AGS NEWS – The Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, has revealed plans to implement a monthly rental scheme in Lagos State before the end of 2024 or early in the following year.

This disclosure was made during a recent press briefing held by the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos.

Odunuga-Bakare emphasized the need for the adoption of a monthly rental system, citing international practices where rents are collected monthly.

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She expressed hope that the policy would be operationalized by the stated timeline, with rental charges tailored according to tenants’ earnings. The initial phase of implementation will be within the public sector to assess its feasibility before extending it to the private sector.

The allocation of N5 billion for the monthly rental scheme remains untouched, indicating the Lagos State Government’s commitment to the initiative.

Odunuga-Bakare explained that the slow progress in implementing the scheme is due to ongoing efforts by the government to address various operational aspects.

The initiative to transition to a monthly rental system was first proposed by Governor Babajide Sanwo-Olu in response to the inadequacy of the current yearly rental model, particularly in high-demand urban areas like Lagos.

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Sanwo-Olu advocated for a rental policy that would be more accessible to low- and middle-income earners burdened by annual rent payments.