The Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, announced during a press briefing that the state is gearing up to implement a monthly rental scheme before the end of 2024 or early next year.
The initiative aims to modernize the rental system, aligning it with global practices and addressing contemporary housing challenges. Under the proposed policy, rents will be charged monthly, with rates tailored to tenants' income levels.
The scheme, initially piloted in the public sector, will undergo rigorous testing before extending to private rentals. With N5 billion earmarked for the initiative, the government emphasizes its commitment to revolutionizing housing accessibility and affordability.
This move follows Governor Babajide Sanwo-Olu's recognition of the inadequacy of the current yearly rent model to meet the evolving needs of Lagos residents.
