Lagos State to Implement Monthly Rental Scheme by 2024

Odunuga-Bakare reassured that the allocated N5 billion for the monthly rental scheme remained untouched, despite the delay in its implementation.
Governor Babajide Sanwo Olu
Governor Babajide Sanwo Olugoogle photo

Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, has announced plans by the State Government to enforce a monthly rental scheme in the State before the end of 2024 or early next year. 

Speaking at a press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos, Odunuga-Bakare emphasized the need to align with international practices where rents are collected monthly.

She explained that under the proposed scheme, rental charges would be based on tenants' earnings, ensuring affordability and equitable access to housing. 

The initiative will initially be piloted within the public sector to gauge its effectiveness before being extended to the private sector.

Odunuga-Bakare reassured that the allocated N5 billion for the monthly rental scheme remained untouched, despite the delay in its implementation. 

She attributed the delay to the need for thorough planning and optimization of the scheme, especially with the transition to a new administration.

The initiative to introduce a monthly rental system stems from Governor Babajide Sanwo-Olu's recognition of the inadequacies of the current yearly rental model. 

Sanwo-Olu advocated for a more flexible and affordable rental system, particularly for low- and middle-income earners facing financial strain due to yearly rent obligations.

At the 10th meeting of the National Council on Lands, Housing and Urban Development held in Lagos, Governor Sanwo-Olu urged policymakers to consider implementing a regulatory framework to facilitate the transition to a monthly rental system. 

He highlighted existing housing programs in Lagos, such as the rent-to-own scheme and proposed purely rental systems, aimed at accommodating diverse housing needs within the state.

Former Minister of Works and Housing, Babatunde Fashola, echoed Sanwo-Olu's sentiments, emphasizing the need to address inequality in housing supply and affordability gaps for low-income earners. 

Fashola stressed the importance of transitioning to a monthly rental system to promote inclusivity and accessibility in the housing sector.

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