How We Helped a Property Owner in Abuja Increase His Rental Income by 180% in Six Months

I want to share a story with you — and I am sharing it with permission from the property owner, who has asked that we use only his first name, Chidi. It is the kind of story we are seeing more and more of at PureCrest, and I think it illustrates both the opportunity and the process of transitioning a property to short-let better than any theoretical explanation ever could.

The Starting Point: A Well-Located Property with Below-Market Returns

Chidi had owned a 3-bedroom apartment in Jabi for six years. The apartment was in a well-maintained block with good security, reliable backup power, and a location that should have commanded premium rents. But Chidi had been letting it on a traditional long-term lease at ₦3.5 million per annum to the same tenant — a civil servant who had been there since 2019 and was paying rent that had barely kept pace with inflation.

When we first spoke to Chidi in early 2025, the apartment was coming to the end of a two-year tenancy agreement. The outgoing tenant had offered to renew at ₦4 million. Chidi was considering accepting when a colleague mentioned that similar apartments in Jabi were being rented short-term for considerably more. He reached out to us for advice.

The Assessment

Our first step was to conduct a thorough assessment of the property's short-let potential. This involved three things:

Market Analysis

We researched comparable 3-bedroom properties on Airbnb, Booking.com, and through our own network in Jabi and surrounding areas. We found that well-furnished 3-bedroom apartments in Jabi were achieving:

• Average nightly rate: ₦65,000 – ₦85,000
• Monthly rate (28+ nights): ₦1.4 million – ₦1.8 million
• Average occupancy for well-managed properties: 65–75%

At 70% occupancy and ₦72,000 average nightly rate, potential gross annual revenue was approximately ₦18.4 million — versus ₦3.5 million on long-term rental. Even after costs, the uplift was obvious.

Property Assessment

The apartment itself was in good condition structurally, but the furnishing was dated and sparse. To achieve competitive short-let rates, it would need:

• Complete refurnishing of all three bedrooms with quality beds, mattresses, and storage
• Modern dining set and fully equipped kitchen
• Smart TV in the sitting room and each bedroom
• New sitting room sofas and décor
• WiFi installation (the building already had a backup generator)
• Professional photography once the furnishing was complete

Our estimated furnishing budget: ₦4.2 million.

Financial Modelling

With the furnishing investment and projected revenue and costs, we modelled the financial case:

• Gross annual revenue (70% occupancy, ₦72,000 average): ₦18.4 million
• Management fee (25%): -₦4.6 million
• Utilities and consumables: -₦1.8 million
• Maintenance and replacements: -₦920,000
• Net annual income: ₦11.1 million
• Furnishing cost payback period: under 6 months

Even in a conservative scenario with 55% occupancy and ₦65,000 average nightly rate, net income was projected at ₦7.2 million — still more than double the long-term rental alternative.

Chidi needed no more persuasion. He approved the plan.

The Execution

The outgoing tenant moved out at the end of January 2025. Our team had the furnishing plan ready, and we engaged suppliers immediately.

The full furnishing and setup took three weeks — one week longer than projected due to a delay in a sofa delivery. Professional photography was done the day after furnishing was complete, and we had the listing live on Airbnb and Booking.com within 48 hours of the photos being delivered.

For the first two weeks, we priced the property at ₦58,000 per night — slightly below market — with the explicit strategy of generating early bookings and, crucially, early reviews. This is a tactic we use consistently: a small early sacrifice in daily rate pays back many times over as the review count builds and the listing's ranking improves on the platforms.

The Results

Six months in, here is where the numbers stood:

• Total nights booked: 121 out of 183 (66% occupancy)
• Average nightly rate (rising over the period): ₦69,000
• Gross revenue: ₦8.35 million
• After management fee, utilities, and maintenance: ₦5.1 million net
• Review count on Airbnb: 34 reviews, 4.87 average rating

Annualised, this puts Chidi on track for approximately ₦10.2 million net income — 180% more than the ₦3.5 million he was receiving on long-term rental, and 155% more than even the proposed renewal at ₦4 million. The furnishing investment of ₦4.2 million had been fully recovered through the revenue uplift by month five.

What Made the Difference

Chidi's story is compelling, but it is important to understand the factors that contributed to the success rather than assuming any property in any location will achieve the same result.

Location: Jabi is an excellent location for short-let. Proximity to Jabi Lake Mall, international schools, hospitals, restaurants, and the main arterial roads makes it attractive to a wide range of guest types.

Property quality: The apartment was in a well-managed block with reliable backup power and good security. These are prerequisites for short-let success that no amount of good management can compensate for if they are absent.

Furnishing quality: We did not cut corners on the furnishing. Quality beds and mattresses, a well-equipped kitchen, and smart entertainment systems are what guests expect and review favourably.

Professional management: Chidi engaged full management services from the start. Guest communication, check-ins, cleaning coordination, and maintenance were all handled professionally, resulting in consistently high reviews and strong repeat booking and referral rates.

Pricing strategy: The deliberate early discount to build reviews, followed by graduated price increases as the listing's ranking improved, was a key driver of the strong occupancy rates.

Is Your Property the Next Chidi?

Not every property will achieve results as strong as this. Location, property quality, and management quality all play crucial roles. But if you have a well-located, well-maintained property and you are currently letting it on a traditional long-term lease, the case for at least exploring the short-let alternative has never been stronger.

We offer free initial assessments for property owners who want to understand their short-let potential. Contact our team at PureCrest to arrange yours.