The Lagos State Government has announced plans to implement a monthly rental scheme by the end of this year or early next year. This initiative aims to revolutionize the current rental system, allowing tenants to pay their rent on a monthly basis instead of the traditional yearly advance payment model.
Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, revealed this development during a press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja. Under the new scheme, property owners will be required to adjust rental charges according to their tenants’ earnings.
Odunuga-Bakare emphasized the benefits of monthly rentals, citing international practices where rents are collected monthly. The scheme will initially be test-run within the public sector to assess its feasibility before expanding to the private sector.
Despite the scheme’s delayed start, Odunuga-Bakare assured that the state government is diligently working to refine it. She attributed the initial delay to the transition between administrations but affirmed Governor Babajide Sanwo-Olu’s commitment to implementing the scheme.
Governor Sanwo-Olu had previously advocated for a monthly rental system in 2021, citing its affordability for low- and middle-income earners. He believes that transitioning to a monthly rental model will alleviate the financial burden of annual rent payments on tenants, reflecting the current realities in the housing sector.
