Lagos tenants prefer monthly rental payment- Report

Eight out of 10 Lagosians prefer to pay their rent on a monthly basis instead of paying annually, according to a survey by Proptech platform.

“A survey titled, “88 percent of Nigerians prefer to pay their rent monthly”, more than half of those surveyed are working class professionals.

The survey, which involved 1,389 adults focused on their renting pattern and preferences also found that 851 of these people were youths between 20 and 40 years’ old who are working class professionals, seeking to occupy one bedroom, two bedrooms and studio apartments.

Co-Founder and Chief Executive Officer, RentSmallSmall, Tunde Balogun, who commissioned the Proptech platform for the analysis of the data, said, “Naturally, it is easy to assume that, because Nigerians would like to pay their rents upfront for one year 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 a lot more Nigerians want something different from the norm”.

In a country like Nigeria, where it appeared to be commonplace for families to experience constant pressures ranging from sourcing annual house rent, paying annual or quarterly school fees to footing basic bills, he said, it was no surprising that the cycle was not one that the millennials wanted to continue as adults.

Since it launched in 2018, it stated that RentSmallSmall had begun revolutionizing the property rental industry in Nigeria by eliminating discrimination, which renters faced on a regular basis and providing flexible payment plans.

The statement said the study proved that RentSmallSmall was on the right track towards reorganizing the rental market.

Since inception till date, it stated, it had chosen to remain focused on providing ease of access and affordable housing units for young people.