The Special Adviser to the Governor of Lagos State on Housing, Barakat Odunuga-Bakare, has announced plans to enforce the state's monthly rental scheme by the end of 2024 or early next year. She made this known during a recent press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja.

According to Odunuga-Bakare, the monthly rental policy aims to align with practices in other parts of the world where rents are paid on a monthly basis. The policy will also consider tenants' earnings to determine the rental charges.

She emphasized that the N5 billion allocated for the monthly rental scheme is still intact and that the scheme will first be tested within the public sector before being extended to the private sector.

The delay in implementing the scheme, according to Odunuga-Bakare, is due to the need to perfect certain aspects of the policy. She noted that the previous administration initiated the scheme but was unable to implement it before leaving office. The current administration is committed to ensuring that the scheme takes effect by the end of the year or early next year.

Governor Babajide Sanwo-Olu had previously advocated for a monthly rental system, citing the inadequacy of the current yearly rent model. He suggested that a monthly rental system would be more affordable for low- and middle-income earners, especially in high-demand and expensive housing markets.

Sanwo-Olu made this recommendation at the 10th meeting of the National Council on Lands, Housing and Urban Development held in Lagos. He urged policymakers to consider implementing a regulatory framework to facilitate the transition to a new rental system.

Former Minister of Works and Housing, Babatunde Fashola, supported Sanwo-Olu's position, stating that the yearly rental system has contributed to housing inequality and widened the affordability gap for low-income earners.