Lagos moves to introduce monthly, quarterly rent payments to ease housing burden on residents

In a major step towards improving housing affordability, the Lagos State Government has revealed plans to implement a flexible rent payment system that would allow residents to pay their rents monthly or quarterly.

This policy, aimed at easing the financial strain of annual lump-sum rent payments, is expected to particularly benefit low- and middle-income earners in the state.

The announcement was made on Tuesday by the Lagos State Commissioner for Housing, Mr. Moruf Akinderu-Fatai, during the 2025 Ministerial Press Briefing commemorating the second year in office of Governor Babajide Sanwo-Olu’s second term.

Akinderu-Fatai described the proposed initiative as part of a broader housing reform agenda designed to make home rental more accessible and manageable for everyday Lagosians.

“Many tenants, especially those with modest incomes, struggle to pay a full year’s rent at once,” he said. “We believe that monthly or quarterly rent payment options will give people more breathing space and reduce the stress associated with sourcing large sums.”

The commissioner highlighted the success of the state’s Rent-to-Own housing scheme as a motivating factor behind the new initiative.

Launched in previous years, the rent-to-own program enables residents to make a down payment of just 5%, with the balance spread over a 10-year period.

“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payment,” Akinderu-Fatai noted.

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The state government is currently holding consultations with key stakeholders in the real estate sector — including landlords, property developers, and tenant groups — to fine-tune the flexible rent policy.

Akinderu-Fatai acknowledged that several operational issues still need to be addressed before implementation, such as payment tracking, legal enforcement, and landlord cooperation.

“Of course, there are issues to resolve,” he admitted. “But discussions are ongoing, and we are listening to all sides. The goal is to build a model that works for both tenants and property owners.”

While no official rollout date has been announced, the commissioner confirmed that plans are in motion to launch a pilot phase in select areas of the state.

“This is not just policy on paper,” he stressed. “We are making real progress. We know what this means for many families, and we are determined to make it happen.”

If successfully implemented, the initiative could mark a significant shift in rental practices in Lagos, where annual rent payments have long been the norm.

The policy is expected to enhance housing inclusiveness, reduce homelessness, and align with Governor Sanwo-Olu’s administration’s broader vision of a more livable, equitable Lagos.

Experts have praised the move as a potentially transformative policy that, if effectively executed, could serve as a model for other Nigerian states facing similar housing affordability challenges.