Annual rent payments slowly but surely becoming less fashionable

Living comfortably in the city should not have to be a luxury

Housing in Nigeria as of today is a major headache for the average guy out there. There are so many problematic areas.

Social housing is next to zero. Mortgaged properties are practically non-existent and out of reach from the common man.

Landlords are steady collecting annual rent, knowing well that most people are not paid annually, which makes it very difficult to cough out the rent (and other associated fees) conveniently.

When I discussed this rent wahala with my colleagues — why Nigerian landlords are this rigid with collecting one year advance rent, some say the landlords don’t want to come knocking on your door every month for rent, others are of the thought that they (landlords) like to collect the rent in bulk for easier planning of their financial goals..

Thankfully however, we are beginning to see monthly and quarterly rent becoming available, though the prices are still relatively on the high side. This may be attributed to high-brow locations and not enough housing units on ground yet — Economic factors playing a part here.

A fibre shared apartment (Image credit: Fibre.ng)

Shared apartments are a feature of these online startups, driving down the cost of securing a three-bedroom apartment for example, with each tenant taking a room each — an ideal situation for young working class folks who are not settling down with family just yet.

On a platform like Muster.ng, you get to connect with potential flatmates under the ‘featured people’ section where the idea is to share an apartment together. A mix of monthly and annual rent is collected on Muster.

Websites like fibre.com and Rentsmallsmall.com are setting the trend for the long overdue reform.

Hopefully, the government through its developmental social housing programs follow suit, as well as future landlords.

This should help drive down monthly and quarterly rent prices through competitive business forces.

Music buff who likes to write about tech startups, business, life and more.