Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, has revealed plans to implement the state’s monthly rental scheme by the end of 2024 or early in the following year.
She made this announcement during a recent press briefing by the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos.
Odunuga-Bakare emphasized the need to align with international practices where rents are collected monthly.
She expressed hope that the policy would be implemented soon, with rental charges tailored to tenants’ earnings.
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The initial phase of the scheme will be tested within the public sector to evaluate its effectiveness before extending it to the private sector.
Furthermore, she assured that the allocated N5 billion for the monthly rental scheme remains intact and ready for deployment.
She explained the delays in launching the scheme, attributing it to the transition between administrations and the need for meticulous planning.
In 2021, Governor Babajide Sanwo-Olu had advocated for a shift from the traditional yearly rent model to a monthly rental system, especially to address housing challenges faced by low- and middle-income earners in Lagos.
He proposed a regulatory framework to facilitate the transition and ensure affordability for residents.
Sanwo-Olu’s recommendation aligns with ongoing efforts to provide housing solutions in Lagos, including the rent-to-own programme and upcoming rental schemes tailored to residents’ needs.
Former Minister of Works and Housing, Babatunde Fashola, supported the shift, highlighting the inequities created by the yearly rental system and its impact on housing affordability for low-income earners.
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