The Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, recently announced that the state’s monthly rental scheme is poised to be enforced by the end of 2024 or early next year. Speaking at a press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos, she emphasized the need to align with international practices where rents are collected monthly.<\/p>\n
Odunuga-Bakare highlighted that the rental charges would be tailored to tenants’ earnings, introducing a more flexible approach to accommodate various income levels. To ensure a smooth implementation, the government plans to test-run the policy within the public sector first, utilizing the opportunity to gauge its effectiveness and make necessary adjustments before extending it to the private sector.<\/p>\n
The allocated N5 billion for the monthly rental scheme remains intact, indicating the government’s commitment to this housing initiative. Odunuga-Bakare acknowledged the slow start, attributing it to the meticulous process of perfecting the scheme. The initiative’s history dates back to the previous administration, and the current governor, Babajide Sanwo-Olu, is determined to see it take effect by the end of this year or early next year.<\/p>\n
Governor Sanwo-Olu had advocated for a shift from the traditional yearly rental model, deeming it inadequate to address the housing challenges in a high-demand and expensive property market. He proposed a monthly rental system, emphasizing its affordability for low- and middle-income earners, who often face financial strain with yearly rent obligations.<\/p>\n
The governor has been actively involved in developing rental policies to accommodate residents not participating in the state’s homeownership scheme. He highlighted the success of the existing rent-to-own program, with a low down payment and a reasonable interest rate over ten years. The then Minister of Works and Housing, Babatunde Fashola, supported Sanwo-Olu’s stance, stressing that the shift from yearly to monthly rentals would help bridge the affordability gap for low-income earners, thereby promoting housing equality.<\/p>\n
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The Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, recently announced that the state’s monthly rental scheme is poised to be enforced by the end of 2024 or early next year. Speaking at a press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos, she emphasized the need to […]<\/p>\n","protected":false},"author":19,"featured_media":21628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-21627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21627","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\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=21627"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21627\/revisions"}],"predecessor-version":[{"id":21649,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21627\/revisions\/21649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/21628"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=21627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=21627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=21627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}