Lagos Pledge To Ensure Monthly Rental Compliance

Lagos Pledge To Ensure Monthly Rental Compliance....KINDLY READ THE FULL STORY HERE▶

The Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, has announced that the implementation of the state’s monthly rental scheme will be enforced either by the end of 2024 or in the early months of the following year.

Speaking at a press briefing held by the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos, Odunuga-Bakare highlighted the global trend of collecting monthly rents and expressed the hope that Lagos would adopt this model soon. She emphasized the intention to charge rental fees based on tenants’ earnings.

“We are actively working towards implementing the monthly rental policy before the end of this year or early next year. Initially, we plan to test-run the policy within the public sector to gauge its effectiveness. Once successful, we will extend it to the private sector,” she stated.

Odunuga-Bakare reassured the public that the allocated N5 billion for the monthly rental scheme remains untouched. She explained that the transition between administrations delayed the initial rollout in the last year but affirmed the current governor’s commitment to seeing the policy in effect by the specified timeline.

In 2021, Governor Babajide Sanwo-Olu had previously highlighted the inadequacy of the existing yearly rental model, stressing the need for a more responsive approach to contemporary housing challenges. The upcoming implementation aims to address these concerns and align with international best practices.

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