Babajide Sanwo-Olu, the Governor of Lagos State has revealed that a new policy for monthly tenancy on property occupancy would start in Lagos State in 2022.
He said this through his spokesperson, Gboyega Akosile at the Lagos Real Estate Market Place Conference and Exhibitions organised by the Lagos State Real Estate Regulatory Authority (LASRERA) this week.
According to him, the new policy is not intended to negatively affect landlords or reduce the expected revenue of the property owner.
However, this new month to month tenancy plan is intended to empower inhabitants to pay their home rent as they acquire month to month, which will reduce the weight of paying huge sums for annual rent at once.
The statement reads in parts;
“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.
Sanwo-Olu added that the policy emanated from an agreement reached by the association of tenants, a consortium of financiers, and the Government.
