2022: Lagos Set To Commence Monthly Tenancy

Lagos State Governor Babajide Sanwo-Olu has stated that in 2022, a new policy for monthly tenancy on property occupancy would kick off in the state.

Sanwo-Olu revealed this at the Lagos Real Estate Market Place Conference and Exhibitions organised by the Lagos State Real Estate Regulatory Authority (LASRERA), stating that the new policy is not to punish landlords/ladies but to ease the pressure of yearly rent on tenants.

“By next year, Sanwo-Olu said a new policy of 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.

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“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.

“We should not just build property only for consumers, we must also build skills and integrate them in our built environment to showcase great output. Technical and vocational skills are things we must deliberately harness and reflect in our work. At the end of the day, we must be able to design a housing development and ownership model that is fit for our purpose and peculiar to our local needs,” the statement signed by the governor’s spokesperson, Gboyega Akosile, partly read.

Recall that Federal Minister of Works and Housing and former Lagos State Governor, Babatunde Raji Fashola, few months ago campaigned for mostly tenancy in order to help citizens.