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Lagos State Government Advocates Monthly Payment of House Rent

Real estate stakeholders have been urged to partner with the State government

 

The Lagos State Government has called on stakeholders in real estate sector to work out structures for residents to pay house rents on monthly basis instead of the usual yearly payment.

Lagos State Governor, Mr. Babajide Sanwo-Olu, made the call during a Policy Roundtable Dialogue with key stakeholders in the Real Estate Sector.

With Lagos State having the highest housing deficit in Nigeria, the possibility of finding a fair and affordable place of residence in Lagos is almost impossible, when you finally do find a place, one will be required to pay one year rent in advance and then face unimaginable pressure from landlords and agents once that rent is due.

 

The State Government has urged private practitioners to collaborate with the government to find solutions to the housing deficit in the state and also reduce rent in order to make life easier for Lagosians.

The overwhelming number of residents in Lagos State does not look like it’s going down anytime soon and as more people migrate into the state, the housing problem that is already glaring for all to see will keep increasing.

Most Lagosians have substantially low financial power, mostly comprised of working-class families and young people living independently while trying to live the Lagos dream.

 

This advocacy by the government for monthly payment of house rent will go a long way to bridge the housing problem many Lagosians are currently dealing with. It will ensure that residents who do not have a year rent in advance will stand a chance of having a place to live by paying their rent monthly.

Considering the effects Covid 19 has had and still having on the economy, landlords should consider having actively accessible and affordable housing options for tenants to pay monthly, quarterly or yearly.

 

This policy if implemented will benefit an array of Lagosians. Workers who are just starting at their jobs can afford to secure good living arrangements that will in turn improve their productivity and sense of stabillty. People living in unattended communities can afford to move to better living conditions. Families who have gone from double income earning households to single income earning household can afford to keep their accommodation.

This could potentially improve the lives of many and boost the state’s GDP, by enabling more well-settled residents while opening it up to favorable economic possibilities.