The Lagos State Government has announced plans to phase out annual rent payments in favour of more flexible monthly and quarterly options.
The move aims to ease the financial burden on residents, especially low-income earners who struggle with large upfront rental costs.
Commissioner for Housing, Moruf Akinderu-Fatai, who revealed the initiative during the 2025 Ministerial Press Briefing, said the initiative builds on the state’s ongoing efforts to make housing more affordable and accessible. He cited the earlier rent-to-own scheme, which allows beneficiaries to pay a five percent deposit and spread the remaining balance over 10 years, as a successful foundation for this new policy.
“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payments,” he said.
The commissioner stressed that the traditional annual rent model places an undue financial strain on many Lagosians. “We believe monthly or quarterly payment options will offer people more breathing room and reduce the stress of sourcing lump sums,” he noted.
He also confirmed that the government is engaging with landlords, property developers, and other stakeholders to address potential challenges, including enforcement and secure payment tracking.
“There are issues to resolve — landlord cooperation, payment monitoring, and enforcement mechanisms,” he said. “But discussions are ongoing, and we are listening to all sides.”
A pilot phase of the new rent structure is expected to roll out in select areas of the state.
“This is not just policy on paper. We are making real progress. We understand what this means for many families, and we are determined to make it happen,” Akinderu-Fatai concluded.
The move aims to ease the financial burden on residents, especially low-income earners who struggle with large upfront rental costs.
Commissioner for Housing, Moruf Akinderu-Fatai, who revealed the initiative during the 2025 Ministerial Press Briefing, said the initiative builds on the state’s ongoing efforts to make housing more affordable and accessible. He cited the earlier rent-to-own scheme, which allows beneficiaries to pay a five percent deposit and spread the remaining balance over 10 years, as a successful foundation for this new policy.
“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payments,” he said.
The commissioner stressed that the traditional annual rent model places an undue financial strain on many Lagosians. “We believe monthly or quarterly payment options will offer people more breathing room and reduce the stress of sourcing lump sums,” he noted.
He also confirmed that the government is engaging with landlords, property developers, and other stakeholders to address potential challenges, including enforcement and secure payment tracking.
“There are issues to resolve — landlord cooperation, payment monitoring, and enforcement mechanisms,” he said. “But discussions are ongoing, and we are listening to all sides.”
A pilot phase of the new rent structure is expected to roll out in select areas of the state.
“This is not just policy on paper. We are making real progress. We understand what this means for many families, and we are determined to make it happen,” Akinderu-Fatai concluded.
The Lagos State Government has announced plans to phase out annual rent payments in favour of more flexible monthly and quarterly options.
The move aims to ease the financial burden on residents, especially low-income earners who struggle with large upfront rental costs.
Commissioner for Housing, Moruf Akinderu-Fatai, who revealed the initiative during the 2025 Ministerial Press Briefing, said the initiative builds on the state’s ongoing efforts to make housing more affordable and accessible. He cited the earlier rent-to-own scheme, which allows beneficiaries to pay a five percent deposit and spread the remaining balance over 10 years, as a successful foundation for this new policy.
“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payments,” he said.
The commissioner stressed that the traditional annual rent model places an undue financial strain on many Lagosians. “We believe monthly or quarterly payment options will offer people more breathing room and reduce the stress of sourcing lump sums,” he noted.
He also confirmed that the government is engaging with landlords, property developers, and other stakeholders to address potential challenges, including enforcement and secure payment tracking.
“There are issues to resolve — landlord cooperation, payment monitoring, and enforcement mechanisms,” he said. “But discussions are ongoing, and we are listening to all sides.”
A pilot phase of the new rent structure is expected to roll out in select areas of the state.
“This is not just policy on paper. We are making real progress. We understand what this means for many families, and we are determined to make it happen,” Akinderu-Fatai concluded.
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