The new rent plan will make it easier for tenants to pay their monthly rent. Mr. Babajide Sanwo-Olu, Governor of Lagos State, has announced that a new policy for monthly tenancy on property occupancy will be implemented in Lagos State in 2022.
This was stated by the Governor at the Lagos Real Estate Market Place Conference and Exhibitions, which was held this week by the Lagos State Real Estate Regulatory Authority (LASRERA).
The Governor explained in a statement signed by the Governor’s spokesperson, Gboyega Akosile, that the new policy is not intended to harm landlords or reduce property owners’ expected revenue.
“By the end of next year, Sanwo-Olu said, a new policy on ‘monthly tenancy’ on property occupancy would be implemented in Lagos.” He explained that the idea is not to punish the landlord or to reduce the property owner’s expected revenue.
“He stated that monthly tenancy would relieve tenants of the burden of yearly rent, as the new policy requires people to pay their rents based on their monthly earnings.” The policy, according to Sanwo-Olu, “arose from an agreement reached by the tenants’ association, a consortium of financiers, and the government,” according to the statement.
This new monthly tenancy plan is intended to allow tenants to pay their house rent as they earn it, alleviating the burden of paying large sums for annual rent all at once.