Landlords and residential property owners around University of Lagos, Akoka, and its vicinity more than the years bear befit a timely bunch since of the likes of Sandra.
Sandra She is holed up with her seven siblings in a individual bedroom in Ajegunle. At night, the high temperature and leech invasion becomes unbearable, in lieu of the third instance to facilitate night she is woken by the snorts and snoring from her brothers.
Then she remembers to facilitate she is a queen in prepare. Sandra is an learner in individual of the tertiary institutions to facilitate dot the Akoka/Yaba axis of the State. When she is not in the Ajegunle agony, she lives in a two-man extent in individual of the exotic secret hostels around the campus. She is envy of her associates and course of action mates who often wonder how she can afford all the luxuries in her off-campus and absent of this globe dwelling.
Landlords and residential property owners around University of Lagos, Akoka, and its vicinity more than the years bear befit a timely bunch since of the likes of Sandra.
The crowded population of learner and graduate students of the introduction and makes the demand in lieu of accommodation in the area, portly and constant. All day disk-shaped, students seek accommodation of various kinds. From single temporary housing, to self-contain apartments to two or three-bedroom flats, the demand goes on.
Also, other schools the like the Yaba College of Technology, Federal College of Education, Akoka and St Augustine’s College of Education, Akoka, Yaba raises the demand in lieu of such living accommodation.
This demand, backed up by the capacity to remuneration occasionally inflated rents makes renting to students a preferred option in lieu of about landlords. While about dynasty owners choose renting absent portions of their spaces to students, about bear curved their intact buildings to students’ hostels.
These secret hostels bear therefore befit a viable source of wages in Akoka, thus raising the estimate of real estate faintly.
They allow absent bed spaces to the students more often than not for every academic session; however, about remuneration yearly rent. The bed, wardrobes and other major utilities are provided by the management of the hostels.
However, largely of these hostels are quite costly. There are options of having single temporary housing or sharing these temporary housing with other students. Most hostels offer the option of single temporary housing, two-person temporary housing, three-person temporary housing, and four-person temporary housing. Facilities such as television sets, fridges, intercoms, kitchens and common laundry services are often provided to the students, more often than not attracting more charges.
Most of these hostels are occupied by female students, as at hand are rejection recognized male secret hostels around Akoka. But despite the hauling difficulties often skilled by about students who bear to move from the secret hostels rotten campus to their lectures on campus, the hostels are still a preferred span by many.
UjuEze, a 300 Microbiology undergraduate of University of Lagos and a occupant of Alpha 55 secret female inn says she can’t stay on the hostels on campus since of the hygiene conditions.
“The hostels on campus are more often than not unfair, especially the toilets. I can’t park a unfair toilet, to facilitate is why I choose staying in a secret inn,” she believed.
Kemi Lawal, a marker graduate undergraduate who resides in Emerald Hostel believed she doesn’t mind the excessive rents since the hostels on campus don’t offer the same facilities as the secret hostels. “I don’t mind, as long as I am getting accomplished estimate in lieu of my money. Emerald is quite comfortable,” she believed.
Therefore, Ms Lawal and other students give out property owners in the area a accomplished motive to smile to the pitch.
All prices for every day
Alpha 55 Private Female Hostel, by Unilag Back Gate
All temporary housing with air-condition. With mutual temporary housing, common kitchens and laundry
2 person extent – N180,000/head
4 person extent - N140,000/head (with small screen appoint and DSTV)
4 person extent – N120,000/head
Blue Haven Female Hostel
All temporary housing en-suite with Air condition. With mutual temporary housing, common kitchens and laundry
4 person extent – N150,000/head (with small screen and fridge)
4 person extent – N120,000/head
3 person extent – N140,000/head
2 person extent – N170,000/head
1 person extent – N220,000/head
Emerald Student Hostel
Emerald Student Hostel
Emerald Students Hostels, opposite central gate, UNILAG
Every extent is en-suite, with small screen, Fridge, DSTV, Intercom, Air condition, with 2 common kitchens and a laundry extent on all floor. Adequate parking cosmos and park by generator.
