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Lagos State Governor, Babajide Sanwo-Olu, has advocated a monthly rental system, which according to him would be affordable to low and middle-income earners pressured by the yearly rent obligation.
Sanwo-Olu made the recommendation at the just-concluded 10th meeting of the National Council on Lands, Housing and Urban Development held in Lagos State.
He said the current rental model in which people pay yearly rent in advance to property owners has become inadequate to address contemporary realities in the housing sector, especially in cities where demand for property is high and expensive.
The Governor urged policy makers to consider the suggestion and initiate regulatory framework that would aid transition to a new rental system.
