By Onwubuke Melvin – Lagosians prefer annual rent payments over monthly payments, according to results from a survey of the state’s real estate market.
According to BuyLetLive’s “Residential Occupier Report” for the first half of 2024, 63 per cent of respondents prefer a yearly rent payment to a monthly payment.
The data results contradict common beliefs and aspirations by the Lagos State administration to implement monthly online rent payments in the state’s real estate sector.
According to the report, 62.6 percent of our Lagos respondents continue to choose annual rental payments over other payment methods.
The state administration stated this in a paper titled “EKO Revenue Plus Summit,” which had the theme “Unlocking New Revenue Streams for Lagos State.” The initiative aims to generate N2.5 billion each year from around 100,000 subscriptions.
The report noted that the Lagos State Government will co-own the digital platform, with technical partners including the Lagos State Ministry of Housing and other MDAs.
Another 36.4 percent expressed interest in moving within the next 6 to 12 months.
The survey noted that Lagosians’ rental preferences show a high demand for cheap homes in the state.
In addition, the report stated that most Lagosians prefer to pay annual rent payments ranging from N1 million to N3 million, with 34.5 percent indicating this preference.
Furthermore, 11.8 percent of respondents prefer rent costs between N100k and N500 thousand, while 26.4 percent prefer annual rent payments between N500,000 and N1 million.
In terms of apartment size, the poll found that the majority of Lagosians preferred 2-bedroom and 3-bedroom apartments, with 38.2 per center and 35.5 percent picking the latter.
Despite a series of macroeconomic gloom over the last year, the report projected that the Lagos real estate market will remain resilient.
The Lagos State Government has regularly condemned landlords’ arbitrary rent rises and excessive charges, pushing residents to speak out against these practices rather than tolerate them quietly.
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