4 person extent – N137,000/head
3 person extent - N157,000/head
2 person extent – N182,000/head
1 person extent – N368,000/head
Immaculate Private Hostel, by Pako means of transportation end, Akoka
Every extent has a small screen, Fridge and Air condition. General kitchens and laundry services.
4 person extent – N100,000/head
3 person extent – N130,000/head
2 person extent – N150,000/head
INVESTOR’S GUIDE: The matter glamor of undergraduate hotels
According to a CASTLES survey, the run to of privately built undergraduate hostels in this axis is still plainly incompetent. This leaves a gap, in reality a titanic gap in lieu of the perceptive property investor to fill.
Hip an attempt to demonstrate I beg your pardon? The probable profitability margin if an investor decides to go off into such matter, we habit properties recently listed in the Yaba area in CASTLES Magazine.
Last week, a slab of four flats of 3 bedroom with C of O on Iwaya Area, Yaba was listed on N65m, moreover an added slab of six flats of 3 bedrooms all on Oyadiran Estate, Yaba in lieu of N45m. Looking on the proximity to the prepare, the principal property will be sharpen in lieu of such investment since is very soon around UNILAG back gate, but on the quoted property prices, if the investor is willing to puzzle in a only some estimate added services in his future secret inn, the minute property will be very soon fine. Oyadiran estate is in Sabo, Yaba which is on the order of five minutes’ drive to some of the major tertiary institutions in the Yaba axis, making it more central than the principal property.
Assuming to facilitate the dynasty is in accomplished condition, with a finances of N55m, an investor can swallow the minute property listed in lieu of N45m and still be absent with N10m to plant in all the necessary ‘luxuries’ to facilitate will catch the attention of the students. Following the renovations, at hand will be 18 temporary housing to allow absent to the students. Three of the parlours can moreover be by far converted to temporary housing making a come to of 21 temporary housing and three mutual temporary housing (parlours).
Doing the math, if the vendor decides to allow absent all extent on three heads for every extent to facilitate makes a come to of 63 students and obtainable in lieu of an regular of N140, 000 for every annum (see tables of how much contemporary secret hostels charge), the come to rent in lieu of individual day will be N8.82m. And if the vendor decides to allow it all absent as 4-man temporary housing on the same rate, the come to rent will be N11.76m for every annum.
Doing the return analysis, in five years the property would bear earned on the order of N58.8m in rent (N11.76m/annum) and in ten years, it is amounts to N117m! All this assuming the rent is fixed more than to facilitate punctuation mark, which is a rarity in such matter. So as the regular rent increases, the come to once a year rent moreover increases by a margin. All this is exclusive of the assets appreciation of the property.
There is moreover the opportunity of making about little money by offering about estimate added services in the inn which can include a means of transportation transfer to facilitate drops the students to their campuses on a price cut, canteen services can moreover be built-in and a small supermarket in the perimeter can perform as the top-shop.
Other payback include:
1. The students often move on (graduate) within4-5 years so it eliminates the opportunity of some long instance contracts
2. If the property is in the shortest travel distance to the campus, it will be easier to understand undergraduate tenants than if the vendor is renting it absent to neutral tenants who might not be so thrilled with the proximity.
3. If the too much demand more than supply persists, rents will stay to multiplication which leaves the vendor increase by two numeral cash spring more than the years.
4. It is relatively cheaper and quicker to furnish a undergraduate accommodation as close to interior rations are set aside minimum and basic.
5. The laws of landlord and tenant might not necessarily apply comprehensive as students are not necessarily ample tenants with reasonable of exclusive possession.
What you might be up in contradiction of
1. Student in general cannot provide credible references.
2. Students are more likely to be lawbreaker and your property might be the victim. It can be something as plain as changing a specific kitchen tap twice a week.
3. Utility bills are continually catered in lieu of by the landlords of undergraduate hostels. The landlord is estimated to provide them on all period unlike average tenants who bottom their own efficacy bills.