88% of Lagos tenants prefer monthly rent payment

Eight out of 10 Lagosians would rather pay their rent monthly as against yearly payment, a survey has shown.

The survey, which polled 1,389 adults about their renting pattern and preferences, also found that 851 of these people are youths between 20 and 40, who are working-class professionals, are seeking to occupy one-bedroom, two-bedroom and studio apartments.

“Naturally, it is easy to assume that because Nigerians would like to pay their rents upfront for one or two years in some cases. This is because that has always been the pattern, considering that it is what the landlords want. This time, however, it is amazing to see that a lot more Nigerians want something different from the norm”, said Tunde Balogun, co-founder and CEO for proptech platform ‘Rent Small Small’ who commissioned the analysis of the data.

In a country like Nigeria, where it appears to be commonplace for families to experience constant pressures ranging from sourcing annual house rent, paying annual /quarterly school fees to foot basic bills, it is not surprising that this cycle is not one that millennia’s want to continue as adults.

Tunde Balogun said: “Personally, I do not believe that funds that have not yet been worked for should be tied up as rent for a year. When people can rent monthly, it makes it easier for them to pay their bills, make investments, take vacations and make plans for long term projects”.

Since its launch in 2018, ‘Rent Small Small' has begun revolutionising the property rental industry in Nigeria by eliminating discrimination, which renters face on a regular basis and providing flexible payment plan, including monthly plans.

This study proves that ‘Rents mall small’ is on the right track towards reorganising the rental market.

Since its inception to date, they have chosen to remain focused on providing ease of access and affordable housing units for young people, providing flexible payment options which resonate with Nigerian young professionals and organising the rental market so as to create a level playing field for all stakeholders.

‘Rent Small Small' is a property technology platform that provides a unique rental solution to Nigerians in order to improve the home-seekers rental experience and increase the homeowners' occupancy rate.

Balogun said the model is unique as it allows verified tenants to find property on-the-go, stay within budget, and pay rent flexibly.

"We provide first of its kind rent insurance for property owners against rent default," he added.