Govt. Vows To Enforce Monthly Rental Policy.
Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, has disclosed that the state’s monthly rental scheme will be enforced before the end of 2024 or early next year.
She stated it during a recent press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos.
Odunuga-Bakare reiterated that the N5bn allocated for the monthly rental scheme was still set aside and untouched.
She added that the fact that the scheme was slow to take off showed that the Lagos State Government was still trying to perfect one thing or the other.
Recall that in 2021, the Governor of Lagos State, Babajide Sanwo-Olu, had said 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.
The governor advocated a monthly rental system, which he said would be affordable to low- and middle-income earners pressured by the yearly rent obligation.
Sign up and receive the latest tips via email.
