The Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, has announced plans to implement the state’s monthly rental scheme before the end of 2024 or early next year.
Speaking at a recent press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Odunuga-Bakare emphasized the need for a shift from the traditional yearly rental model to a more flexible monthly system.
She highlighted that rents collected monthly are common in other regions and stressed the importance of aligning Lagos with this practice. Odunuga-Bakare revealed that the scheme would initially be piloted within the public sector, with rental charges based on tenants’ earnings.
Addressing concerns about delays in implementing the scheme, Odunuga-Bakare reassured that the allocated N5 billion for the project remains untouched.
She explained that adjustments are being made to ensure the effectiveness of the scheme, with the goal of rolling it out to the private sector once successfully tested.
The move towards monthly rentals follows Governor Babajide Sanwo-Olu’s advocacy for a more equitable rental system, citing the inadequacy of the current yearly model.
Sanwo-Olu had proposed the shift during the 10th meeting of the National Council on Lands, Housing and Urban Development, emphasizing its potential to alleviate financial pressure on low- and middle-income earners.
Former Minister of Works and Housing, Babatunde Fashola, supported Sanwo-Olu’s stance, highlighting the inequality perpetuated by the yearly rental system and its impact on housing affordability for low-income earners.