A property-technology (Proptech) company, Rent Small Small, has launched an estate in Awoyaya area of Lagos. The estate is its first solely managed residential estate since it opened for business in 2018.
The estate, known as Freedom Park, comes with over 100 apartments, offering space for young professionals looking for a vibrant community where they can express their independence, creativity, and improve their productivity.
“We are happy that more landlords and developers have trusted us with their properties. This is the first time we are taking on an entirely newly built estate,” Tunde Balogun, Co-Founder and CEO of the company, noted during a tour of the facility.
With this facility, the company is set to spoil prospective tenants given the low rents that will be paid monthly. The 100 apartments, which comprise studio/1 bedroom apartments, are available for letting from as low as N50,000 per month.
“This brings down the price attached to quality living, giving even more people access to decent homes on a budget that they can conveniently afford,” Balogun assured.
The low monthly charge resonates with a rental experience survey that the company conducted earlier, revealing that 88 percent of Lagos residents would rather pay their rent on a monthly basis as opposed to paying upfront annually.
The sample survey which polled 1,389 adults about their renting pattern and preferences also found that 851 of these people are young people between 20 and 40 years old who are working-class professionals, seeking to occupy 1 bedroom, 2 bedroom and studio apartments.
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Balogun noted that, in Nigeria, families experience constant pressures ranging from sourcing annual house rent, paying annual/quarterly school fees to footing 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.
He is of the opinion that 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 becomes easier for them to pay their bills, make investments, take vacations and make plans for long term projects.
For that reason, he added, it is necessary to revamp the property rental space, recalling that since launching in 2018, the company 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 on a regular basis.
Alongside the residential estate, the company relaunched its version 2.0 website and a brand new mobile app as it marks its second year anniversary. The website which is a major improvement from version 1.0 has undergone tweaks and corrections.
It now features an improved user experience that offers users access to the information they need, simple and easy search; quick and easy navigation from page to page, and improved mobile experience. With this, users can pay and renew rent online from their dashboard.
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