Lagos State to Implement Monthly Rental Scheme by 2024, Says Special Adviser

Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, has revealed plans to enforce the state’s monthly rental scheme before the end of 2024 or early next year. Speaking at a recent press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Odunuga-Bakare emphasized the need to align with global practices where rents are collected monthly.

She highlighted that the scheme would also include rental charges based on tenants’ earnings, aiming to make housing more affordable for low- and middle-income earners. The implementation will initially be test-run within the public sector to ensure its effectiveness before being extended to the private sector.

Odunuga-Bakare reassured that the allocated N5 billion for the monthly rental scheme remained intact, despite delays in its rollout. She attributed the slow progress to the need for perfection in the scheme’s execution, noting the transition between administrations as a contributing factor.

Governor Babajide Sanwo-Olu had previously advocated for a monthly rental system, citing the inadequacy of the current yearly rent model to address contemporary housing realities, especially in high-demand cities like Lagos. He urged policymakers to initiate a regulatory framework to facilitate the transition and accommodate residents not participating in the state’s homeownership scheme.

Sanwo-Olu’s proposal received support from the then Minister of Works and Housing, Babatunde Fashola, who highlighted the inequality created by the yearly rental system and its impact on affordability for low-income earners. Lagos State’s move towards a monthly rental scheme reflects its commitment to addressing housing challenges and improving accessibility for all residents.