ICYMI: Lagos Govt Sets Date To Start Enforcing Monthly Rental Scheme

Eko Hot Blog reports that the Lagos State Government says it is going ahead with its monthly rental scheme, saying it will begin enforcement before the end of 2024 or early next year.

Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, stated it during a recent press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos.

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Recall that Governor Babajide Sanwo-Olu advocated a monthly rental system in 2021, arguing that the current rental model in which people pay yearly rent in advance to property owners has become inadequate to address contemporary realities in the housing sector, especially in cities where demand for property is high and expensive.

He noted a monthly rental system would be affordable to low- and middle-income earners pressured by the yearly rent obligation.

Lagos State Governor Babajide Sanwo-Olu, speaking at the media chat

Giving an update on the governor’s proposal, his aide revealed that the state is close to implementing the policy.

Odunuga-Bakare also stated that the rental would be charged according to tenants’ earnings.

“We all see what is being done in other climes, rents are collected monthly. Hence, we are looking and hoping that before the end of the year, or by early next year, we will be able to implement the policy of monthly rental. Also, the rental would be charged according to tenants’ earnings,” she said.

“The good part about it is that we would be test-running it first within the public sector since we can ascertain how much everybody is earning, and once we see that it works in the public sector, we can now push it out to the private sector.”

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In a related development, former Governor Babatunde Fashola, backed the government’s position, stressing that the yearly rental system had created inequality in the housing supply and widened the affordability gap for low-income earners.

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