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Stakeholders buy Minister Fashola’s idea of monthly rent, urge landlords’ co-operation

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By Damilola Kushimo

Stakeholders in the housing sector in Isolo Local Council Development Area (LCDA) have given their nods to the recommendation of the Minister of Works and Housing, Mr Babatunde Fashola that house rent payment should either be on a monthly, quarterly or half-yearly basis, urging the landlords to key into the policy.

The minister proposed at the opening ceremony of the 15th Abuja Housing Show as a proactive means of curbing likely hardship in the sector, particularly on the part of the tenants, during the post-Covid-19 period.

He had urged landlords to substitute monthly, quarterly or half-yearly payment for their current practice of charging a year, two or three years advance payment.

In separate interviews with ECHONEWS, some executive members of the Estate Rent and Commission Agents Association of Nigerian (ERCAAN) agreed with the proposal but feared that enforcement might be hindered by the cost of construction.

The Chairman of Estate, Rents and Commission Agents Association of Nigeria (ERCAAN), Isolo/Ishaga/Ire-Akari Zone, Hon. Ganiyu Aro remarked that the proposal is fair as he emphasised that tenants will not have to fight tooth and nail to meet up with the one year or two years advance payment due to the harsh economic situation.

“To me, the situation in this country now is not so encouraging. The proposal is okay if it can be established so that people can pay their rent conveniently as and when due. I will recommend that flat/shops be put at six months while rooms can be fixed for quarterly basis.”

Also speaking, the CEO of Yek-Yem Nigeria Enterprises, Alhaji Yekeen Sogunle agreed with the proposal but expressed his concern over its enforcement, saying it would be better if it becomes a law.

He explained that he has been an advocate of the quarterly or half-yearly payment due to the economic situation and empathy for the tenants.

He explained that the new proposal will not only be beneficial to the tenants but landlords as well, insisting that it will make rent payment easy for tenants.

He promised that ERCAAN will enforce the policy if it becomes law and sanction any members who contravene the law.