INTRODUCTION
Short-let apartments have become an increasingly attractive choice. They are a popular type of accommodation in Nigeria, especially in major cities such as Abuja, Lagos, and Port Harcourt, Nigeria. They are cheaper and more flexible for real estate investors searching for more adaptable and dynamic streams of income. Short-lets give investors the freedom to update rental prices depending on market demand, enabling them to take advantage of times when demand is high and adjust their strategy accordingly.
What are Short-let Apartments?
Short-lets are also known as short-term rentals. These are properties rented out for a temporary period—from a few days to weeks to several months. They are usually furnished and equipped to accommodate travellers, business professionals, individuals looking for temporary housing, or people relocating to a new area. Examples of short-let accommodations include event rentals, serviced apartments, and holiday apartments like Luxe Residence, developed by Velox Real Estate Investment Limited.
Why You Should Invest in Shortlets.
Investing in short-let properties comes with several benefits compared to long-term rentals. It can help investors reduce risk and increase profitability.
Flexibility and Adaptability
They are attractive alternatives to hotels and offer flexibility for both tenants and property owners. It gives property owners a chance to visit and inspect their properties when they are empty and without disturbing any guests.
Comfort and Convince for Tenants
Short-let apartments are fully furnished and equipped with modern amenities, including air conditioning and cable television. They offer a comfortable and convenient living space for tenants, saving them the stress of buying furniture and appliances.
Maintenance and Management Benefits
Short-let rentals usually need less maintenance than long-term rentals. Frequent turnover means that any minor issues can be addressed during the vacancy periods between guests, preventing costlier repairs. Also, guests often stay for leisure or business trips and may be less likely to cause extensive damage compared to long-term tenants.
Freedom and a Home-like Experience
Just like in your house, you have all the freedom you need. The kitchen, living room, and other amenities are all at your disposal, allowing you to live comfortably and conveniently during your stay.
Higher Rental Returns
Short-lets can be a great way to earn more rental income compared to long-term leases. Since short-lets are designed for people who need temporary accommodation, they fetch higher rental rates. Plus, you can also enjoy the benefits of capital appreciation over time, as property values tend to increase in the long run.
Conclusion
Short-lets offer more space and amenities than a traditional hotel room, making them a popular choice for travellers and professionals. They are designed for short-term rentals, providing investors with a potential source of passive income through rental yields. It is a smart way to invest your money and earn higher returns. If you are looking for a lucrative investment option, then this is for you.
Download the LandPay app now and start investing in our shortlets.
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