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Let's Talk About Private Hostels For Short Let In Lagos? - Properties - Nairaland

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Let's Talk About Private Hostels For Short Let In Lagos? by mrsage(m): 12:26am On Jan 11, 2018
I'm a full fledged Lagosian. I live , work and pay rent here in Lagos.

The real estate industry is booming and there is huge demand for rental property due to the growing population and the commercial nature of Lagos.

I discovered that we have Short let apartments mostly in high brow areas and they don't come cheap.

However I've not come across a well built private hostel for young working class people and visitors in Lagos.

A private hostel will probably have about 2-6 people in a room. Cheaper than a hotel room or short let apartment.

This will solve the accommodation problem of some people who live in places like Sango, Ikorodu etc. Most of them practically travel to work and back home daily with traffic and more stress.

All they need is decent place to sleep and freshen up.
Re: Let's Talk About Private Hostels For Short Let In Lagos? by mrsage(m): 12:27am On Jan 11, 2018
Questions:

Do you think this is a viable business?

What location will be ideal for such ?

Also at what cost? Daily , weekly, monthly?

Let's share ideas if you don't mind..
Re: Let's Talk About Private Hostels For Short Let In Lagos? by laudate: 12:48am On Jan 11, 2018
mrsage:
I'm a full fledged Lagosian. I live , work and pay rent here in Lagos.

The real estate industry is booming and there is huge demand for rental property due to the growing population and the commercial nature of Lagos.

I discovered that we have Short let apartments mostly in high brow areas and they don't come cheap.

However I've not come across a well built private hostel for young working class people and visitors in Lagos.

A private hostel will probably have about 2-6 people in a room. Cheaper than a hotel room or short let apartment.

This will solve the accommodation problem of some people who live in places like Sango, Ikorodu etc. Most of them practically travel to work and back home daily with traffic and more stress.

All they need is decent place to sleep and freshen up.

I have seen adverts for a few of such private hostels in places like Akoka, within Lagos mainland, just outside the gates of University of Lagos. However, they are targeted at undergraduate and post-graduate students of the institution. undecided Cost per annum is about 150k to 250k per person, for 2-4 people sharing a room and its' associated facilities. Note that all services such as cleaning, power and security are included in the charges. I cannot tell how profitable it is for the owners, though! cheesy

The Young Men's Christian Association (YMCA) used to run a hostel for men, in Awolowo Road, in Ikoyi Lagos. sad I don't know if it is still running, because last time I passed by the place, a large portion of the building has been converted to offices and commercial spaces. There is even a bank, within the building.

The Young Women's Christian Association (YWCA) also has a hostel in the Moloney area of Lagos Island, but it is badly run down and quite stuffy. I heard that only very few rooms are available, and it has not been renovated since the '80s. Part of the building has also been converted to a commercial centre and an events hall. Sorry, I wish I could give you more info on this aspect, but that is all I know. undecided

Building hostels in different parts of Lagos for working class people is a great idea, but how would it be executed? Land in most accessible parts of Lagos isn't cheap! shocked Construction costs are also high! Yet, hostel costs by their very nature, are expected to be cheap. So how does one synchronise the two? Security is another concern. How would the inmates be vetted and scrutinised to ensure they are above board?

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Re: Let's Talk About Private Hostels For Short Let In Lagos? by mrsage(m): 6:07pm On Jan 12, 2018
laudate:


I have seen adverts for a few of such private hostels in places like Akoka, within Lagos mainland, just outside the gates of University of Lagos. However, they are targeted at undergraduate and post-graduate students of the institution. undecided Cost per annum is about 150k to 250k per person, for 2-4 people sharing a room and its' associated facilities. Note that all services such as cleaning, power and security are included in the charges. I cannot tell how profitable it is for the owners, though! cheesy

The Young Men's Christian Association (YMCA) used to run a hostel for men, in Awolowo Road, in Ikoyi Lagos. sad I don't know if it is still running, because last time I passed by the place, a large portion of the building has been converted to offices and commercial spaces. There is even a bank, within the building.

The Young Women's Christian Association (YWCA) also has a hostel in the Moloney area of Lagos Island, but it is badly run down and quite stuffy. I heard that only very few rooms are available, and it has not been renovated since the '80s. Part of the building has also been converted to a commercial centre and an events hall. Sorry, I wish I could give you more info on this aspect, but that is all I know. undecided

Building hostels in different parts of Lagos for working class people is a great idea, but how would it be executed? Land in most accessible parts of Lagos isn't cheap! shocked Construction costs are also high! Yet, hostel costs by their very nature, are expected to be cheap. So how does one synchronise the two? Security is another concern. How would the inmates be vetted and scrutinised to ensure they are above board?

Thanks for your valuable contribution...

I know a couple of them around the University axis in Yaba.

However I'm looking at Hotels for working class people..

I've also heard of the YMCA facility... It's not in good shape basically....

I believe it will be profitable if run properly and if it's big with a high occupancy rate.
Re: Let's Talk About Private Hostels For Short Let In Lagos? by laudate: 6:10pm On Jan 12, 2018
mrsage:
Thanks for your valuable contribution...

I know a couple of them around the University axis in Yaba.

However I'm looking at Hotels for working class people..

I've also heard of the YMCA facility... It's not in good shape basically....

I believe it will be profitable if run properly and if it's big with a high occupancy rate.

I agree, but the real challenge would be how to construct such hostels and make sure it still ends up being affordable for working class people, as well as how to screen the occupants, and ensure they are genuine professionals, and not fraudulent con-men! The greatest complaint in most hostels, is that of theft! wink
Re: Let's Talk About Private Hostels For Short Let In Lagos? by alagbari75: 12:02am On Mar 08, 2019
A new Executive Hostel for workers just launched in Lekki... Check out their website

www.highgardenhostel.com

Really nice

Re: Let's Talk About Private Hostels For Short Let In Lagos? by alagbari75: 12:04am On Mar 08, 2019
More pictures from Highgarden hostel

Re: Let's Talk About Private Hostels For Short Let In Lagos? by Freaknasty: 1:24pm On Dec 03, 2020
alagbari75:
A new Executive Hostel for workers just launched in Lekki... Check out their website

www.highgardenhostel.com

Really nice

Looks good

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