At the just concluded Lagos Real Estate MarketPlace, the Special Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, announced that all modalities for the commencement of the monthly rent payment scheme would be ready shortly.
According to the Special Adviser, the new initiative will make the burden of annual payments easier for residents, just as her office has pledged that landlords will get their house rent upfront.
The scheme will benefit the landlords since their rent is guaranteed and they are assured of payment upfront. Tenants will also no longer have to bear that burden of yearly payments of a large amount.
Benson-Awoyinka said: “Tenants can therefore use their huge money for other forms of investments or for payment of school fees as the burden of payment of yearly rent is taken away from them completely. So it is a win-win social investment scheme, it is a good one and it is applaudable.”
Renters must meet qualifications to join the programme, including the ability to make monthly payments. According to her, the scheme will start with people with monthly income, but once the programme starts working well, the informal sector will also be included.
“We are all looking forward to it as it will start from January next year. From today you will start seeing communications about how it is going to work; how existing tenancy will come on board and we are going to have a major launch for the programme. We will have communications all over the news medium to show people how it will work and how to get on the programme.”
She affirmed that the programme is here to stay and will be sustainable, citing several state policies that have lasted the test of time and are still in place, with this one being no exception.
“We have kept to all our words right from the beginning of this administration, this is another win-win for us as a state government, as citizens of Lagos, as landlords and as investors and we all should applaud the state government for this initiative.”
“With this initiative, we are able to enable tenants to pay monthly rent beyond for properties built by the Lagos State government as we have in the rent-a-home scheme. We have brought private landlords too on board and we know that they are waiting eagerly to see what will happen to them.
“We know we cannot enforce monthly rent collection on landlords but we have created a platform that will make monthly rent payment possible for tenants and we know when the system begins and runs fine, many more landlords will come on board.
“To make this work, we have brought together several stakeholders including financial institutions, landlords financiers, tenants and the legal and administrative system. We have put all these together as a state government and we will ensure this service is resilient and easily accessible by residents of Lagos State.”
The Special Adviser added that the platform will work for both new and previous tenants, and urged Lagosians to take advantage of the platform.