The rigid annual rental in Lagos is a blessing in disguise to the short-term tenancy sector in Nigeria’s commercial city known as the entry point of business and investment.
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This dynamism in the rental method is still slow and less lucrative in some parts like Agege, Iyana Ipaja and other places where the conventional face-me-I-face-you rooms are popular.
In this article, we explore the best 10 short-let locations in Lagos where it is profitable for investors, easy for visitors, and residents of the city who do intrastate movement for business or leisure: from Island to Mainland or from Mainland to Island.
In one of our articles, we explained the meaning of a short-term apartment. Here, let’s take a look at hubs of short-let in Lagos state.
Ikoyi is the No. 1 short-let location in Lagos in terms of demand for lodgers and profitability for investors for two major reasons:
1) it is the most affluent place which is exclusively dominated by Nigerian billionaires and top business moguls within and outside the country,
2) It houses top government facilities as well as multi-billion naira businesses within and outside Africa.
Some of the billionaires that have multi-billion naira exotic apartments in Ikoyi include Africa’s richest man Aliko Dangote; Femi Otedola, Folorunsho Alakija and other wealthy politicians including Bola Ahmed Tinubu on the popular Bourdillon Road.
Historically, Ikoyi was used as a residential area by the colonial masters between 1900 and 1950. The traces of the colonial architectural design are still visible in some houses within the community to date.
Though Nigeria’s and Lagos state governments have had to resign and claim some areas exclusively for government use, Ikoyi isn’t designed, from the outset, for an average person.
To date, the place hosts residences of Nigeria’s past military rulers, 5-star hotels, schools for the kids of wealthy Nigerians and Africans, and the exclusive billionaire social club, Ikoyi Club and Ikoyi Golf Club.
Other areas that have sprung up include Ikoyi Osborne Foreshore Estate, Dolphin Estate, Parkview Estate, Mojisola Onikoyi Estate, and Banana Island among others.
Cost short-let in Ikoyi
Short-let in Ikoyi is between NGN350,000 to NGN70, 000 per day, depending on the size and the location of the apartment within the area. For instance, it is extremely difficult to find a short-let apart on Bourdillon road.
Most of the affordable apartments you can find in Ikoyi are located off Bourdillon road and they cost between NGN200,000 to NGN90,000 per day, depending on the number of rooms and facilities.
Short-let in Ikoyi isn’t just the costliest in Nigeria and probably in Africa, the concentration of global firms and billionaires in the place is a classic example of what it means to sleep for just a 24-hour in Ikoyi.
For instance, corporate and government offices that can be found in Ikoyi include Google Nigeria, the Presidential secretariat, World Health Organisation (WHO), and the Lagos Jet Ski Riders Club.
As for the Lagos Jet Ski Riders Club, billionaires in Africa and from around the world come into the club ready to splash dollars on catching fun, so be ready to pay thousands of naira per night in Ikoyi whenever you visit.
Similar to Ikoyi is Victoria Island which is also dominated by affluent Nigerians and corporate offices of most of the financial institutions in Nigeria.
Known as V.I for short, Victoria Island is one of the most expensive locations to find short-let apartments in Lagos. Some of the popular firms in V.I include Eko Atlantic City View Point, Alexis Galleries Limited, Didi Museum, and Nike Art Foundation
Cost of short-stay in V.I
The price depends on the number of rooms. For instance, 3-bedroom short-stay apartment in Ahmadu Bello Way, Victoria Island is between NGN100,000 to NGN200,000 per day, depending on the facilities.
A cheap one-room apartment can go as low as NGN40,000 for a day. On average it is NGN60,000, according to a report by Estate.
Known for its pleasurable sites and several beaches around, including Elegushi Royal Beach, Lekki is another short-let hub in Lagos where fun-lovers look around for where to stay whenever they visit.
There are other nice places to visit when you visit Lekki, they include Santa Cruz Beach, Lekki, Atican Beach, and Eleko Beach among others.
So, if you visit any of these places, you might want to check in to any of the short-let apartments around, especially in Lekki Phase I. The price in this location is between NGN30,000 to NGN70, 000, depending on the number of rooms and the facilities.
Ajah has a history dating back to the 16th century and used to be a community of farmers, but today Ajah has turned out to be one of the hotspots for short tenancy apartments.
Ajah houses the popular Victoria Garden City (VGC), Ajiwe, Addo, and Langbasa among others so expect to get a short-let apartment that fit into your budget in this historic location.
Apartments for short-let in Ajah are more affordable than the ones located in Ikoyi or V.I, though your financial capacity can play a big role.
For instance, you can get a 2-bedroom for NGNNGN35,000 to NGN60,000. When you see variables like this, you definitely know the quality of available facilities plays a prominent role.
Ikeja houses many shopping malls and many government facilities, including one of the busiest airports in Africa, the Murtala Muhammed International Airport (MMIA).
It is also the Lagos state government administrative headquarters and head office of many airlines because of its proximity to MMIA.
Most of those who patronize short-let in Ikeja are travellers who have a flight to catch early in the morning or touched down late in the night.
The hundreds of travellers trooping into Ikeja every day makes short-let a profitable investment. A 2-bedroom is available at NGN80,000 per day while a one-bedroom can cost between NGN50,000 to NGN60,000.
The cheapest one-bedroom short-let in Surulere is between NGN15,000 to NGN25,000 for 24 hours. In some areas within Surulere, it can be as high as NGN40K.
4-bedroom apartment in this location is between NGN80,000 to NGN120,000 with great facilities.
The fact that Yaba houses the prestigious University of Lagos (UNILAG), operating short-let apartments in Yaba is a lucrative business and sweet investment in real estate.
There are first-tier students of UNILAG who are ready to pay splash NGN40,000 per day on one bedroom or NGN70,000 per day on a 3-bedroom flat.
One bedroom per day in Gbagada is between NGN15,000 to NGN20,000. For a 4-bedroom apartment, you should be budgeting between NGN80,000 to NGN120,000 per day.
Other locations where short-let is profitable in Lagos include FESTAC and Apapa. Apapa because of the location of seaports.
The income profile and the rise in demand for short-let spaces have been matched by an increase in supply in the market despite some of the factors that influence demand and supply in the short-term market.
No doubt, Ikoyi, V.I, Lekki Pase 1, Ikeja, and Ajah are the best places to operate short-let apartments to get the desired Return on Investment.
What is the meaning of short-term rental?
A short-term rental is an apartment that is furnished by the house owner and rented to people for a short period of time. Find out more about it in one of our articles that explains how short-let rental operates.
What is the cheapest short-let apartment in Lagos?
The cheapest short-term rental in Lagos is between NGN10K to NGN15K. The location of the apartment plays a big role. You can’t find this price in Ikoyi.
Where can I get a short-let rental in Lekki?
Lekki phase 1, Ikate, Ologo, Ikota, Freedom Way, Osapa, and Elegushi are some of the places people on vacation or for business meetings can find a short-let rental in Lekki.
Where can I get a short-let room in Lagos Mainland?
Gbajada, Magodo, Ogba, Fagba, Orile, and Mushin are some of the places you can find a short-let apartment in Lagos Mainland.
What is the average price of a property for a short-let in Ikoyi, Lagos?
NGN70,000 is the average price of a short-let rental in an opulent location like Ikoyi.
- Featured photo by Curtis Adams