Lagos State Government Takes Steps to Implement Monthly Rent Payment Amidst Economic Challenges

The Nigerian economy is currently facing one of its worst periods amidst high inflation and rising cost of living.

In response to this, the Lagos State Government is taking steps to implement a monthly rent payment scheme to ease the burden on tenants.

Senator Ned Nwoko (PDP, Delta North) recently initiated a bill titled, “One-Month Rent Limitation and Landlord Registry Act,” which, if passed into law, would enable tenants to pay their rents monthly instead of the one year/two or three years initial rent payment demanded by property owners.

The bill also proposes a rent control body to effectively monitor and implement the law in every state and local government area of the country.

In line with this, the Lagos State Government has expressed its intentions to start implementation of the monthly rent payment scheme.

Special Adviser to the State Governor on Housing, Barakat Odunuga-Bakare, noted that the state’s monthly rental scheme will be enforced before the end of 2024 or early next year.

The proposed monthly rental system has been welcomed by SmallSmall, a property technology company in Nigeria, which pioneered monthly rental payment.

The company believes that the monthly rental solution is desirable and can address the contemporary realities faced by tenants, particularly in high-demand urban cities like Lagos.

SmallSmall has been providing flexible housing solutions for all, offering verified tenants quality property management, and innovative technology-driven solutions.

The company is willing to collaborate with the Lagos State Government in rolling out the monthly rental program, leveraging its existing capabilities and experience.

The proposed monthly rent payment scheme is expected to provide relief to low- and middle-income earners burdened by yearly rent obligations and contribute to the overall improvement of the property sector in Nigeria.