Block of flats have emerged as the most commonly used property type for short-term rentals in Lagos, while swimming pools top the list of preferred amenities among guests, according to a new academic study.
The research, titled “Evaluation of the Short-Term Rental Housing Market in Nigeria,” was conducted by Joseph Oyewale Oyedeji of Bells University of Technology, alongside scholars from Hong Kong Polytechnic University and Chicago State University.
It offers one of the first comprehensive analyses of the city’s fast-growing short-term rental market.
According to the study, block of flats topped the list of property types used for short-term rentals, with a relative importance index (RII) of 0.905, showing that investors and managers overwhelmingly prefer this format. These flats also had the highest occupancy rate (RII: 0.914), confirming their popularity among guests, likely due to affordability and ease of use.
While different housing types — including semi-detached houses, terraces, and bungalows — are used for short-stay accommodations, none matched the performance or preference level of block of flats. Bungalows, for instance, were the least used, with lower rental demand and occupancy rates.
On the amenities side, the report revealed that swimming pools are the most attractive facility to renters, followed by indoor games and outdoor relaxation spaces like courtyards. Guests were reportedly willing to pay a premium for these features, indicating that lifestyle-driven preferences play a key role in the market.
“Block of flats is the most used type of residential property for short-term rentals in the study area. Also, block of flats has the highest occupancy rate among properties used for short-term rental housing in the study area,” the report read in part.
It added, “Swimming pool is the facility that the users have the highest preference for in the short-term rental housing.”
The study drew insights from 42 professional estate surveyors and valuers actively managing short-term rental properties across Lagos Mainland and Island. Their responses provided valuable data that allowed the researchers to examine trends in rental values, occupancy rates, investor motivations, and the overall structure of the market.
Between 2018 and 2023, short-term rental prices in Lagos rose steadily across all property types. Detached and semi-detached houses saw the sharpest increases, while block of flats—despite being the most affordable—recorded consistent growth due to high occupancy and availability.
As short-term rentals continue gaining traction—especially among middle-income and leisure travelers—the study calls for a balanced approach that supports growth without undermining housing accessibility.