Lagos State to Implement Monthly Rental Scheme by End of 2024

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Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, announced plans to enforce the state’s monthly rental scheme by the end of 2024 or early next year.

She made this disclosure during a press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos.

The proposed monthly rental system aims to emulate practices observed in other regions where rents are collected on a monthly basis. Odunuga-Bakare emphasized that rental charges would be adjusted according to tenants’ earnings, making it more affordable for low- and middle-income earners who face financial strain with yearly rent obligations.

Governor Sanwo-Olu advocated for the monthly rental system during the 10th meeting of the National Council on Lands, Housing and Urban Development held in Lagos. He highlighted the need for policymakers to consider this approach and initiate a regulatory framework to facilitate the transition to the new rental system.

Source: PUNCH

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