I was just thinking. Most countries collect monthly rent and I believe if the same can be implemented by the law in Nigeria, it would great improve our real estate sector in the following ways:

1) The average Nigerian will be able to afford it. Imagine receiving minimum wage of N18,000 and you can pay N2-5k per month for a one room apartment(depending on the area). This will take a lot of people off the street and they'll be less squatters.

2) It will increase the quality of houses built: If everyone can pay for just a month, landlords will have to make better provisions in their houses and give better service because they'll realise that a tenant can decide to leave anytime he wishes and thus will do anything to retain that tenant.

3) Better tenant behaviour: Landlords will have more power to eject any tenant that misbehaves because the demand for houses will sky rocket

4) Better pricing: I believe with increase in demand prices will reduce. However, this rule is not often applicable in Nigeria. Take the current fuel scarcity as an example. The government will have to ensure better rent pricing and enforse it

At the moment, this is all I can think of. Any ideas/suggestions/arguments?

someday u'll become a landlord and u'll knw hw important it is to collect money in bulk

tonywirelex:
someday u'll become a landlord and u'll knw hw important it is to collect money in bulk

Really? So, other countries that practise this don't know how important it is huh?

I believe the only reason you posted this comment is because you belong to the school of thought that believe being a landlord and offereng homes to let is a favour to the tenant. Truth is, its a business and you're offering a service.

You probably haven't travelled out to other countries to experience the benefits of monthly rent. Someday you'll travel out and you'll understand that collecting money in bulk here in Nigeria doesn't really have any positive impact on the country and the economy

hahn:


Really? So, other countries that practise this don't know how important it is huh?

I believe the only reason you posted this comment is because you belong to the school of thought that believe being a landlord and offereng homes to let is a favour to the tenant. Truth is, its a business and you're offering a service.

You probably haven't travelled out to other countries to experience the benefits of monthly rent. Someday you'll travel out and you'll understand that collecting money in bulk here in Nigeria doesn't really have any positive impact on the country and the economy

truth is,u can't change a tin...just sit-back,relax and watch them old folks do them tin...

tonywirelex:
truth is,u can't change a tin...just sit-back,relax and watch them old folks do them tin...

"People who believe that a goal cannot be achieved should sit back, keep quiet and watch people who are trying to accomplish it"

It used to be like that in the 70's. One month rent one month security and pay monthly after that, until things changed for both Landlord and Tenants. Lots of stories from both sides.

Hajji M.

mufutau55:
It used to be like that in the 70's. One month rent one month security and pay monthly after that, until things changed for both Landlord and Tenants. Lots of stories from both sides.

Hajji M.

Do you have any idea of the things that "changed"?

hahn:

Do you have any idea of the things that "changed"?

I am talking about changes between relationship with Landlords and Tenants and Government not passing a law that affects all this.

Hajji M.

mufutau55:


I am talking about changes between relationship with Landlords and Tenants and Government not passing a law that affects all this.

Hajji M.

True

I will as well like the ideal but it pay the landlord more as rent will increase tenant that lost is jobs move to the street next month loool,

@TBrownAuto,
I have seen posts from your Properties Forum here in a long time.. I am sure by now the building is completed, so you abandoned us.
we don't even hear from OLUWA-CHAMPION anymore. But welcome back.

Hajji M.

hahn:


Really? So, other countries that practise this don't know how important it is huh?

I believe the only reason you posted this comment is because you belong to the school of thought that believe being a landlord and offereng homes to let is a favour to the tenant. Truth is, its a business and you're offering a service.

You probably haven't travelled out to other countries to experience the benefits of monthly rent. Someday you'll travel out and you'll understand that collecting money in bulk here in Nigeria doesn't really have any positive impact on the country and the economy

What you fail to realise is that the countries tthat have monthly rent will also guarantee eviction for non payment of rent. In Canada you will get a court date in 21 days and once even 1 day late rent is established that gets automatic judgement for the landlord on top tenant go pay all court costs and interest.

Tenancies are also for minimum 1 year in Cansda and 6 months UK

gabbytabby:


What you fail to realise is that the countries tthat have monthly rent will also guarantee eviction for non payment of rent. In Canada you will get a court date in 21 days and once even 1 day late rent is established that gets automatic judgement for the landlord on top tenant go pay all court costs.

True.
But the court always ask if you are able to pay and at what period
the payment would be spread. They don't eject at first default.

Moreover, it's always the first and last payment. The last is not even compulsory.
And you get the stove and fridge with your rental.

Most often, utilities, cable and internet are inclusive of the rent paid.

All these are absent in Nigeria despite the fact that income is low. Mortgage is
also virtual non-existence

demantruth2:


True.
But the court always ask if you are able to pay and at what period
the payment would be spread. They don't eject at first default.

Moreover, it's always the first and last payment. The last is not even compulsory.
And you get the stove and fridge with your rental.

Most often, utilities, cable and internet are inclusive of the rent paid.

