By By Dennis Isong
Short let, also known as short-term rental, has been gaining popularity in the Nigerian real estate business in recent years.
A short let refers to the rental of a property for a short period of time, usually ranging from a few days to a few months. This type of rental arrangement is becoming an attractive option for both landlords and tenants in Nigeria.
For landlords, short lets provide an opportunity to earn higher rental yields compared to traditional long-term rentals. This is because short let tenants are willing to pay a premium for the convenience and flexibility of a short-term rental.
Landlords can also avoid the hassle and expense of finding a new tenant every time a long-term tenant moves out. For tenants, short lets offer a cost-effective and flexible housing solution. They can rent a property for a short period of time, which is ideal for travelers, business professionals, and those who are in between homes.
Short lets also offer a more homely experience compared to hotels and other forms of temporary accommodation. The popularity of short lets in Nigeria has led to the emergence of several short-term rental platforms, such as Airbnb and Jumia House. These platforms have made it easier for landlords to list their properties and for tenants to find short-term rental options.
This has also led to the creation of new job opportunities in the real estate industry, such as property management and marketing. However, there are also some challenges associated with short lets in Nigeria.
For example, some landlords are not familiar with the legal and regulatory requirements for short-term rentals, such as obtaining a license and paying taxes. Tenants also face challenges, such as finding a property that meets their needs and navigating the rental process.
In addition to the challenges mentioned earlier, security is also a major concern for both landlords and tenants when it comes to short lets.
Properties that are left vacant for short periods of time can be vulnerable to theft and other forms of crime. To address this issue, landlords can invest in security systems such as alarms and surveillance cameras. Tenants can also take precautions by making sure the property is secure when they leave and by keeping valuable items locked away.
Another issue is the impact of short lets on the local community. In some areas, the influx of tourists and short-term renters can put a strain on local resources and disrupt the lives of residents.
To mitigate these effects, some cities have implemented regulations on short lets, such as limiting the number of days a property can be rented out or requiring landlords to obtain a permit.
Despite these challenges, the demand for short lets in Nigeria is expected to continue to grow in the coming years. The country’s tourism industry is expanding, and with it, the need for affordable and flexible accommodation options.
In addition, the growth of the gig economy and remote work is also driving demand for short-term rental options.
In conclusion, the prospects of short lets in the Nigerian real estate business is positive. With the increasing demand for short-term rental options, it is an opportunity for landlords to earn higher rental yields and for tenants to find flexible and cost-effective housing solutions. However, it is important for landlords and tenants to be aware of the legal and regulatory requirements for short-term rentals and to use platforms that provide a safe and secure rental experience.
Dennis Isong is a top realtor in Lagos. He helps Nigerians in Diaspora to own property in Lagos, Nigeria stress-free. For questions, WhatsApp/Call 2348164741041.
