What exactly is a shortlet apartment?
A shortlet apartment, in simple terms, refers to a furnished residential unit that is rented for a short duration, anything from a few days to a few months.
Data shows just how fast the short-term let industry is growing.
According to AirDNA, which tracks global short-term rental markets, the short-term rental sector is projected to generate over $280 billion in global revenue by 2027, growing at an annual rate of 11.2%.
In Nigeria, Proptech Africa reports that demand for a shortlet apartment in cities like Lagos and Abuja has grown by over 45% since 2021, fueled by an increasing number of business travelers, expatriates, and digital workers seeking short-term accommodation.
But the concept of a shortlet apartment isn’t new; it has only evolved.
In the early 2000s, hotels dominated the temporary accommodation market.
Business travelers and tourists had no alternative but to book hotel rooms, which often came with limitations.
There was no kitchen to prepare food, no washing machine for laundry, and no privacy beyond the four walls of a suite.
The rise of platforms like Airbnb, Booking.com, and Vrbo disrupted this pattern by introducing short-term rentals that catered to individual preferences.
Suddenly, travelers could rent an entire apartment or house for the same price as a single hotel room, enjoying more freedom, space, and comfort.
Today, in cities like Lagos, short-term apartments are redefining urban living.
Neighborhoods such as Lekki Phase 1, Victoria Island, and Ikoyi have seen a surge in short-term investments.
Landlords have discovered that short-term rentals can be up to three times more profitable than traditional annual leases.
For instance, a two-bedroom apartment in Lekki that might earn ₦5 million yearly on a long-term basis can bring in over ₦6 million through short-term bookings, depending on occupancy rates and seasonality.
This financial incentive has turned a shortlet apartment management into a booming business, with real estate firms and private owners racing to furnish and list their properties on digital platforms.
However, not all shortlets are equal.
While some are luxurious penthouses designed for high-end clients, others are affordable studio apartments targeting budget travelers.
What connects them is the promise of flexibility and comfort.
But beyond comfort and flexibility, shortlet apartments have broader economic implications.
The rise of shortlets has created new income streams for property owners, cleaners, interior decorators, and maintenance companies.
In Lagos alone, shortlet apartment listings have contributed to an estimated ₦50 billion in annual economic activity, according to research from the Nigerian Real Estate Insight Report 2024.
This has encouraged investors to convert idle properties into short-term rental units, further expanding housing options and boosting local economies.
Best places to rent a short-term apartment in Lagos
If there’s one lesson the Lagos shortlet market teaches any investor, traveler, or city-lover, it’s this: flexibility sells.
Over the past five years, shortlet apartments in Lagos have shifted from a niche convenience into a full-scale segment of the city’s hospitality ecosystem.
Guests want privacy and a home-like rhythm; investors want yield and predictable cash flow.
Shortlet apartments sit at the intersection of both demands, delivering the sense of home while charging a hospitality premium.
Ikoyi
Ikoyi remains the shorthand for quiet luxury in Lagos. Tree-lined avenues, private estates and a diplomatic presence make Ikoyi the favorite of expatriates, senior executives, and families who value space and security.
Shortlets here dominate the high-end bracket: modern two- and three-bedroom serviced apartments and standalone villas that command top-tier daily rates.
Expect nightly prices that typically range from around ₦250,000 for modest one-bed serviced flats to upward of ₦500,000 for high-spec three-bedroom suites.
If you translate that into a monthly effective rent when treated as longer short-term stays, it is frequently negotiated in the ₦6 million to ₦20 million band depending on property quality and peak-season demand.
Victoria Island
Victoria Island is the heartbeat of commercial Lagos.
Banks, multinational offices, and nightlife cohabit the same streets.
For a traveler who wants to be at the center of meetings and restaurants, VI is unbeatable.
Shortlets here tend to be contemporary apartments with reliable utilities and quick access to business addresses.
Daily rates commonly sit between ₦400,000 and ₦800,000 for two- and three-bedroom units, while a steady monthly shortlet apartment conversion assuming reasonable occupancy lands between ₦5 million and ₦25 million.
Lekki Phase 1
Lekki Phase 1 is where modern Lagos leisure and family living converge.
Malls, gated estates, and a growing number of serviced apartment blocks make it very attractive to holidaymakers and business guests who want family-sized units at slightly lower prices than VI or Ikoyi.
Typical nightly shortlet rates usually sit in the ₦150,000 to ₦250,000 range for one-to three-bedroom apartments; converted monthly figures for longer stays tend to fall between ₦1.8 million and ₦6 million, depending on unit size and season.
Lekki Phase 2 and Peninsula
Phase 2 and the wider Lekki peninsula have matured fast; brand-new developments and gated communities have altered both perception and pricing.
Shortlets here vary significantly by neighborhood; some pockets feel urban and busy, while others give off a gated-estate vibe.
