INSIDEMAINLAND – The Governor of Lagos State, Mr. Babajide Sanwo-Olu has said his administration is set to enforce a monthly tenancy on property occupancy from 2022 to alleviate annual financial pressure on tenants.
Governor Sanwo-Olu made this disclosure on Tuesday, 14th December 2021, during the inauguration of 744 units Lagos Home Ownership Mortgage Scheme in Sangotedo.
“While building homes for those with homeownership 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 Governor said.
“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 the mode of earning which is by and large monthly,” he added.
The governor added that a legislative review was ongoing 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.