8 of 10 Lagos residents prefer monthly rent payment – Survey

A property technology platform, Rent Small-Small, says eight of 10 residents in Lagos prefer to pay their house rent on a monthly basis.

Its Co-founder/Chief Executive Officer, Mr Tunde Balogun, who made this known in a statement on Tuesday in Lagos, said this was an outcome of a survey conducted in Lagos.

The organisation provides a unique rental solution to Nigerians in order to improve home-seekers’ rental experience and increase home-owners occupancy rate.

Balogun said that the survey polled 1,389 adults, of which 851 were youths between age 20 years and 40 years working-class professionals.

According to her, they are seeking to occupy one or two bedrooms and studio apartments, and asked about their renting pattern and preferences.

Balogun said: “It is not surprising that many will not like to continue the cycle of annual rent payments.

“This is due to financial pressures ranging from raising quarterly school fees to footing basic bills that families experience in Nigeria.

“Naturally, it is easy to assume that Nigerians will like to pay their rents upfront for one or two years in some cases.

“This is because that has always been the pattern, considering that it is what the landlords want.

“This time, however, it is amazing to see that lots more Nigerians want something different from the norm.

“Personally, I do not believe funds that have not yet been worked for should be tied up as rent for a year you have not experienced at all.”

He said that such money could still be put to use to work for you and enjoy a level of financial stability.

“When people can rent monthly, it makes it easier for them to pay their bills, make investments, take vacations and make plans for long term projects,” the co-founder/chief executive officer said.

He said that since the launch of Rent Small-Small in 2018, the firm has begun to revolutionise the property rental industry in Nigeria.

According to him, this is by eliminating discrimination, which renters face on a regular basis and providing flexible payment plan, including monthly plans.

“This study proves that Rent Small-Small is on the right track toward reorganising the rental market.

“Since inception till date, we have chosen to remain focussed on providing ease of access and affordable housing units for young people and providing flexible payment options.

“It resonates with Nigerian young professionals and organising the rental market so as to create a level playing field for all stakeholders,” he said.