{"id":6459,"date":"2024-03-05T08:23:34","date_gmt":"2024-03-05T07:23:34","guid":{"rendered":"https:\/\/www.privateproperty.com.ng\/news\/?p=6459"},"modified":"2024-03-05T08:23:36","modified_gmt":"2024-03-05T07:23:36","slug":"lagos-to-mandate-landlords-to-charge-rent-based-on-tenants-income","status":"publish","type":"post","link":"https:\/\/privateproperty.ng\/news\/lagos-to-mandate-landlords-to-charge-rent-based-on-tenants-income\/","title":{"rendered":"Lagos to Mandate Landlords to Charge Rent Based on Tenants&#8217; Income"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Lagos State Government has announced that its monthly rental scheme will be implemented by the end of this year or early next year. This could be a result of the <a href=\"https:\/\/www.privateproperty.com.ng\/news\/tenants-lament-as-foreign-exchange-rising-interest-rates-and-inflation-drive-up-rents\/\" target=\"_blank\" rel=\"noreferrer noopener\">cry of tenants on the skyrocketing rent prices<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, made this known during a recent press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, ThePunch reports.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The scheme will make tenants pay their rent monthly instead of the current rental model, which requires them to pay a year\u2019s rent in advance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The policy according to Odunuga-Bakare will also require property owners to charge according to their tenants\u2019 earnings instead of <a href=\"https:\/\/www.privateproperty.com.ng\/news\/lagos-state-government-to-penalize-landlords-guilty-of-charging-exorbitant-rent\/\" target=\"_blank\" rel=\"noreferrer noopener\">charging exorbitant rent prices<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It would be recalled that in 2021, Governor Babajide Sanwo-Olu, advocated a monthly rental system, saying the current rental model was inimical to the current realities in the housing sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sanwo-Olu believes the monthly rental model would be affordable to low- and middle-income earners and ease the pressure of paying annual rent on them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The governor advocated a monthly rental system, which he said would be affordable to low- and middle-income earners pressured by the yearly rent obligation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sanwo-Olu made the recommendation at the 10th meeting of the National Council on Lands, Housing and Urban Development held in Lagos recently.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He urged policymakers to consider the suggestion and initiate a regulatory framework that would aid the transition to a new rental system.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The governor said Lagos was already working out monthly rent modalities to accommodate residents not keen on the state\u2019s homeownership scheme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The then Minister of Works and Housing, Babatunde Fashola, corroborated Sanwo-Olu\u2019s position, stressing that the yearly rental system created housing supply inequality and widened the affordability gap for low-income earners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What do you think of this new development? Feel free to drop a comment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Lagos State Government has announced that its monthly rental scheme will be implemented by the end of this year or early next year. This could be a result of the cry of tenants on the skyrocketing rent prices. The Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, made this known during a [&hellip;]<\/p>\n","protected":false},"author":153,"featured_media":6460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"ngg_post_thumbnail":0,"footnotes":""},"categories":[327],"tags":[],"class_list":["post-6459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"_links":{"self":[{"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/posts\/6459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/users\/153"}],"replies":[{"embeddable":true,"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/comments?post=6459"}],"version-history":[{"count":1,"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/posts\/6459\/revisions"}],"predecessor-version":[{"id":6461,"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/posts\/6459\/revisions\/6461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/media\/6460"}],"wp:attachment":[{"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/media?parent=6459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/categories?post=6459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privateproperty.ng\/news\/wp-json\/wp\/v2\/tags?post=6459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}