Sanwo-Olu calls for monthly rent payment in Lagos

Lagos State Governor, Babajide Sanwo-Olu has urged stakeholders in the real estate industry to work out modalities for residents to pay their rents monthly instead of annually.

Making this call during the Policy Roundtable Dialogue with key stakeholders in the Real Estate Sector in Lekki, Sanwo-Olu said that the housing deficit in Lagos was huge and unacceptable.

Sanwo-Olu further pointed out that a situation where residents face pressure once their rents were due was not palatable.

Urging stakeholders in the industry to support the government in reducing the housing deficit in Lagos, Sanwo-Olu said:

”The real estate can contribute 20 to 25 percent to the GDP. We need to have clear data where landlords would no longer be demanding one year rent ahead.

”Landlords should see how they can reduce yearly rent to monthly. The housing deficit in Lagos is huge and unacceptable, but government cannot do it alone.”