Exploring Two Popular Short-Term Rental Models in Lagos

By Dennis Isong

Short-term rentals have become increasingly popular in Lagos, offering visitors a more personalized and flexible accommodation experience compared to traditional hotels. 

These two prevalent short-let models that have gained prominence in the bustling city of Lagos are as follows:

Airbnb

Airbnb is a globally recognized platform that connects travellers with local hosts, providing a wide range of accommodation options, from private rooms to entire apartments or houses. 

In Lagos, Airbnb has gained substantial traction, offering visitors the opportunity to immerse themselves in the local culture by staying in neighbourhoods that resonate with the vibrant spirit of the city.

Hosts on Airbnb in Lagos often showcase the unique aspects of their homes, providing guests with a more authentic experience. 

From chic apartments in Victoria Island to cosy bungalows in Ikeja, Airbnb offers a diverse range of options catering to various preferences and budgets.

Advantages 

Airbnb properties in Lagos benefit from the flexibility of short-term rentals, catering to both tourists and business travellers. 

The high demand for short-term stays in the dynamic Lagos market can lead to consistent bookings and returns.

Due to the daily or weekly rental structure, Airbnb properties typically have the potential for higher rental income compared to traditional long-term leases, especially during peak seasons or events.

Airbnb allows property owners to showcase the unique cultural aspects of Lagos, appealing to guests seeking a more authentic experience. This can attract a diverse range of travellers looking to immerse themselves in the local culture.

Airbnb hosts can directly communicate with guests, fostering positive relationships and obtaining valuable feedback. This direct interaction can contribute to positive reviews and repeat bookings.

Serviced Apartments

Another popular short-let model in Lagos is serviced apartments. These are fully furnished accommodations that come with a range of amenities and services, typically managed by professional property management companies. 

Serviced apartments offer a blend of comfort and convenience, making them an attractive option for both business and leisure travellers.

In Lagos, serviced apartments often include features such as housekeeping, security, and amenities like gyms and swimming pools. 

These apartments are designed to provide a home-like atmosphere, with fully equipped kitchens and spacious living areas, catering to guests looking for an extended stay with all the comforts of home.

Serviced apartments are commonly located in strategic areas of Lagos, providing easy access to business districts, shopping centres, and cultural attractions. 

The structured management of these apartments ensures a hassle-free experience for guests, making them a popular choice for those seeking a more hotel-like stay with added flexibility.

Comfort and Space

Fully Furnished

Cost-Effective for Extended Stays

Privacy and Security

Flexibility in time extension

Home-Like Atmosphere

Amenities and Services

Advantages

Serviced apartments frequently offer stable and predictable income streams, especially when targeting long-term tenants. This stability can be appealing to investors seeking a consistent return on investment.

Property management companies oversee serviced apartments, handling day-to-day operations, maintenance, and guest services. This reliefs' property owners from the operational aspects, allowing for a more hands-off investment.

Serviced apartments attract corporate clients and individuals requiring extended stays, providing a reliable tenant base. Corporate packages and amenities tailored for business travellers can enhance the property's attractiveness.

Investors can charge a premium for fully furnished serviced apartments, appealing to tenants seeking a hassle-free and comfortable living experience. This can contribute to higher rental rates and increased property value.

Summary

Airbnb focuses on connecting guests with local hosts for diverse and personalized experiences, while serviced apartments offer fully furnished, independent accommodations managed by professionals, with an emphasis on comfort, convenience, and privacy.

*Dennis Isong is a top realtor in Lagos. He helps Nigerians in the diaspora to own property in Lagos, Nigeria, stress-free. For questions, WhatsApp/call 2348164741041*

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