I will prefer quarterly whether as a landlord or a tenant

Yearly is better, avoid land lord's wahala. Meanwhile where Jos people, I dey look for two bedroom

ugh

Monthly rent cant work in nigeria because people will begin to owe for several months. Not cuz they cant pay but just cuz they can do it and get away with it in Nigeria.

Postpaid NEPA bill that is monthly, see how hard it is to get us to pay our bills on time... until it gets to disconnection. So landlords will be evicting us monthly be that before we go pay. Then again you pay last month’s bill on the 10th of this month, of course you dont think your landlord will expect you to pay this month’s bill by the end of this month... you may pay it by the 15th of next month... and the margin keeps getting wider and wider.


In places like canada, rent has to be monthly cuz if na yearly most of us cant pay. The monthly rent of a two bedroom flat in canada can pay yearly rent for a bungalow in nigeria for two years. Since people work and are paid monthly, a considerable chunk of their salary goes to the monthly house rent and its not Nigeria where you can get away with not paying.

talk2hb1:
Neither

Bro this calls for a solution. Marking the comments closely.

I prefer paying yearly, because monthly payment may not be that convenient for tenants that are not just paying house rent alone but also paying for other service charges... Like Electricity, security and the likes.

To fully understand this, take 'NEPA' bill for instance. I have a co-tenant who hasn't paid a dime since October last year. How can such a tenant comply with montly pay of rent. We have many of them like that.

if I ever build my own house in which I would very soon. I am going to be renting out on monthly basis this will help my tenants cut their clothes according to their sizes . A lot of people renting houses do not do their calculations before jumping into the house.

I prefer my current monthly payment

No no yearly

Europeans, Westerners all live on credit.
Their bank account is 0.00. They use credit card for everything. Food, Clothes, Car, Phone contract, mortgage.
And then they spend their lives, working and paying back the credit, month after month.
In that type of life, one can barely save anything. That's why they pay monthly rent. They can never save money like us to pay yearly.
We Nigerians do not have credit system.
Nobody here will give you Food, Clothes, Car, Phone contract, mortgage on credit.
Go and earn your complete money first, before buying anything.
So somehow, we are better at saving money.
We can save to pay annual rent.
But believe me, if you allow your life to go down the path of credit-credit-credit.... you can never gain it back.
Majority of British students take out a student loan to even go to university. And this money is deducted from their salary if and when they get jobs
after graduation.
Many get seriously depressed becuase of this. If they don't pay, it is recorded as a bad credit rating and they can not take more credit for any other thing.
Some just gather small money, enter aeroplane and run to Australia (a country made or formerly British citizens) and start a new life there, never to return to UK.

Mrquincy:
In Nigeria, Monthly rent would have been the best. This will make everyone, especially the youths to sit up and work to earn a living, instead of being online trolling people and commenting on every nonsense Tunde Ednut posts. The thought of being homeless at the end of the month will make Nigerians work hard or become creative to earn a living.

Monthy How?
So where are the youth now?
If they can't pay only 1-month rent, is it 12 months rent they will pay?
The person that is homeless is already homeless, 1 month or 12 months.

My fear is that when people can pay 12 months (1 year) rent by being disciplined and saving money, then you now come and tell them to pay only
1 month rent, they will think they have excess money. Then spend it anyhow on shoe, watch and phones and then indeed become broke and homeless the next month.

Depends. You must be wealthy to pay yearly rent in Europe or the US. They pay monthly because that is what the vast majority can afford after taxes and other bills.

Rent is relatively cheap in Nigeria so a lot more persons can afford to pay a full year (even 2) at once.

Monthly is a no no.

Yearly is preferable.


Property is an investment, some take loan to build houses, so recuperating the fund invested in short term is the only option. I would prefer if the tenants can pay 5yrs.

Bahddo:
Depends. You must be wealthy to pay yearly rent in Europe or the US. They pay monthly because that is what the vast majority can afford after taxes and other bills.
Rent is relatively cheap in Nigeria so a lot more persons can afford to pay a full year (even 2) at once.

Exactly.
I paid £180 monthly in UK for a one-room flat. At the time, £1 = N250
In fact it was just 1 room with cooker and cabinet on one side. I used to go outside to take my bath.
That gives N540,000 annual rent for a 1-room flat.
What kind of bullshit is that?
Big boys in Lekki were paying that kind of money for 3 bedroom flat.

tobicool:


Bro this calls for a solution. Marking the comments closely.

