ShortLets are profitable real estate investments that many investors are starting to tap into in Nigeria. In recent years, shortlets have been gaining popularity in Nigeria as real estate investors have been getting increasingly aware of the profit it yields and the benefit it provides.
What is a Short Let?
A short let is any property that is rented out for a specified period of time. Just as the name implies, it is usually let out for a short period of time which could range from weeks to months. It could include self-con rooms, two bedroom or three bedroom apartments, bungalows and even duplex.
Check out: How You Can Make Money From Real Estate in Nigeria, 2021
Advantages of Investing in Shortlets
Short Lets hold many advantages both for the owner and the person who is renting the apartment or property.
For the tenant:
Short Lets are usually furnished and give you the feeling of being home away from home. It gives you the opportunity of being able to prepare your own meals and other things you would have been able to do in your house. Tenants do not have to worry about packing and unpacking as the house contains most things needed for them to reside comfortably in the apartment.
It also provides a more affordable alternative as compared to staying in a hotel. People going on business trips, contract workers and those visiting friends or family in another city for a short period of time can take advantage of shortlets as it would greatly reduce the cost of having to pay for a hotel room for a number of days or even weeks.
Families who are also renovating their home or looking for property to rent or purchase could also maximize shortlets. ShortLets offer the benefit of privacy as well as being able to entertain your guests without any undue interference.
For the Owner:
Property owners can make money without limits from shortlets. There is a regular demand for it as there would always be business travelers in need of an affordable and comfortable place to stay while they are away from home.
Shortlets give property owners the opportunity of having alternative source of income when they are not in the country or in the city for a period of time. They can let out their apartment temporarily and make money from it until they return.
There are also different platforms on which you can advertise your ShortLets to get interested clients. Shortlets allow flexibility as the owner can decide how long he wants the tenants to occupy the property.
Read more: What Landlords and Tenants Need to Know About Tenancy Agreements in Nigeria
Starting a shortlets business is a good investment opportunity for people looking to earn extra income from their property. It is a real estate investment plan that enables you earn massive profit by investing in a real estate property, developing it and letting it out for short periods of time.
At MKH, we offer guaranteed real estate investment opportunities you can maximize to kickstart your shortlet business. You can contact us here for more information.