Nightly prices range conservatively from ₦120,000 for studios to ₦200,000 for premium two- and three-bedroom apartments; monthly equivalents hover between ₦1.5 million and ₦7 million depending on how upscale the address is.
Eko Atlantic
Eko Atlantic is a deliberate bet on the future of Lagos waterfront living, and it carries a waterfront premium.
Shortlet apartments here are engineered to attract international business travelers and high-net-worth guests who prioritize sea views and controlled environments.
Expect a nightly baseline in the region of ₦250,000 to ₦800,000 for most serviced apartments, with monthly negotiated shortlet rates often climbing into the double-digit millions for larger, high-spec units.
Banana Island
Banana Island is the most elite residential address in Lagos, and shortlets there are a different animal: think bespoke villas and executive suites with private pools and staff.
Nightly prices commonly begin in the mid-six figures of Naira and easily exceed ₦1,000,000 for full houses or premium suites.
Every month, these properties are priced competitively with luxury hospitality offerings, so a savvy investor lists at premium nightly rates while offering curated deals for multi-week bookings.
Parkview Estate and Parkview-Area Ikoyi
Parkview Estate and neighboring pockets in Ikoyi host a sizeable number of executive shortlets targeted at families and corporate teams.
These are usually well-maintained apartments within estate compounds offering security and consistent power.
Typical nightly prices run from ₦120,000 for simple serviced one-bedrooms to ₦300,000 for three-bedroom executive apartments; monthly effective shortlet apartment rents align with the Ikoyi band but allow for better mid-length rates because of the estate comfort.
Sangotedo and Lekki-Ajah Corridor
Sangotedo, along the Ajah-Lekki corridor, is a growth story: expanding infrastructure and rising residential projects have made it attractive for domestic visitors and corporate groups attending events at nearby venues.
Shortlet options are broad, from budget studios to family apartments. Nightly rates commonly fall between ₦120,000 and ₦200,000; monthly shortlet conversions are often in the ₦900,000 to ₦3.5 million range.
Chevron Drive and Ikate
Chevron Drive and the Ikate cluster host many serviced apartments and gated developments that resonate with leisure travelers and visiting professionals.
These areas provide a balance of lifestyle and access to Lekki’s amenities, which keeps occupancy healthy.
Expect nightly rates from 180,000 to ₦250,000 and monthly equivalents that make shortlets here attractive to both renters and investors seeking yield.
Oniru and V.I. Extensions
Oniru sits near Victoria Island and provides a slightly quieter alternative with easy access to the business core.
Shortlets here appeal to guests who want proximity without the full price tag of premium VI addresses.
Nightly fares generally range from ₦150,000 to ₦300,000 for one- to three-bedroom units, and monthly figures scale similarly to the upper mid-market band.
Victoria Garden City(VGC)
VGC has carved out a reputation as a serene, secure residential zone that’s especially popular with families and long-stay guests who want a gated environment.
Shortlets here are often inside larger estates and bring the assurance of organized estate management.
Nightly rates typically range from ₦140,000 to ₦200,000, and monthly equivalents are appealing for extended visitors and corporate bookings.
Yaba
Yaba’s rise as a tech and creative hub has made it an unexpectedly good short-term market.
With co-working spaces, tech offices, and an emerging F&B scene, shortlets here attract younger professionals and inbound startups.
Prices tend to sit lower than Lekki, VI, and Ikoyi: nightly rates commonly fall between ₦80,000 and ₦120,000, and monthly converted shortlet rates make Yaba an attractive choice for mid-length stays.
Surulere
Surulere is central and culturally vibrant.
Sports fans, visiting families, and guests attending local events find Surulere convenient and cost-effective.
Shortlets in Surulere are generally affordable studios and two-bedroom apartments with nightly rates commonly between ₦100,000 and ₦150,000; monthly equivalents are among the friendlier price points for longer visitors.
Ikeja and Ikeja GRA
Ikeja is Lagos’s administrative and commercial axis on the mainland, hosting government offices, corporate headquarters, and a cluster of good hotels and serviced apartments. Ikeja GRA is the premium pocket.
Shortlets across Ikeja vary widely, from budget flats near the busier corridors to executive suites in well-managed estates.
Typical nightly prices range from ₦130,000 to ₦250,000; monthly shortlet conversions for Ikeja GRA push higher, often matching mid-tier VI levels when utilities and security are consistent.
Allen Avenue and Maryland
Allen Avenue is a fast-moving commercial spine; Maryland sits close by with excellent access to both mainland and island routes.
Shortlets here cater to professionals on day assignments and visitors who value connectivity.
Nightly pricing usually falls between ₦120,000 and ₦200,000 with flexible monthly deals for steady bookings.
Ogba, Ojota, and Ojodu-Berger
Ogba, Ojota, and Ojodu-Berger are strategic mainland neighborhoods with solid road links and a growing number of newly finished apartments that are being offered as shortlets.
