What type of rental property investment can I develop in Owerri that will give me fast tenants?
Are you considering owning an investment property in Owerri Imo State ?
Do you now realize you can make much money owning a property investment in Owerri ?
Over the years, it has been proven that real-estate investment is one of the greatest way to make wealth. And in real-estate investing there is no WAIT TIME. You are not a loser if you put your money into real-estate investment. If you think you are a loser, wait till you see those retired without an investment.
The type of property to build in Owerri for fast rentals.
Now let us first analyze the various types of properties.
There are Two major types of rental property investment in Owerri, just as everywhere;
1. Residential Property Rentals
2. Commercial Property Rentals
Now among the two listed above which one offers investors a most stable and higher rental income or ROI (returns on investment) ?
The answer is – Commercial Property Rentals. (This we will talk about in another blog post)
And which among the two offers investors faster rental income ?
The answer is – Residential Property Rentals.
So now we’ll take Commercial Property Rentals off the list because the question state “a rental property that will give the investor quick tenants”.
And Commercial Properties don’t give quick Tenants even though they offer stable and higher value.
Now that we’ve got commercial property off the track, let’s talk about different types of residential properties in a way it’ll align with this article and our target or what rental gives fast rent.
We split them into categories:
1. Duplex
2. Terraces
3. Bungalows
4. Block of Flats
DUPLEXES:
Duplex is one property which so many tenants dream to live in. It’s almost every tenant dream.
Especially those who like to be in a private compound of there own and have there own car parking space to avoid the unusual “NEIGBHOUR PLEASE COME AND MOVE YOUR CAR I WANT TO GO OUT” which is a normal thing in most properties in Nigeria.
For Duplex, you don’t have anyone to move for, no disturbance, just you and your family alone.
Also people love Duplex because of its common space, some like the compound space where there children or there pets can play around in there gated compound.
Some like that it has private security house and boys quarters.
But to the point, how fast can a Duplex rent?
Best answer is as fast as the price of the Duplex.
That means if the duplex is really renting below its price then be sure to get tenant ASAP.
But that won’t be the case because you won’t spend a lot putting up a structure of two on a full plot of land and then you rent it out for peanuts.
Let’s see:
The average rental price for a 2 bedroom duplex in Owerri is 2 million Naira.
The average rental price for a 3 bedroom duplex in Owerri is 2.5 million Naira.
The average rental price for a 4 bedroom duplex in Owerri is 3 million Naira.
The average rental price for a 5 bedroom duplex in Owerri is 4 million Naira.
Which brings the question, how many people can swiftly pull out the above millions in a very short time?
Answer: few people (because many usually have budgets and it doesn’t revolve around housing alone).
But within a longer time, yes more people can do.
Doesn’t matter the location or state, the numbers are usually the same except in cases where there is scarcity of duplex and the demand for it is very high.
Duplexes are mostly more on demand by family people. And not many families like moving every 1 or 2 years.
So for Duplex, getting a Tenant is a sure thing, but getting a Tenant VERY FAST is not a sure thing for a standard well built duplex renting at a price it’s worth.
TERRACES HOUSE:
Terraces, just like duplex but slightly different.
For most tenants, Terrace is more like a final option where there isn’t a duplex or they can’t afford one.
Not much people like terraces because most terrace share a communal compound space while duplexes don’t.
Though Some terraces do also have their own mini style private compound with a small gate but for sure you know you not alone with neighbors just a wall next to you on both sides.
However, Terraces stand a better change of renting faster than Duplex because it cost even less than a duplex.
The average rental price of a 3 bedroom Terrace (which is always the case) rents for 2 million Naira / yearly.
So a Terrace will rent fast but not so fast.
BUNGALOWS:
Bungalow is a home of both world, meaning it’s a top demand for the elderly or retired people and when build in its private compound it’s also a high demand for both young and old.
The average rental price for a 2 bedroom bungalow in Owerri is 1 million Naira.
The average rental price for a 3 bedroom bungalow in Owerri is 1.5 million Naira.
