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Why You Should Invest in Short let Apartments

Why You Should Invest in Short let Apartments

When Brian Chesky and Joe Gebbia started their bed and breakfast venture in October 2007, they had no way of knowing that their idea of leasing short term apartments to travelers would disrupt the hotel business worldwide. What began as a simple air mattress on their living room floor metamorphosed into a 113 billion Dollar company, Airbnb. From America, the business has expanded to over 190 countries, generating income for homeowners all over the world.

Airbnb host makes a staggering $13800 annually, a striking difference from the median rental income of local rent in Lagos(N1.4m)[Source: Punch Newspapers

In Nigeria, shortlets have become so successful. More and more people are opting to stay in apartments as opposed to hotels. A lot of people prefer the homely feeling of an apartment and when traveling in a group, apartments can offer a cheaper alternative to a hotel.  A lot of smart investors are now buying apartments and putting them up for short-lets because of the high revenue generation possibilities . Here are a few reasons why you should invest in one:

  1. High Demand: One advantage of short-let apartments over hotels is they offer more privacy and even more freedom. Short let apartments especially on the island have been in demand for a while. In an area like Lekki, a 3 bedroom short let apartment can go for as high as 100,000 to N150,000 per day. Due to its high demand, it brings in a constant flow of cash to the investor. 
  2. Easy to maintain: Due to the steady flow of income, it is much easier to allocate some funds for the maintenance of the property. Conversely, revenue generated could also be used to upgrade the apartment thereby increasing its value.
  3. Flexibility: With a short-stay apartment, the owner has a say in how long they want their property rented out. In situations where they need their apartments back for personal use, they certainly will not be inconveniencing anyone. With a short stay apartment, the owner can easily decide when to make quick money or have his home to himself. 
  4. Cashflow/Faster ROI: Unlike renting that can provide and income once a year, short lets can give you consistent incomes from bookings. 

With the increase in demand for short lets and apartments, it will only become more mainstream and profits are bound to increase. There’s no reason why you shouldn’t key into this venture and sweep up some profits in the process. Ramos Realty maintains a catalogue of properties that would be perfect for short-lets, check out our listings page to find the one best suited for you or send us a chat to arrange a consultation

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