Lagos State Gov, Babajide Sanwo-Olu Says We Will Make Sure Tenants Pay Monthly From 2022.
Mr. Babajide Sanwo-Olu, the Governor of Lagos State, has announced that beginning in 2022, his administration will impose a monthly tenancy on property occupancy to relieve tenants of annual financial stress.
Governor Sanwo-Olu said this at the opening of the 744-unit Lagos Home Ownership Mortgage Scheme (Phase One) in Sangotedo.
“The state government is set for the enforcement of a monthly tenancy on property occupancy from 2022. It is confirmed that the percentage of residents depending on tenancy arrangements for housing in Lagos State is quite high.
“While building homes for those with home ownership dreams, we are also determined to cater for numerous others who may not have plans to own homes but have immediate needs for decent shelter.
“The monthly tenancy is a pro-people plan to reduce financial pressure of yearly rent on tenants. The goal of this policy is to equate rental arrangements with a mode of earning which is by and large monthly.”
According to him, a legislative review was in session to reduce rent default.
“We have talked through this policy and an agreement has been reached by representatives of tenants, financiers and the state government. This however should not be a cause of discontent or alarm for landlords or real estate agencies. Adequate legislative review is being done to ensure that rental default is reduced to the barest minimum,” he added