Lagos Short Let Market Boom; Here’s Why Investors Are Turning to BO Properties

If you've ever lived in or visited the city of Lagos, chances are you've heard of shortlets, or perhaps even experienced staying in one. You probably know that people stay in shortlets to relax and unwind after a long weekend but what you don’t know is that Lagos’s short-let market is experiencing an extraordinary boom driven by income-seeking landlords, business travellers, tourists, ballers among others.

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 rose by a staggering 46.4%, a leap from the 12.95% growth recorded in 2023. Year-over-year, this surge represents a 200% spike in pricing for short-term rentals.
• In 2024, Lagos short-let market pulled in an estimated ₦264.3 billion and projections show it surging to ₦300 billion in 2025.
• High-end areas like Ikoyi generated around ₦37.5 billion in 2024, with Victoria Island and Banana Island earning approximately ₦21.6 billion and ₦12.4 billion, respectively. Meanwhile, locations like Lekki Phase I, Yaba, Surulere, and Ikeja have become investor favourites, driven by strong demand.

What are the factors contributing to the recent boom in short-lets?

1. Flexible Lifestyle Needs

Lagos state is a city that accommodates all types of individuals including business travellers and diaspora Nigerians who need short-term, fully-furnished, and secure accommodations and short lets cater to this need.

2. Short-lets = Better Returns

Investors, Come closer! Short-lets outperform long-term rentals in yield. A furnished two-bedroom can command ₦80,000–₦120,000 per day, generating a ₦9- 10 million annual income, even at conservative occupancy rates. Don’t take my words for it, let’s check some evidence.

3. Shift in Demand

The Covid 19 pandemic brought about a 360 degree turn in the hospitality sector. People moved from hotels to short term alternatives. Hence, many properties transitioned from longer leases or hotels into lucrative short-let space.

Why Investors Are Keying Into BO Shortlets

1. High Return On Investment:

Evidence indicates that investors who own and manage short-let units through BO Short Lets have the potential to earn up to 10 million naira annually. In a location like Ikeja, furnished two-bedroom short-lets can pull up to ₦50,000–₦80,000 per night delivering millions in steady returns.

2. Optimised Location

BO Properties selects strategically positioned properties in the most highly demanded locations like Yaba and Ikeja which attracts the “ballers” balancing premium rates and high occupancy. In locations like this, short-lets are sold out for as much as six months in advance. We invest in proven performer areas like balancing luxury demand with affordability.

3. Property Management

We offer full-service management; furnishing, booking, guest support, cleaning, maintenance to save you time and deliver consistent revenue. Homes arrive fully serviced, modern furnishings, fast Wi-Fi, clean linens, housekeeping to maximise guest ratings and nightly rates

4. Transparency & Compliance

BO Shortlets stay ahead of evolving regulations in Lagos, maintaining safety standards and zoning compliance for investor peace of mind. So investors can invest and go to bed with peace of mind and constant credit alerts.

Dear investor, are you still sleeping on short-lets? The Lagos short-let revolution is here and BO Properties is leading the charge! Whether you’re a first-time investor or scaling your portfolio, now is the moment to act.

Get in touch with us today to discover how BO Shortlets can deliver impressive returns and stress-free property management. Seize the opportunity while demand is sky-high!