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Paying Year’s Rent In Advance Could End In Nigeria

Finding a decent place to live can be a daunting task anywhere, but finding 12 months’ rent in advance is an additional burden faced by millions of Nigerians.

Landlords prefer large upfront payments as it reduces the chances of tenants defaulting. It is better to chase a tenant once rather than 12 times a year, goes the thinking.

But this system might be about to change.

Lawmakers are debating a law to make yearly upfront rents illegal in the capital, Abuja, while authorities in the biggest city, Lagos, are opting for a voluntary scheme beginning next month.

The Lagos state government is hoping that by acting as a guarantor in a new payments system, landlords will be encouraged to switch to accepting monthly rents.

Many residents, especially young people setting out to start a family, like the idea of monthly rents.

Source: BBC

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