Ever heard of the term short let? This might sound foreign to a lot of people because it’s not a popular feat in Nigeria’s real estate sector. However, some real estate developers are beginning to adopt this idea. What exactly is short let rental? Short-term rental is furnished self-contained apartments that are rented for short periods of time, usually on monthly basis as opposed to the regular annual rentals in the unfurnished apartment rental market.
Short-let rentals are preferred by Landlords because through it they can make 20% and then they would on an annually rent-controlled property. These properties could be of any kind; from commercial buildings like studio apartments to residential apartments.
Although short-let is not so rampant in Nigeria, this may be because of the lack of information on the numerous benefits they stand to gain. Below are examples of such benefits.
1. Short-term rentals are highly profitable: Compared to traditional rentals, short-term rentals can be very lucrative this is so because property owners are able to set the prices according to the demand, time of year, and other determining factors. When people go on vacations for an extended period, instead of leaving their properties vacant, renting out the building for a few months would be a more viable option.
2. Flexibility: Short-term rentals are flexible especially for traveling purposes. It is not as used to because of the pandemic and the situation of the world. Ordinarily, when traveling for leisure or business, people would want to have a feel of home and need space. Everybody wants the home feel, whether on a business trip or for leisure. Let them have it while you make more money.
3. Your property is rented out precisely as it is: The renter and the homeowner have to have a free mind and come to an understanding. Your property is rented out almost exactly as it is. Tenants do not expect it to be perfect; you can add sofa-beds if the number of people is a lot.
4. Comfortability: Short let apartments can be as hassle-free as possible and it provides tenants with deep comfort while keeping the mind of the property owners at peace. As the owner of the apartment, you can decide to organize a cleaning company to prepare the property for the new tenant that is, if it is a serviced apartment. If it is not, the apartment is cleaned again when the tenants leave.
5. Security Of Property: Owners of short let apartments can rest assured that in their absence, someone is keeping an eye on their property. Usually, The amount paid for rent is dependent on some factors like the size, condition of the property, length of stay, and location.
6. Cost-Effective: In comparison to hotel accommodation,short-let apartments pose as a better option with respect to price. The amazing thing is that the affordability does not alter its convenience as you get to enjoy the service of a hotel in a residential environment. Paying far less than a hotel with the comfort of home added to it is defiantly a deal-breaker.
Slowly but certainly companies and individuals are getting involved in renting of short let apartments and are daily making this process more comfortable and stress-free. With just a few clicks, the booking and payment would be taken care of from anywhere in the world.