Ayam not Overstanding
Repetez S'il Vous Plait

Nigerian always making lives difficult for Nigerians.

How do you accept a yearly rent and in advance from people whose monthly salaries are not even stable or come when expected? This is one reason tenants especially in Lagos are being exploited and rental cost is skyrocketing daily. Some landlords even collect 3years advance payments from new tenants.

Pay conveniently.....monthly, quarterly,yearly........

My apartment at Asaba rent is quarterly and every tenant is happy n moving on smoothly

Gudlite:


Sir,

You didn't even add drinking money and agent fee oooooo on top of agreement and Caution. Lol

Drinking money is from #15,000.00
and agent fee is 10% of the Yearly rent

Very soon they will add parking space fee. Lol

Seriously it really getting annoying just to rent 3 bedroom flat, you spending a million naira for a year rent. Be like I go just buy land for mowe build house there. You start hearing crazy things agent too wants 100k. It's crazy.

Aboguede:
Sure even landlords would accept monthly but Nigerians and their usual wise life styles will always spoil every agreement


By the way it is not right to compare Africa or Nigeria to europe or America cox one single room rent in europe alone is like 4 or five months rent in lekki phase 2. So even Europeans can not afford to pay rent yearly

I hv visited African countries.. and rent is paid Monthly..

Keemsleek005:


Since you are a landlord pls let me ask you some questions? What is the agreement fee all about? Why will a landlord demand 150k for agreement fee and 70k for caution fee? Excluding agent fee.

Has he answered your question or he has disappeared? I reminded him of this question, he hasn't replied.

MISTAICEY02288:
Hmmm nice topic. This question has even been in ma mind sef.. Why is it that rents are paid yearly in Naija? It's usually paid monthly abroad. Na for Naija the landlord go don collect the whole payment finish at once then when e spend am finish, e go come begin dey kanra for tenant anyhow...

Lol! So true. Every small thing about the tenant will be vexing him as he remembers how he spent the rent finish in one week on his small girlfriend

philip0906:

Has he answered your question or he has disappeared? I reminded him of this question, he hasn't replied.

He has not replied my brother lol.

cococandy:
When you pay $2,500-$3,000 monthly for a decent size family home, then you know there’s no comparing the monthly vs yearly rent in both climes. The difference is too much.

You are earning around $70k to $100k yearly, so why art thou complaining?

kay29000:


Lol! So true. Every small thing about the tenant will be vexing him as he remembers how he spent the rent finish in one week on his small girlfriend

Lmao.. Asin ehn. You don get am

This topic reminds me of years past when rents almost everywhere in Nigeria was two(2) years. God is good.

If what the landlords wants to do with the bulk money can also be partitioned into monthly payments would the monthly be then prefered?

illuminaty:
yearly will be a better option for both parties...the landlord gets his/her money in bulk to do something meaningful with it while the Tennant pays once a year and focus on something else for the remaining part of the year

Olhomes:
It's so common to see many people, especially in Europe, US or Canada paying rent on a monthly basis. Whereas in Nigeria, most people pay yearly

Would you prefer to pay your rent monthly or yearly?
Landlords, would you prefer to accept rents monthly or yearly, too?

In Ogun State: 6 months to 1yr( 1 yr usually, but you can plead for 6months)

In Cotonou/Benin: 3-4 months....Agent's fee is 1 month's rent, Caution fee for light/water( goes to landlord) is : 1 month's rent or negotiated.

I prefer monthly. There was this tenant who was some months behind in paying his rents. So I asked if he would like monthly payment which he accepted. This guy couldn't still meet up, he left the house with 10 month rents and that idea. Going through that stress every month is just too much.

The yearly wey Dem dey pay, how many dey pay rent in due time kwanu.

1 month go pass, 2 month go pass, up to 6months yet some tenant never show up, the rent of one year Dem go carry over.

Worst be say, some go codedly come pack out ontop the rent wey e no pay and months of wasted time living free, na I'm u wan do monthly.

U go just die as a landlord from excuses if you try am

omoharry:
I support rent on a Yearly basis..what if you are on a monthly rental plan and suddenly you lost your job after paying for your last month rent..what will happen to you since you know you do not have money anymore to pay for the rest of your stay.But with a one year rent, you will have more months to stay without wahala from your landlord pending when you search for another job before the rent expires.

Yeah, this is why people in the west live from paycheck to paycheck. Once job is lost, they are dead.