NewStats: 3,261,864 , 8,175,395 topics. Date: Friday, 30 May 2025 at 08:03 PM 3h612a

Lagos Government to Introduce Monthly, Quarterly Rent Payment Options

The Lagos State Government has announced plans to roll out more flexible rent payment options, including monthly and quarterly structures. This initiative aims to ease the financial burden on residents, particularly low-income earners struggling with yearly rent payments.

The announcement was made by the Commissioner for Housing, Moruf Akinderu-Fatai, during the 2025 Ministerial Press Briefing held to commemorate the second year of Governor Babajide Sanwo-Olu’s istration.

Flexible Rent to Lagosians

“We understand the pressure that yearly rent payments place on many Lagosians. By introducing more flexible options, we hope to ease this burden and promote better living conditions,” Akinderu-Fatai stated.

He added that monthly or quarterly rent payment structures will reduce the stress associated with sourcing lump sums at once. The move is part of the government's broader plan to create a more inclusive and sustainable housing system.

Engagement with Stakeholders Underway

According to the commissioner, the government is currently engaging landlords, developers, and stakeholders to address possible implementation challenges, especially regarding enforcement and digital payment systems.

Rent-to-Own Scheme Continues

Akinderu-Fatai also cited the state’s ongoing rent-to-own scheme, which allows eligible residents to pay just 5% upfront and spread the balance over a 10-year period. The program has already benefited numerous Lagosians by making home ownership more accessible.

Government Commitment to Housing Reforms

He emphasized the istration’s commitment to housing reforms that reflect the economic realities of Lagos citizens. “Our focus is to implement practical solutions that improve access to decent housing, promote inclusivity, and enhance overall living standards,” he said.

The flexible rent initiative is expected to launch soon, with pilot phases rolled out across selected communities in the state.

Source: The Bureau Newspaper

Following the implementation of these measures, the government must effectively oversee the practices of real estate agents. Should any agent fail to adhere to the established standards, they should face appropriate consequences determined by those incarcerated who are uncertain about their own sentences..

I want to relocate to Lagos

In the houses government built I guess

We used to pay our house rent monthly. There was also an option to reduce your rent if basic amenities like tap water weren’t available. But everything changed the moment democracy returned in 1999. That flexible system disappeared overnight.... Hmmmm, Back then, the government set the rent range based on the location. But now, landlords call the shots. No regulation. No control. Just skyrocketing prices.
How did we go from structure to chaos so fast? Democracy really do us bad thing

thats seems good though

K

With which Economy #

Congratulations to Lagosians

Seems na government own the houses

saphiere:
I want to relocate to Lagos

no be small thing jare, Lagos is not my thing anyways, if not for insurgency and kidnapping, Abuja is the best bet for me.

hmm

If not that most people cut corners to evade huge payment. Lagos State should also inform the public what people go through in the hands of state regulators before building approval is granted for construction of ordinary bungalow/storey building. To do simple renovation you pay

Hazards of Flexible Rent (Monthly/Quarterly):
1. Landlord Cashflow Instability
• Yearly lump sums give landlords operational certainty. Monthly payments might disrupt maintenance budgets or mortgage obligations.
2. High Eviction Risk for Renters
• Miss one month = immediate eviction threat. Tenants may face heightened stress from unstable income streams or delays in salary disbursements.[b]
[b] 3. Increased Rent Charges
• To offset uncertainty, landlords may charge higher overall rent, hidden fees, or demand security deposits + insurance.
4. Predatory Tech Middlemen
• Digital payment platforms may exploit renters with high service fees, late penalties, or data exploitation (AI-driven credit profiling).
5. Informal Sector Challenges
• Many Lagosians earn informally. Monthly rent demands could disproportionately affect cash-based earners with inconsistent income.

What Govt Must Do to Protect Both Sides:

For Tenants:
• Rent Default Insurance Scheme: State-backed guarantee fund for 1–2 missed payments.
• Digital Rent Payment Regulations: Cap service fees, ensure data privacy.
• Eviction Protocol Laws: Mandate notice periods, mediation boards before eviction.
• Tenant Credit Profiles: Create public rental credit histories to build trust with landlords over time.

For Landlords:
• Legal Backing for Quick Enforcement: Fast-track tribunals for genuine rent default.
• Incentives for Participation: Tax rebates or low-interest loans for landlords who adopt the scheme.
• Mandatory Rental Deposit Escrow s: Reduce tenant–landlord disputes by using third-party escrow.

Bad idea.

Monthly rent eh? You default by 2 days and your things are getting thrown outside.

Agents/landlords would use the loophole to rent out apartments to a higher bidder on a very short notice and price of accommodation would skyrocket once again

I think this will not still solve the problem of high cost of rent. It's just for the Landlords or Agents to divide the annual price that has been hiked into months or quarterly.

For instance, if Room and Parlour self-contained (mini flat) - that ordinarily shouldn't cost more than 300-400k anywhere in Lagos due to the hardship in the country - is now valued at 600-900k by these greedy Landlords/Agents per annum, and then still add Agreement and Commission - 200k, Damages - 200k, everything now totalling 1m - 2m, all they will do (to obey LASG) is divide this amount by 12 to make the monthly payment, etc.

What we want the LASG ( and FG) to do is to regulate the Real Estate sector. The greedy excesses of Landlords and Agents is too much!

THIS IS NOT GOOD.

SOME PEOPLE WON'T UNDERSTAND THE REPERCUSSIONS OF THIS YET.

Monthly payment won't work for nigeria

Lagos State government should be responsible and build low cost housing first and start with theirs so landlord follow suit. This mouthing makes no sense when you don't even have any public housing options for the people. Lagos Government can build low cost housing for residents as part of government responsibility to the people, like the late Sir Lateef Jakande of blessed memory did.

Ok, noted.

Inspirer1:
In the house's government built I guess

No , on the land government owned and you're paying them rent on

As with any policy, this won't work well with everyone.

Most people plan for rent payment and the long 12months give enough time to arrange themselves.

At the end of the day, it's left for one to negotiate with landlord. This is just another option...

Eko ó ní bàjé

If you like take weekly rent , I am so not renting a house in Lagos .
Na Ogun state I go rent house.
Let me just remain the Lagos landlord that I am.

ayindejimmy:

No , on the land government owned and you're paying them rent on

Most people still are unaware that the land will always belong to the government.

Whatever money anyone's paying, no matter how high, is just for "rights" to use said land...

Not too good

Paying rent yearly removes the burden of rent for a while. But paying rent monthly may put people under pressure, especially those whose income is once in a while.

.

For house wey u epp them build abi? Dey play

This would be nice!

So how much will i be paying monthly now baba larinloodu?

If tenants know what is good for them they should not accept because at the end of the year you will discover you are paying far more rent for a year than when it was annual.

OK

Monthly rent wont work in Nigeria, it assumes people are paid daily which isnt the case even traders dont get paid cash daily for sales, they sell on credit which is paid periodically.

Build more houses for people