A short-let apartment is a fully furnished luxury apartment that is rented for a short period, usually for months or weeks. Some investors consider short-let apartments a quick way to get rich; unfortunately, not everyone knows about this.
Traditionally, a short-let apartment can be a one room that can be used as a living area and sleeping area, a little kitchenette and a separate bathroom) or 2 or 3-bedroom apartments typically found in urban locations, ranging in standard from budget to deluxe.
Short-let apartments can be in the form of
- Studio apartments
You can find these apartments in some places in Nigeria:
- Port Harcourt
- Abeokuta, etc.
Because of its newness and lack of information, some investors are unaware of the benefit and profit they stand to gain.
Short-let apartment, which has been made as alternative hotel accommodation, has been a go-to accommodation choice, especially for travellers, tourists, and visitors in Nigeria. The accommodation can be for short or long stay leisure for business and at the same time, pleasure. Short-let homes are now great choices.
Why is a short-let apartment profitable for investment?
Increase in property value
People have recently stopped leaving their property vacant without getting any benefits/profits from it. Instead, they rent it out for months to make an extra income.
On the other hand, people would instead go for a short-let apartment than settle for a hotel because of the comfort and the feeling of home away from home they tend to get, unlike a hotel where you are left with few home appliances like a fridge, kettle, and TV.
A short-let apartment is made a home standard so you can get full kitchen appliances and items to a well-furnished living room. Short-let apartments come with tasteful décor and freedom. However, before investing in a short-let apartment, ensure a favourable location.
Increase income potential
Short-let apartments in Nigeria can also serve the benefit of a permanent and direct income stream. It is because the amount you make weekly or monthly is unlimited. Meanwhile, this can be achievable in places with high foot traffic.
Flexibility in extending rent by tenants
Most especially business people who travel out of their state can extend the duration of their stay when business meetings are being postponed. As a result of this, it generates more income. Compared to hotel accommodation, short-let apartments are more flexible, reducing the stress of check-ins and outs, being confined to a particular room, etc.
Short-lets you get the feel of staying in a home at a much more affordable cost, access to amenities in the entire apartment, and access to a more serene interior and environment.
As a good source of finance
Investors can leverage short-let properties as collateral when securing loans from banks for investment or business purposes.
Short-let luxury apartments are now in high demand by travellers who want to enjoy the comfort of being in a home. Aside from this, short, let’s become a getaway for many people who want to relieve themselves of work stress and want to stay in an environment different from home.
Subject to increase rent charges
They are making a short-let investment more sophisticated by repainting, adding new technology, refining the interior finishing, and adding innovations and features that can also increase cash flow because rental charges can be improved when done.
The short-let apartment market is booming, and many landlords and real estate investors are reaping the benefits of the real estate business accommodation to increase their property yields. While currently a very profitable model, it has its challenges and pitfalls.
If you’re interested in redesigning your space specifically for the short-let apartment, get in touch with Land property and find out how the real estate company can help you differentiate from competitive listings in your area to increase your nightly fee and occupancy rates.
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