85% of Lagos Residents Prefer Monthly Rent To Make Plans For Investments, ACLong Term Projects

85% of Lagos Residents Prefer Monthly Rent To Make Plans For Investments, ACLong Term Projects

A survey carried out by Rent small-small, property technology company has revealed that 85 per cent of Lagos residents would rather pay their rent monthly as opposed to paying the annual upfront payment.

This, the survey said, would make it easier to pay utility bills, make investments plans, take vacation breaks and make plans for long term projects adding that, beyond providing flexible plans for tenants it would reduce various possible challenges tenants face when scouting for houses, particularly the discriminations based on gender, tribal differences and cultural values.

The survey which polled 1,389 adults revealed the renting patterns and preferences found out that 851 of these people are youths between 20 and 40 years old who are working class professionals are seeking to occupy 1 bedroom, 2 bedroom and studio apartments.

Speaking on the issue, founder and CEO Rent small-small, Mr. Tunde Balogun said in Nigeria families experience constant pressures ranging from sourcing annual house rent, paying annual/quarterly school fees to foot basic bills, noting that most of the millennials would rather ease up such responsibilities and reduce the pressure attached.

He explained that the survey showed that people prefer a more flexible and affordable plan for housing units particularly for young professionals while stating that funds that have not yet been worked for should not be tied up as rent for a year.

He said as a result of this it is necessary to revamp the property rental space adding that since it’s launching in 2018, Rent small-small had worked on reforming the property rental Industry in Nigeria by proffering affordable and flexible rental plans, as well as eliminating the discriminations on tribe, gender, religion which renters face regularly.

He added that the company also provide rent insurance for property owners against rent default or damages, which foster a relationship beneficial to homeowners and tenants.

“Our mandate is to provide suitable and affordable homes for home-seekers, influence the birth of new homes to boost the livelihoods and productivity of the Nigerian youth and help homeowners to make their property rentable and profitable,” he concluded.


Dominic Nwodo

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