Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, has announced that the state government intends to enforce a monthly rental scheme before the end of 2024 or early in the following year.
During a recent press briefing held by the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos, Odunuga-Bakare emphasized the need for rental payments to align with international practices, where rents are collected monthly.
She stated, “We are observing the trend in other parts of the world where rents are paid monthly. Therefore, we aim to implement the monthly rental policy by the end of this year or early next year. Additionally, rental charges will be tailored according to tenants’ earnings.”
Odunuga-Bakare highlighted that the allocated N5 billion for the monthly rental scheme remains untouched, indicating the government’s commitment to its implementation.
She acknowledged the delays in the scheme’s rollout, attributing it to the government’s efforts to refine various aspects of the policy. She clarified that the transition was initially planned under the previous administration but was delayed due to the change in government.
In 2021, Governor Babajide Sanwo-Olu proposed the shift to a monthly rental system, citing its affordability for low- and middle-income earners. He advocated for a regulatory framework to facilitate the transition, expressing the government’s intention to accommodate residents who may not participate in the state’s homeownership scheme.
Sanwo-Olu’s proposal received support from the then Minister of Works and Housing, Babatunde Fashola, who highlighted the inequities inherent in the yearly rental system, which often posed challenges for low-income earners.
The Lagos State Government’s initiative aims to address contemporary housing needs and provide more accessible rental options for residents in the face of rising property costs.
