Monthly tenancy policy to commence in Lagos in 2022 – Gov. Sanwo-Olu
Lagos Governor, Mr. Babajide Sanwo-Olu has stated that from 2022, a new policy for monthly tenancy on property occupancy would commence in the state.
Governor Sanwo-Olu who disclosed this, Thursday, during the Lagos Real Estate Market Place Conference and Exhibitions, organised by the Lagos State Real Estate Regulatory Authority (LASRERA), added that the new policy is not to punish house owners but ‘to ease the pressure of yearly rent on tenants.’
A statement signed by Sanwo-Olu’s media aide, Gboyega Akosile, quoted the governor as stating that the new policy emanated from an agreement reached by the association of tenants, a consortium of financiers, and the State Government.
“By next year, Sanwo-Olu said a new policy of monthly tenancy on property occupancy would kick off in Lagos. The concept 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.
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 read in parts.