The Lagos State Government recently announced a new tenancy law that allows tenants to pay rent on a monthly basis rather than the traditional yearly or biannual arrangement. This move, aimed at reducing the financial burden on tenants, is undoubtedly a progressive policy—one that aligns with global best practices and offers hope for millions of Lagos residents struggling with high upfront rental payments.
But while the idea is noble, its implementation faces serious hurdles.
The Policy: A Relief for Tenants
In a city like Lagos, where housing costs can take up a significant chunk of an average worker’s income, this policy seems like a breath of fresh air. Monthly rent payments would:
Make housing more affordable and accessible, especially for low and middle-income earners
Reduce the rate of homelessness
Promote financial inclusion and planning
Reduce exploitation by unscrupulous landlords and agents
However, beyond the headlines and public excitement lies a reality check.
The Harsh Reality: Why Implementation Will Be Tough
The biggest challenge to enforcing the monthly rent law is the structure of Lagos’ housing market itself. Here’s why:
1. Limited Competitive Housing Units
Lagos has a massive housing deficit, which means landlords and real estate agents continue to dominate the market. With demand far outstripping supply, most landlords can dictate the terms of rent payment—including insisting on one- or two-year lump sum payments. There simply aren’t enough available or affordable housing options to give tenants any real bargaining power.
2. Private Sector Dominance
A vast majority of Lagos housing is developed and controlled by private individuals and firms. These players are profit-driven and are under no real compulsion to comply with the new law—especially in the absence of enforcement mechanisms or attractive government incentives.
3. Lack of Public Housing Alternatives
For such a policy to thrive, the government must lead by example through the provision of competitive public housing units. Unfortunately, Lagos currently lacks sufficient government-owned estates or subsidized housing schemes that could help regulate prices or set a standard for monthly rent structures.
The Way Forward: Own Your Own
Given the current realities, the best long-term solution for most Lagosians isn’t just monthly rent—it’s homeownership.
Buying land and gradually building your own house, or investing in affordable housing schemes, is the most sustainable way out of the rent trap. While this may seem like a big step, the benefits far outweigh the struggle:
You build equity rather than paying rent forever
You enjoy stability and peace of mind
You escape the uncertainty of yearly rent hikes and landlord drama
You create a legacy for yourself and your family
With many flexible land purchase options, payment plans, and real estate investment opportunities now available across Lagos and other developing corridors, homeownership is more achievable than many think.
Final Thoughts
The monthly rent law is a bold and commendable initiative, but without a corresponding increase in housing stock and tighter market regulation, its impact will remain minimal. Until the Lagos housing market becomes truly competitive and inclusive, the best move for individuals is to invest in property ownership.
If you can, start with a plot of land. That single decision could free you from the landlord cycle forever.