These areas serve visiting workers, contractors, and guests who prioritize convenience over prestige.
Nightly rates typically range from ₦80,000 to ₦120,000, and monthly equivalents are often below the mainland median, making them cost-effective choices.
Magodo and Gbagada
Magodo’s organized estates and Gbagada’s improving infrastructure have created a market for family-sized shortlets that deliver steady occupancy from visiting professionals and relocated families.
Nightly rates for quality units are commonly between ₦120,000 and ₦200,000; monthly rates reflect the estate values and can be attractive for medium-term stays.
Festac Town and Amuwo-Odofin
Festac Town and Amuwo-Odofin service the port and logistics clusters, so business visitors and crew members often choose shortlets here.
The market skews toward functional, secure apartments with nightly rates usually between ₦120,000 and ₦180,000.
Monthly conversions for longer stays typically undercut what you’d pay in upscale island neighborhoods.
Apapa and Port-Adjacent Areas
Apapa is the port backbone of Lagos; shortlets in this area serve maritime professionals, truck drivers’ supervisors, and visiting logistics managers.
Expect no-nonsense serviced apartments and flats with nightly rates usually between ₦80,000 and ₦120,000, depending on proximity to port facilities and estate quality.
Ibeju-Lekki and Epe
Ibeju-Lekki and Epe represent the frontier areas where large infrastructure projects have started to transform land values and rental markets.
A shortlet apartment in these zones is increasingly tailored to construction teams, visiting investors, and contractors.
Nightly prices vary from ₦60,000 for basic guest rooms to ₦120,000 for comfortable apartments; monthly arrangements often depend on project timelines rather than hospitality-style occupancy.
Ogudu and Ikorodu
Ogudu is a growing residential node with islands of managed estates; Ikorodu is a larger suburban market whose shortlets cater to domestic visitors and project personnel.
Nightly prices in Ogudu are often in the ₦60,000 to ₦100,000 range; Ikorodu’s broader market typically ranges between ₦80,000 and ₦150,000.
Agege and the Alimosho corridor are valuable markets
Guests staying here typically prioritize function over luxury: visiting relatives, local contractors, or students.
Nightly rates are low relative to island pockets, commonly between ₦80,000 and ₦150,000, and monthly-equivalent rates make long stays accessible.
Ojodu
It is a nearby mainland pocket near the Lagos–Ibadan Expressway, which is strategically valuable for visitors needing highway access.
Shortlet pricing often sits between ₦50,000 and ₦100,000 nightly with monthly-equivalent deals for regular guests.
Oregun and parts of Ikeja West attract employees of the light industry and warehouses
Guests often seek simple, clean units near the work sites.
Nightly pricing here typically ranges from ₦80,000 to ₦130,000, with monthly-equivalent plans offered to visiting supervisors and rotating staff.
Victoria Island extensions like Ilubirin and adjacent mixed-use developments are emerging as short-term micro-markets
They bridge luxury and convenience and often demand nightly rates from ₦70,000 to ₦230,000 depending on finish and view.
Lekki-Ajah pockets around Nova Estate and nearby corridors are increasingly attractive to families and mid-market executives
One-bedroom shortlets in these subzones commonly range from ₦100,000 to ₦150,000 per night, with two-bedroom units from ₦150,000 to ₦200,000.
Mende, Agbara, and satellite towns near city boundaries serve guests tied to industrial clusters
Shortlets here are practical, priced between ₦40,000 and ₦70,000 per night, and frequently booked by companies on rotational staffing schedules.
Ikeja airport-adjacent pockets, including areas near the domestic terminals
These places are naturally suited to short-stay guests on travel-heavy itineraries.
Nightly pricing typically ranges from ₦150,000 to ₦200,000, depending on finish and airport accessibility.
Ikeja’s Alausa axis
This place attracts government and corporate visitors
Shortlets positioned here do well with officials who want proximity to ministries.
Rates vary between ₦150,000 to ₦250,000 per night with monthly-equivalent structures for longer delegations.
GRA Ikeja and Gbagada estates
These places are consistent performers when it comes to corporate housing for events and training.
Nightly rates are typically ₦150,000 to ₦300,000 for high-caliber units; monthly-equivalent rates reflect established estate management.
Mushin
Even though it’s busier and more densely packed than some pockets, it hosts shortlets geared to visiting families and traders.
Overnight rates commonly range from ₦180,000 to ₦220,000 with monthly equivalents that make sense where affordability is primary.
Ojuelegba and the borderlines between island and mainland
These places have shortlets designed for music industry people, creatives, and event staff.
Expect nightly pricing between ₦80,000 and ₦150,000.
Abule Egba
The territory, edging the expressways, is convenient for guests who travel intercity.
Pricing here is often modest, between ₦70,000 and ₦120,000 per night.