The Lagos State Government has reaffirmed its commitment to enforcing a monthly rental scheme, aiming to modernize the housing sector and address contemporary realities in property rental arrangements.
Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, disclosed this during a press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos.
She emphasized that the implementation of the monthly rental policy is expected to take effect before the end of 2024 or early next year.
Odunuga-Bakare highlighted the benefits of transitioning to a monthly rental model, citing international practices where rents are collected on a monthly basis.
She noted that under the new scheme, rental charges would be tailored to tenants’ earnings, ensuring affordability and fairness.
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