A rental experience survey by Rent small-small, a technology inclined property company has revealed that 88 percent of Lagos residents would rather pay their rent monthly as opposed to paying the annual upfront payment.
The sample 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 years old who are working-class professionals are seeking to occupy 1 bedroom, 2 bedroom and studio apartments.
Tunde Balogun, cofounder and CEO Rent Small Small said, in Nigeria families experience constant pressures ranging from sourcing annual house rent, paying annual /quarterly school fees to foot basic bills, adding that millennials would rather ease up such responsibilities and reduce the pressure attached.
“It is normal to see landlords in Lagos asking for annual rent and tenants have to pay even if it is not convenient, however, the survey showed that people prefer a more flexible and affordable plan for housing units particularly for young professionals” he explained.
Balogun said funds that have not yet been worked for should not be tied up as rent for a year, adding that 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.
He said as a result it is necessary to revamp the property rental space, adding that since launching in 2018, Rent Small Small has worked on reforming the property rental industry in Nigeria by proffering affordable and flexible payment plans, as well as eliminating discrimination like gender, tribe, etc which renters face regularly.
“Beyond providing flexible payment plan for tenants and helping to source suitable homes, we also try to reduce various possible challenges tenants face when scouting for houses, particularly discrimination based on gender, tribe or cultural values,” he said.
He added that the company also provides rent insurance for property owners against rent default or damages, which fosters a relationship beneficial to homeowners and tenants
“Our mandate is to provide suitable and affordable homes for home-seekers, influence the conception and birth of new homes to boost the livelihood and productivity of Nigerian youths and help homeowners to make their property rentable and profitable,” Balogun explained