The average rental price for a 4 bedroom bungalow in Owerri is 2 million Naira.
Most people will prefer a bungalow in a private compound over a terrace house.
Bungalow will get you fast rentals but not as fast as you might expect.
FLATS:
And we come to Flats and Apartments.
For block of Flats we all know it’s a fast money rental thing right from time. Going by the fact it is always available somewhere and the prices are moderate and it benefits low income persons.
Flats I must say is also of different category.
Studio Flat (known as Room Self-contain in Nigeria).
1 bedroom flat.
2 bedroom flat.
3 bedroom flat.
Just the way they are arranged above is how fast they get rented.
Speaking on fast rent.
Studio Flats.
The Studio flat could all be rented while construction is going on. And it’s normal all over the world which is because there are high numbers of young people relocating from state to state, city to city or building to building.
We call it Starter-Pack, like chaps who just got outta campus, graduated, seeking a new job, started a new job, you also have the “just broke free from Mon and Dad to live alone” hopping into a Studio with there mini box, Studio is usually their first option.
If you build a block of 20 studio flats, be sure to get all rented in a blink, that means fast money every year for you. Huuurrraaayy.
The average rental price for a good decent Studio Flat or Room self-contain in Owerri is 400,000 Naira.
Kindly note that the standard of Studio we talking is decent well built Studio for adults, not Hostels for Students.. strictly adults studios.
1 Bedrooms Flats.
Then we move to 1 Bedroom Apartments.
1 bedrooms is the next face of life for those moving from Studio flats. It’s like an upgrade.
Also for matured or working class single Girls or Girls who can’t endure staying in a single room but also don’t want extra guests/space like 2 bedroom.
And this we have many of such in Town and searching very much for 1 bedroom apartments.
So you’ll get fast rentals building a block of 1 bedroom flat.
The average rental price for a 1 Bedroom Flat in Owerri is 600,000 Naira.
2 Bedrooms Flats.
Here we move to 2 Bedroom Apartments.
2 bedrooms are of reasonable demand in the market and you have single guys and ladies also looking out for 2 bedroom apartment to rent for themselves.
Again, just as we mentioned Studio flat being a starter pack for young chaps who just got outta campus, the 2 bedroom is also a started pack for young chaps starting something new like getting into a serious relationship. most a time young couple that just got married also move into a decent 2 bedrooms to start up there life.
This makes 2 bedroom also of good demand in the market and on the list of fast rental properties.
The average rental price for a 2 bedroom in Owerri is 800,000 Naira.
3 Bedroom Flats.
Finally we land at 3 Bedroom.
We all know what 3 Bedroom stands for, it means “Family gon Bigger” because 3 Bedroom is the standard property for family, almost all families passed through a 3 bedroom apartment, and Some take it as there final bus-stop.
3 bedrooms are always on demand in the rental market but they are also much available in the market which makes customers seek the best deal, location and standard.
About 50% of rental residential properties are 3 bedrooms as most landlords would prefer to rent out their property to families, and families don’t always move. Though we families always show up.
Point to hold
When you want to build, put into consideration to build in an area that proposes growth or shows growth potential.
The advantage of Owerri is that wherever you build your rental property you will surely get tenants for it so long as your price is in accordance to the area where your property is located.
Meaning, you can’t build a 2 bedroom Flat at Irete and expect to rent it out at same price as New Owerri.
Irete price – 600k.
New Owerri – 1 million.
Price and area must correspond before we talk about property quality and standards.
So when buying Land for investment, put into consideration area and location. It must not be the expensive highbrow areas but it could be cheap but strategic area with easy access to major road, good roads, fairly good electricity supply, security and co. This helps you get value for your residential property investment in Owerri.
If you are looking for the right property to buy in Owerri, the right real-estate investment to make in Owerri, the right location to put up an investment in Owerri and get good return inequivalent with your budget?
Then speak to us, send us a message, whatspp us, consult us for professional advise to this regards. we are here to help you make money out your investment, most of all we are here to help our brothers and sister in diaspora make the right investment decision, buy the right plots of land at the right place and get the best out of there investment.
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