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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":13,"featured_media":21614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-21613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=21613"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21613\/revisions"}],"predecessor-version":[{"id":21620,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21613\/revisions\/21620"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/21614"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=21613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=21613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=21613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}