SHORTLETS: THE NEW GOLD MINE

AirBNB has become a synonym for short-let apartments. The idea is simple: ‘hosts’ (property owners) rent their property on a short term basis to guests. In 2007, Joe Gebbia and Brian Chesk, came up with the idea to rent out a floor space in their lounge room. They proceeded to purchase 3 air beds which they advertised on their website and named them Air Bed and Breakfast. A week later they had their first guests at $80 a night, and Just like that Airbnb was born! According to Forbes list Airbnb made a revenue of $6 Billion dollars in 2022 and has assets worth $13.7 billion dollars in 2022.

The increase in demand for short let apartments has been fueled by the covid-19 pandemic that discouraged a lot of physical contact with people in public gatherings such as hotels and other hospitality venues. In the Nigerian short let market, owners can make as much as 1 million naira per month especially during seasonal holidays.