The Lagos State Government is preparing to introduce a flexible rent payment system aimed at alleviating the financial burden on residents. This initiative will allow tenants to pay their rent on a monthly, quarterly, or annual basis, with a maximum commitment of one year. The policy is expected to be enforced before the end of 2024 or early 2025.
Barakat Odunuga-Bakare, the Special Adviser to the Governor on Housing, announced during a press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja that the government plans to test-run the scheme within the public sector. This approach will enable the assessment of its effectiveness before extending it to the private sector. Odunuga-Bakare emphasized that rental charges would be adjusted according to tenants' earnings, ensuring affordability across different income levels.
The N5 billion allocated for the scheme remains untouched, underscoring the government's commitment to its successful implementation. This initiative aligns with Governor Babajide Sanwo-Olu's 2021 advocacy for a monthly rental system to ease the financial strain of annual rent payments on low- and middle-income earners. The proposed system aims to create a more equitable housing market and improve living conditions for Lagos residents.
By adopting this flexible rent payment system, Lagos State is taking a significant step toward addressing housing affordability and providing residents with more manageable payment options.
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