In a move welcomed by many Lagos residents, the Lagos State Government has announced plans to introduce monthly and quarterly rent payment options, offering relief to tenants burdened by yearly rental demands.
The announcement was made by the State Commissioner for Housing, Moruf Akinderu-Fatai, during the 2025 Ministerial Press Briefing, held to mark the second year of Governor Babajide Sanwo-Olu’s second term in office.
According to Akinderu-Fatai, the initiative is part of the government’s ongoing effort to make housing more affordable for residents, particularly for those in the low-income bracket.
“This is not just policy on paper. We are making real progress. We know what this means for many families, and we are determined to make it happen,” he stated.
Furthermore, the commissioner highlighted that the state had already recorded success with its previous rent-to-own scheme, which allowed residents to pay just five per cent upfront and spread the remaining balance over 10 years.
“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payment,” he said.
Akinderu-Fatai explained that yearly rent obligations have become a major source of financial strain for many Lagosians.
“We believe that monthly or quarterly payment options will give people more breathing space and reduce the stress associated with sourcing lump sums,” he added.
Meanwhile, discussions are ongoing between the government, landlords, property developers, and other key players in the real estate sector to ensure a smooth implementation of the new rent structure.
“Of course, there are issues to resolve things like landlord cooperation, payment tracking and enforcement.
But discussions are ongoing, and we are listening to all sides,” Akinderu-Fatai assured.
The government plans to begin with a pilot phase in selected areas of the state, allowing them to monitor feedback and adjust the policy as needed.
Moreover, the initiative is expected to bring significant change to the housing market in Lagos.
It will not only improve access to decent housing but also ensure that residents enjoy a more manageable and stress-free lifestyle.
