{"id":3983,"date":"2022-07-28T09:50:57","date_gmt":"2022-07-28T09:50:57","guid":{"rendered":"https:\/\/novarickhomes.com\/?p=3983"},"modified":"2023-01-18T10:19:42","modified_gmt":"2023-01-18T10:19:42","slug":"the-business-of-owning-properties-for-shortlets","status":"publish","type":"post","link":"https:\/\/novarickhomes.com\/the-business-of-owning-properties-for-shortlets\/","title":{"rendered":"The business of owning properties for shortlets"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The short let market is still an untapped segment of the real estate market, Do you know what the business of shortletting entails?<\/span><\/p>\n<p><span style=\"font-weight: 400\">Simply said, it&#8217;s the process of renting or buying a property with the intention of using it for short-term rentals. You furnish it and then list it on well-known websites like Booking.com, AirBnB, etc. It appeals to visitors to the country, newlyweds seeking a romantic getaway, friends hosting house parties, and pretty much anyone seeking a home away from home experience.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>LET&#8217;S DO SOME MATHS\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400\">Rental value for one night (2 bedroom) &#8211; N100,000<\/span><\/p>\n<p><span style=\"font-weight: 400\">Average expected revenue at 60% occupancy rate\u00a0 (219 nights) &#8211; N9,855,000<\/span><\/p>\n<p><span style=\"font-weight: 400\">Average returns annually &#8211; N9,155,000<\/span><\/p>\n<p><span style=\"font-weight: 400\">The remainder is pure profit in addition to the ongoing increase in the value of your property, asides from other minor repairs and replacements.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>WHY YOU SHOULD INVEST IN SHORT LETS\u00a0<\/b><\/p>\n<ul>\n<li><b>HIGH RETURNS ON INVESTMENTS\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The average returns on investment for a 2 bedroom on shortlets with a 60% occupancy rate is around 9,000,000 to 9,855,000 annually\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>MORE IN DEMAND\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">For 100-120K, you can rent a three-bedroom shortlet that can accommodate 5 to 10 people, while hotels typically have occupancy limits of two or fewer for each room. Shortlets typically have access to services like Netflix, a kitchen, and a spa at no additional charge, which is uncommon for hotels.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Therefore, short-term lodging is more popular than hotels. The occupancy rate of the majority of shortlets is up to 90% in the busiest areas like VI and Lekki.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>HOW TO GET STARTED\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Find an apartment to buy. Amazing deals are currently available from respectable real estate businesses, like<\/span><a href=\"https:\/\/novarickhomes.com\/ruby-3\/\"><b> the Ruby III apartment <\/b><\/a><span style=\"font-weight: 400\">\u00a0by Novarick Homes and properties located in Ologolo Lekki with a\u00a0 flexible payment plan for up to 9 months\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Invest collectively:\u00a0 A group of investors can pool their resources and purchase a property with the goal of using it as a shortlet. Each person receives a quarterly return on investment of up to 30% for the rest of their lives. Shares may be transferred from one investor to another, and the property will be held in trust for the investors.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">In summary, the shortlet market is getting renowned and is slowly overtaking the hotel business, due to its flexibility and accessibility.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The short let market is still an untapped segment of the real estate market, Do you know what the business of shortletting entails? Simply said, it&#8217;s the process of renting or buying a property with the intention of using it for short-term rentals. You furnish it and then list it on well-known websites like Booking.com,&#8230;<\/p>\n","protected":false},"author":7,"featured_media":3737,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","rank_math_lock_modified_date":false,"footnotes":""},"categories":[2,6,8,45],"tags":[],"class_list":["post-3983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apartments","category-investing","category-real-estate","category-real-estate-advisory"],"_links":{"self":[{"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/posts\/3983"}],"collection":[{"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/comments?post=3983"}],"version-history":[{"count":3,"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/posts\/3983\/revisions"}],"predecessor-version":[{"id":3987,"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/posts\/3983\/revisions\/3987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/media\/3737"}],"wp:attachment":[{"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/media?parent=3983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/categories?post=3983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/novarickhomes.com\/wp-json\/wp\/v2\/tags?post=3983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}