experience in managing customers who has been working in the shortlet market because it’s important for them to have great customer service skills.
You are going to be dealing with a lot of clients who can help you maximize and utilize your shortet apartments effectively by maintaining them, marketing them, and also managing the shortlet.
Another thing you can do to help you effectively manage your short-led apartment is you have to set house rules and monitor them so your guests are aware of certain restrictions and rules that your apartment offers.
If I’m a shortlet owner, before I give out my apartment to anybody I will tell them the ground rules so that they understand them in clear terms.
because I don’t want a situation where my shortlet apartment is not supposed to be used for partying so that attendants don’t mess up the place right.
So, it’s very important you communicate these ground rules to them and they are very much in the know.
You also need to modernize it and give it the best furnishings.
For your apartment it’s very important for you to give it your best, to make it very convenient for your clients.
Apartment In Lekki Phase1
Guess what this property is fully serviced from the kitchen down to the light down to the cleaning everything now working with me let’s see this property together
3 Bedroom Apartment In Lekki Phase1
take a good look downstairs have this long and massive parking space and it has an indoor and outdoor camera of course the property faces the major road okay now let’s take our normal details let’s go so these right here are the flowers, of course, they’re going to place in a different position that suits the building and take a good look at me yes and then behind me you can see that the property is facing the major road
I hope you enjoy this I hope you learned something from this I hope you picked something from this so see you next time don’t forget to subscribe to my newsletter.
if you have questions do well to drop them in my comment section I would definitely be responding to them.
