Eight out of 10 Lagosians prefer to pay their rent on a monthly basis instead of paying annually according to a survey by Proptech platform, to a survey titled ‘88 per cent of Nigerians prefer to pay their rents monthly’, more than half of those surveyed are working class professionals. The survey which involved 1,389 adults focused on their renting pattern and preferences also found that 851 of these people were youths between 20 and 40 years’ old who are working class professionals, seeking to occupy one bedroom, two bedrooms and studio apartments.
Co-Founder and Chief Executive Officer, RentSmallSmall, Tunde Balogun, who commissioned the Proptech platform for the analysis of the data, said, “Naturally, it is easy to assume that because Nigerians would like to pay their rents upfront for one or two years in some cases.
“This is because that has always been the pattern, considering that it is what the landlords want.
“This time, however, it is amazing to see that a lot more Nigerians want something different from the norm.”
In a country like Nigeria, where it appeared to be commonplace for families to experience constant pressures ranging from sourcing annual house rent, paying annual or quarterly school fees to footing basic bills, he said, it was not surprising that the cycle was not one that millenials wanted to continue as adults.
Balogun added, “Personally, I do not believe that funds that have not yet been worked for should be tied up as rent for a year you have not experienced at all when you can make the money work for you and enjoy a level of financial stability.
“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.”
Since its launch in 2018, it stated that RentSmallSmall had begun revolutionising the property rental industry in Nigeria by eliminating discrimination, which renters faced on a regular basis and providing flexible payment plan, including monthly plans.
The statement said the study proved that Rentsmallsmall was on the right track towards reorganising the rental market.
Since inception till date, it stated, it had chosen to remain focused on providing ease of access and affordable housing units for young people.