Lagos Short-Let Market Booms as Investors Turn to BO Properties for High Returns
By Ifedayo Okungbowa, CEO, BO Properties
If you've ever lived in or visited the bustling city of Lagos, chances are you've heard of shortlets or maybe even stayed in one. Known for providing a relaxed and convenient alternative to hotels, short-let apartments have become increasingly popular for weekend getaways, business trips, and everything in between.
But what many don’t realise is that Lagos' short-let market is currently undergoing an unprecedented boom, driven by income-seeking landlords, business travellers, tourists, and lifestyle-driven tenants.
Dear investor, if you haven’t tapped into BO Shortlets yet, you’re missing out.
What the Numbers Say
In 2024, Lagos short-let apartment prices surged by an astounding 46.4%, compared to 12.95% in 2023. This jump represents a 200% year-over-year increase in pricing for short-term rentals.
The market pulled in an estimated ₦264.3 billion in revenue in 2024, with projections estimating that figure could reach ₦300 billion by the end of 2025. High-end areas like Ikoyi alone contributed ₦37.5 billion, with Victoria Island and Banana Island generating ₦21.6 billion and ₦12.4 billion, respectively. But it's not just luxury areas benefiting; mid-tier zones like Lekki Phase I, Yaba, Surulere, and Ikeja have become prime spots for investors due to consistent high occupancy.
So, What’s Driving the Short-Let Boom?
Flexible Lifestyle Needs:
Lagos is a magnet for professionals, entrepreneurs, and diaspora Nigerians who frequently seek short-term, secure, and fully furnished housing. Short-lets offer the flexibility hotels can’t, which includes comfort, privacy, and cost-effectiveness.
Higher Returns Than Long-Term Rentals:
Short-let units significantly outperform traditional rentals. A well-furnished two-bedroom apartment can go for ₦80,000–₦120,000 per day, delivering ₦9–10 million annually even at modest occupancy levels
Shift in Demand Since the Pandemic:
The COVID-19 pandemic transformed hospitality preferences. Many guests now opt for private, homely accommodations over hotels, pushing demand for short-lets. Properties that were previously long-lease rentals or boutique hotels are increasingly transitioning to short-let offerings.
Why BO Properties Is Leading the Charge
At BO Properties, we are not just participating in the boom; we’re driving it. Here's why savvy investors are choosing BO Shortlets:
1. Proven Return on Investment
Evidence shows that investors who own and operate short-let units through BO Shortlets earn up to ₦10 million annually. In premium locations like Ikeja, a furnished two-bedroom unit earns ₦50,000–₦80,000 per night, translating into stable and substantial returns.
2. Optimised Location Selection
We focus on high-demand, strategic locations like Yaba and Ikeja, where short-lets are often fully booked months in advance. These areas attract high-value tenants, balancing luxury expectations with affordability.
3. Comprehensive Property Management
BO Properties handles everything from furnishing and guest check-ins to cleaning and maintenance. Our full-service approach ensures a seamless experience for both guests and investors. Homes are equipped with modern furnishings, reliable Wi-Fi, spotless beds, and fast response teams maximizing guest satisfaction and repeat bookings.
4. Transparency and Compliance
We keep our investors safe by adhering strictly to Lagos short-let regulations. BO Shortlets properties meet zoning, safety, and service standards, giving investors peace of mind and uninterrupted rental income.
The Lagos short-let revolution is not just a trend; it's the new standard in real estate investment. Investors who wait on the sidelines risk missing out on one of the most lucrative property waves in recent history. Whether you’re a first-time investor or an experienced portfolio builder, BO Shortlets offers you a unique opportunity to maximise your earnings while we handle the heavy lifting.
Contact us today to find out how you can join this booming sector and make your money work smarter, not harder. Visit our website or reach out to us via Instagram at @bopropertiesng
Let’s build your short-let portfolio the smart way.
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Source: Legit.ng
