Lagos State Govt. To Enforce Monthly House Rent Payment, Abolishes Yearly Payment.
Governor Babajide Sanwo-Olu of Lagos state has promised to enforce a monthly tenancy on property occupancy from 2022, in order to reduce the financial pressure on tenants caused by the yearly rent.
The governor said this during the inauguration of 744 units Lagos Home Ownership Mortgage Scheme (Phase one) in Sangotedo.
According to him, “The state government is set for the enforcement of a monthly tenancy on property occupancy from 2022. It is confirmed that the percentage of residents depending on tenancy arrangements for housing in Lagos State is quite high.
While building homes for those with homeownership dreams, we are also determined to cater for numerous others who may not have plans to own homes but have immediate needs for decent shelter.
The monthly tenancy is a pro-people plan to reduce the financial pressure of yearly rent on tenants. The goal of this policy is to equate rental arrangements with the mode of earning which is by and large monthly.
We have talked through this policy and an agreement has been reached by representatives of tenants, financiers and the state government. This however should not be a cause of discontent or alarm for landlords or real estate agencies. Adequate legislative review is being done to ensure that rental default is reduced to the barest minimum.”