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Lagos Vows to Enforce Monthly Rental Policy

In a groundbreaking move towards reshaping the housing landscape, Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, has revealed that the state’s monthly rental scheme is set to be enforced before the end of 2024 or early next year. This transformative initiative aims to revolutionize the traditional yearly rental model and make housing more accessible to low- and middle-income earners.

๐ŸŒŸ Monthly Rental Vision Unveiled ๐Ÿ“…

During a press briefing by the Lagos State Real Estate Regulatory Authority, Odunuga-Bakare emphasized the need for a monthly rental policy, citing its success in other global cities. The proposed scheme is not only about changing the payment frequency but also aligning the rental charges with tenants’ earnings, ensuring affordability.

๐Ÿ™๏ธ Phased Implementation and Public Sector Testing ๐Ÿ”„

To ensure a smooth transition, the Special Adviser mentioned a phased approach. The scheme will initially be tested within the public sector, where earnings can be accurately assessed. Once proven successful, it will then be extended to the private sector, marking a strategic and careful introduction of this transformative housing policy.

๐Ÿ’ต Allocation Confirmation: N5 Billion Set Aside for Monthly Rental Scheme ๐Ÿ’ผ

Odunuga-Bakare clarified that the allocated N5 billion for the monthly rental scheme remains untouched. Despite the slow start, she emphasized that the Lagos State Government is diligently working towards perfecting the implementation, indicating a commitment to addressing contemporary housing challenges.

๐Ÿ  Governor Sanwo-Olu’s Vision: Shaping a Modern Rental Landscape ๐ŸŒ

The move towards a monthly rental system aligns with Governor Babajide Sanwo-Olu’s vision, who previously highlighted the inadequacy of the yearly rental model. Sanwo-Olu emphasized the need for a regulatory framework supporting a monthly rental system, making housing more affordable for the growing urban population.

๐Ÿ‘ฅ Affordability and Equality: A Housing Revolution in Progress ๐ŸŒˆ

The Lagos State Government’s commitment to redefining the rental landscape reflects an understanding of the challenges faced by low- and middle-income earners. By advocating for monthly rentals, the government aims to bridge affordability gaps, creating a more equitable housing supply and addressing contemporary realities in the housing sector.

๐ŸŒ† Lagos Monthly Rental Scheme: Paving the Way for a Housing Revolution! ๐Ÿš€ #LagosHousingRevolution #MonthlyRentalScheme ๐Ÿ 

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