Property developers and vendors are offering accommodation seekers an option known as ‘Rent4Less’ that allows renters to keep a larger chunk of the sum they could spend on rent by paying only one month and moving into their new apartment.
The initiative not only addresses the challenges associated with Nigeria’s rising cost of living but also tackles accommodation and commuting problems in Nigeria’s big cities, particularly Lagos, where securing a house and moving from one point to another is a near-nightmare for the majority of the residents.
It is also launched into the Lagos rental market as a response to the state’s quest for a monthly rent that not only eases the burden of advance rent payment but also allows renters live in accessible locations.
The new initiative is being driven by Alpha Mead Development Company, the property development arm of Alpha Mead Group. According to officials of the company, Rent4Less is a monthly rental property platform that offers innovative solutions to the problem of accommodation.
“This initiative addresses the specific needs of young professionals and others who wish to live close to their workplaces on the island, thus minimising the time spent navigating through the city’s congested roads,” said Wale Ofufalu, managing director, of development, Alpha Mead Development Group.
Odufalu explained further: “Rent4Less is not only reshaping the real estate landscape, it is also contributing to a more sustainable and liveable Lagos. As it continues to evolve, its role in reducing the economic losses associated with traffic congestion becomes increasingly evident, offering a glimmer of hope for a more efficient and productive urban future.”
Explaining the way the new initiative works, Odufalu said Rent4Less identifies and lists properties in areas that are not only affordable but also strategically positioned for quick and efficient commuting, adding that, by offering accommodation options close to major business hubs, it empowers individuals to live and work in proximity, reducing the strain on transportation networks.
“Recognising the diverse needs of its user base, Rent4Less offers flexible rental models and encourages monthly plans that align with the dynamic nature of modern work. This flexibility allows residents to adapt their living arrangements to changing work schedules, reducing the need for lengthy daily commutes during peak traffic hours,” she said.
A major high point of the initiative is that it fosters a sense of community among residents through various initiatives, creating a supportive network that goes beyond traditional landlord-tenant relationships.
This sense of community contributes to a positive living experience and encourages residents to explore work opportunities within their immediate vicinity.
The initiative, the MD said, has so far provided affordable accommodation options that are strategically located and reduced the number of individuals contributing to rush-hour traffic. This eases the strain on transportation infrastructure and allows residents to reclaim valuable time for personal life, side hustles, and ultimately, increased productivity in their professional endeavours.
“Recent estimates suggest that Lagos loses a staggering N4 trillion annually to traffic-related issues, impacting not only the financial health of the city but also the well-being of its citizens.
“In the midst of this chaos, innovative solutions like Rent4Less are emerging and playing a pivotal role in alleviating the impact of traffic and improving the overall living experience, particularly in the very busy parts of the city,” she noted.