Short-let apartments have become increasingly popular in Lagos for travelers and temporary residents alike. Whether you’re on a business trip, vacation, or visiting family, short lets offer flexibility and comfort that standard hotels often lack.
However, it’s crucial to plan your budget effectively, as prices can vary based on location, property type, amenities, and other factors.
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The Basics of Shortlets
Short-let apartments are typically rented for a period ranging from a few days to several months, providing fully furnished living spaces and amenities that make them feel like a “home away from home.” These properties are available in various forms, from cozy studios to luxurious penthouses, and can cater to solo travelers, families, and larger groups.
Factors Affecting Short-Let Costs in Lagos
Several factors influence the pricing of short-let apartments in Lagos. These include location, property type, amenities, and demand. Here’s a closer look at each factor in more detail:
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Average Costs of Short Lets by Location
The cost of short-let apartments in Lagos varies significantly based on the area. Here’s an overview of what you can expect in some of the most popular neighborhoods:
1. Victoria Island
Victoria Island is known as a prime business hub with luxury short-lets due to its proximity to corporate offices, fine dining, and entertainment centers. Here, a mid-range one-bedroom apartment typically costs between ₦60,000 to ₦150,000 per night. For high-end luxury options, the rates can go up to ₦200,000 per night. This area attracts business travelers and those seeking a mix of business and leisure, with apartments often featuring facilities such as pools, gyms, and concierge services
2. Lekki
Popular for both residential and commercial purposes, Lekki offers a diverse range of short-let options. In Lekki Phase 1, the average nightly rate for a one-bedroom apartment ranges from ₦50,000 to ₦120,000. Upscale options with enhanced amenities may cost up to ₦180,000 per night. Lekki’s blend of modern conveniences, good infrastructure, and access to beaches and shopping centers makes it an attractive choice for short-stay guests, particularly young professionals and families
3. Ikoyi
Ikoyi is one of Lagos’s most upscale areas, known for its exclusivity and tranquility. Short-let apartments here are among the most expensive, with rates starting from around ₦80,000 and going up to ₦200,000 per night for standard accommodations. For luxury and waterfront properties, nightly rates can exceed ₦250,000.
High-end properties, especially those in Banana Island and Parkview Estate, are highly sought after by affluent travelers and expatriates seeking a serene environment close to the city’s core attractions
4. Yaba and Surulere
For a more budget-friendly option, Yaba and Surulere offer reasonably priced short-lets. In Yaba, home to students and tech startups, rates range from ₦50,000 to ₦120,000 per night for basic apartments. Surulere, with its vibrant atmosphere and close proximity to the mainland, has similar pricing, typically around ₦50,000 to ₦100,000 per night.
These areas cater to young professionals, students, and visitors who need an affordable yet comfortable place to stay close to both the Island and Mainland districts
Property Type and Size
The type and size of the short-let apartment significantly affect its cost:
Single-bedroom apartments
are generally more affordable, with prices rising as you move to larger properties like two- and three-bedroom apartments. Larger properties, particularly those catering to families or groups, command higher prices.
Luxury properties:
These offer premium finishes, spacious living areas, and amenities like high-end furniture, private swimming pools, and rooftop terraces. Larger penthouses or villas in prime locations, particularly in areas like Banana Island or Ikoyi, can cost several hundred thousand Naira per night, driven by the exclusivity and expansive space they offer(
Amenities
Amenities offered by short-let properties often dictate their price:
Basic amenities
Most short lets include essentials like air conditioning, Wi-Fi, and fully equipped kitchens. This allows guests to live as though they’re at home, which is one of the main selling points of short-let accommodations.
Luxury amenities
Higher-end properties often come with extra features like private gyms, pools, concierge services, and 24/7 security. For example, a short-let apartment in Ikoyi with a private gym, pool, and waterfront views can command much higher rates than one without these amenities.
Proximity to services
Apartments near essential services such as hospitals, grocery stores, or public transportation can charge a premium due to the convenience they offer visitors.
Seasonal Demand
Prices for short-let apartments fluctuate depending on demand, with significant increases during peak periods:
Holiday seasons
During festive periods like Christmas, Easter, or New Year’s, short-let prices can surge due to the influx of visitors looking for temporary accommodation. This trend is particularly noticeable in tourist-favored areas like Lekki and Victoria Island.
Business cycles
Business-oriented areas like Victoria Island and Ikoyi may experience fluctuations during large corporate events, conferences, and trade shows. Apartments closer to event venues often see spikes in demand and consequently, price increases during these times.
Special events
Lagos frequently hosts concerts, cultural events, and other large gatherings, causing a temporary rise in short-let demand and prices in nearby locations.
Tips for Budgeting Your Stay in Lagos Short Lets
To make your stay in Lagos both enjoyable and affordable, consider these budgeting tips:
1. Plan Ahead
Advance planning can save you a significant amount, especially during peak periods such as festive seasons and public holidays when demand is high and prices surge.
Booking early allows you to secure better rates and even the chance to find properties with special discounts for early reservations. Many platforms allow you to book months in advance, so if you’re planning a trip around Christmas or summer holidays, start searching for short lets a few months before your trip.
2. Consider the Essentials
Think about what amenities you truly need. If you’re looking for a comfortable place to rest and don’t require luxury add-ons like a private pool, gym, or concierge service, choosing a more basic apartment can save you a significant amount.
Short lets offering just the essentials—such as a fully equipped kitchen, Wi-Fi, and air conditioning—can still provide a comfortable experience without the extra cost. This option is especially suitable for guests who plan to spend most of their time exploring the city rather than staying indoors.
3. Use Reliable Platforms
Using a reliable, trusted platform like Krent.space is especially beneficial for navigating the short-let market in Lagos. Krent is designed with a focus on ease, speed, and convenience, allowing users to browse a wide selection of properties tailored to various budgets and needs.
Krent stands out by prioritizing user experience, ensuring a smooth booking process. The platform offers an array of features to simplify the search for short lets, making it easy to filter options based on amenities, location, and price. Additionally, by keeping an eye on Krent’s promotions, users can sometimes find special discounts or seasonal offers that can help make their stay more affordable.
For those looking to optimize their budget, Krent provides not only competitive pricing but also access to properties across various prime locations in Lagos, allowing you to find the ideal short-let that meets both your needs and budget.
4. Use Off-Peak Periods to Your Advantage
Consider scheduling your trip during off-peak times when demand for short lets is lower. During these periods, you’re more likely to find better deals and more availability.
This is particularly effective in areas like Victoria Island and Ikoyi, which can see significant rate decreases outside of holiday seasons and corporate event periods. Flexible travel dates will allow you to make the most of off-peak pricing.
Conclusion
Short-let accommodations in Lagos provide flexibility, convenience, and a home-away-from-home experience, making them ideal for both tourists and business travelers. However, with varying costs depending on location, property type, and seasonal demand, budgeting is essential for maximizing value.
By planning ahead, selecting the right amenities, and using trusted platforms like Krent.space, you can find short-let options that suit your needs and budget.
Want to explore a range of reliable short-let options in Lagos? Visit Krent.space today to discover properties designed to fit any lifestyle, with ease, speed, and convenience at the forefront of your experience.