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FG Urges Landlords To Adjust Rent Payment Structure

The federal government has urged landlords of private properties to commence monthly, quarterly or half-year rent charges of their tenants, instead of the current rent charging model of one, two or three years.

It noted that, in the post Covid-19 era, most tenants are owing rents and facing evictions from courts.
The government said it was evident that most houses available for sale or rent belong to individuals and private companies compared to those the state or the federal government could provide.

The minister for works and housing, Mr. Babatunde Raji Fashola, said this at the opening ceremony of the 15th Abuja Show.
The minister, who was represented by the minister of state for works and housing, Abubakar Aliyu, said it is evident that most houses available for sale or rent belongs mostly to individuals and private companies.

Therefore, many of the tenants who owe rents, face eviction or seek to rent or buy property due to pandemic are dealing with private citizens or companies and less so with government agencies.

He said, in case where the rents of businesses or some individuals are due for renewal, the private landlords can give back by accepting monthly, quarterly or half yearly rents instead of one, two or three years rents in advance.

The risk of defaults can be secured by bank guarantees or insurance bonds provided by the tenants or the employer in exchange for a direct debit mandate from the employee for the deduction of his rents from his salary to pay the landlords, he stressed.

SOURCE; https://leadership.ng/fg-urges-landlords-to-adjust-rent-payment-structure/

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