Barakat Odunuga-Bakare, the Special Adviser to the Governor of Lagos State on Housing, recently unveiled plans to enforce a monthly rental scheme in the state before the close of 2024 or early the following year.
Speaking at a press briefing organized by the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos, Odunuga-Bakare outlined the rationale behind the proposed scheme, citing practices in other regions where rents are collected monthly.
She emphasized that the rental fees would be adjusted based on tenants’ earnings, aiming to make housing more affordable, particularly for low- and middle-income earners. The initial phase of implementation will focus on the public sector to assess its viability before extending it to the private sector.
Despite delays in launching the scheme, Odunuga-Bakare assured that the allocated N5 billion for the initiative remains untouched. She attributed the delay to the complexities involved in perfecting the details of the scheme, considering the transition from the previous administration’s tenure.
This move aligns with Governor Babajide Sanwo-Olu’s vision to address contemporary housing challenges, as he had advocated for a shift from the traditional yearly rent model to a monthly rental system. Sanwo-Olu’s proposal, made during the 10th meeting of the National Council on Lands, Housing, and Urban Development held in Lagos, aims to bridge the affordability gap and provide more accessible housing options for residents.
Echoing Sanwo-Olu’s sentiments, the former Minister of Works and Housing, Babatunde Fashola, supported the transition to a monthly rental system. He highlighted the inherent inequalities perpetuated by the yearly rental model and its adverse effects on housing affordability for low-income earners.
The impending introduction of the monthly rental scheme underscores Lagos State’s commitment to innovative solutions to address housing challenges and enhance the quality of life for its residents.
