Governor Babajide Sanwo-Olu to enforce a monthly rent from 2022 for tenants in Lagos

Lagos State Governor, Mr Babajide Sanwo-Olu, on Tuesday, said his administration is set to enforce a monthly tenancy on property occupancy from 2022 to alleviate annual financial pressure on tenants.

Sanwo-Olu said this during the inauguration of 744 units Lagos Home Ownership Mortgage Scheme (Phase one) in Sangotedo.

He said, “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 arrangement for housing in Lagos State is quite high.

“While building homes for those with home ownership 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 mode of earning which is by and large monthly.”

The governor added that legislative review was ongoing to reduce rent default.