Governor Babajide Sanwo-Olu of Lagos State has disclosed that a new policy for monthly tenancy on property occupancy would commence in Lagos State in 2022.
The Governor said this at the Lagos Real Estate Market Place Conference and Exhibitions organised by the Lagos State Real Estate Regulatory Authority (LASRERA) this week.
In a statement signed by the Governor’s spokesperson, Gboyega Akosile, the Governor explained that the new policy is not intended to negatively affect landlords or reduce the expected revenue of the property owner.
“By next year, Sanwo-Olu said a new policy on ‘monthly tenancy’ on property occupancy would kick-off in Lagos. The concept, he said, is not to punish the landlord or reduce the expected revenue of the property owner.
“He said monthly tenancy would ease off the pressure of yearly rent on tenants, as the new policy is designed to make people pay their rents according to their monthly earnings. The policy, Sanwo-Olu said, emanated from an agreement reached by the association of tenants, a consortium of financiers, and the Government,” read the statement.
This new monthly tenancy plan is designed to enable tenants to pay their house rent as they earn monthly, which will ease the burden of paying huge sums for annual rent at once.
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