All these are absent in Nigeria despite the fact that income is low. Mortgage is
also virtual non-existence

Which countries do court ask if you can pay. Even UK that are a bit lenient will give suspended possession on first infraction and might ask the landlord if they will accept rent plus a portion of arrears and if you then default they can effect possession without coming to court.. The child wey them born when I start to work in real estate done finish university.

gabbytabby:


What you fail to realise is that the countries tthat have monthly rent will also guarantee eviction for non payment of rent. In Canada you will get a court date in 21 days and once even 1 day late rent is established that gets automatic judgement for the landlord on top tenant go pay all court costs and interest.

Tenancies are also for minimum 1 year in Cansda and 6 months UK

I'm well aware of that actually but some landlords here collect 2years minimum and only few clients collect yearly rent.

I just feel it will make it easier for people to get access to accomodation if its monthly rent

hahn:


I'm well aware of that actually but some landlords here collect 2years minimum and only few clients collect yearly rent.

I just feel it will make it easier for people to get access to accomodation if its monthly rent

Yes it will but at what cost and who is to bear that cost. There needs to be a balance in the system.

Personally, I was part of the one year brigade until I started to witness the antics of our people.
1) They will lie in their rental application about their source of income or the lack thereof.
2) They will go out of their way to rent a property they know they cannot afford on an ongoing basis.
3) Aunty, Uncle, man and woman friends, dad, mum and all the extended family will contribute the first year rent and after this they will start to beg or fight you to remain in the property that they cannot afford.
4) Like children some also develop this sense of entitlement to free rent amongst other free things and the concept of paying your way is alien to them.
5) Unfortunately a lot also act irresponsibly about their obligation and try to play a fast one at every opportunity.

I still collect 1 year rent but fully support and understand why people will collect 2 or more. For people like me its an investment and I still have second mortgages taken out to cover their repayment such that I cant afford this kind of behaviour from our people. There is a reason why everywhere we go in the world people get apprehensive about letting to 9ja. Its an unfortunate situation that needs to be addressed.

gabbytabby:


Personally, I was part of the one year brigade until I started to witness the antics of our people.
1) They will lie in their rental application about their source of income or the lack thereof.
2) They will go out of their way to rent a property they know they cannot afford on an ongoing basis.
3) Aunty, Uncle, man and woman friends, dad, mum and all the extended family will contribute the first year rent and after this they will start to beg or fight you to remain in the property that they cannot afford.
4) Like children some also develop this sense of entitlement to free rent amongst other free things and the concept of paying your way is alien to them.
5) Unfortunately a lot also act irresponsibly about their obligation and try to play a fast one at every opportunity.

I still collect 1 year rent but fully support and understand why people will collect 2 or more. For people like me its an investment and I still have second mortgages taken out to cover their repayment such that I cant afford this kind of behaviour from our people. There is a reason why everywhere we go in the world people get apprehensive about letting to 9ja. Its an unfortunate situation that needs to be addressed.

You write up makes a lot of sense. There's no point among what you've written that can be disputed. Its really sad though. We are the architects or our own misfortune

mufutau55:
@TBrownAuto,
I have seen posts from your Properties Forum here in a long time.. I am sure by now the building is completed, so you abandoned us.
we don't even hear from OLUWA-CHAMPION anymore. But welcome back.

Hajji M.

Thanks bro, its not easy i have completed the project me too collect one year rent, plan collecting 1 month as well you will still see tenant refuse to pay its funny the country is sick now it feels real estate in nigeria are for the rich the poor should just forget it.

first we need to understand how this thing work, country that practice oe month guarantee the landlord quick recovery of payment as he or she might as well use loan or mortgage to acquire the properties which payment need to be service.

here the government those not guarantee that u see tenant with 2 to 3yr rent debt still shouting we will go to the court and still the govt bring dues to be paid and you are not to default yet tenant hold u its funny if the govt can set this law to back the landlord am telling 90 will move to monthly as its will lead to high rent then you see bank really doing their job and it will be accommodation to your level.

but check in Nigeria most tenant 90% live above their income they always depend on side money to meet up if that fail problem don come imagine someone on minimum wage of 18k plus allowance of 5k living in surulere room and parlour of 200k now how those he feed transportation do maintenance it funny that nigerian for u

gabbytabby:


Which countries do court ask if you can pay. Even UK that are a bit lenient will give suspended possession on first infraction and might ask the landlord if they will accept rent plus a portion of arrears and if you then default they can effect possession without coming to court.. The child wey them born when I start to work in real estate done finish university.

Haaahha, if you reside in T.Dot and have probably been to the small claim court on
Younge & Sheppard or others like that, they'll surely ask you how you intend to off-set the
rental dues.

You 'll need to work with them on time frame, though.

I know this because it happened to me in 2001 with my friend when we were
student at York of U. Well, may be the JP was only lenient on us sha oo
because we were both student then and just loss our job