The Lagos State Governor, Mr. Babajide Sanwo-Olu, has said his administration will enforce a monthly tenancy on property occupancy from 2022 to alleviate annual financial pressure on tenants.?
Governor Sanwo-Olu said this during the inauguration of 744 units Lagos Home Ownership Mortgage Scheme (Phase one) in Sangotedo., on Tuesday, December 14.
“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 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 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.”
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