Minister for Works, Housing and Power, Babatunde Fashola has called for a re-evaluation in the way Nigerians pay two years house rent ahead of time in hopes to get a suitable apartment. He said this while speaking at a press conference in Abuja recently.
The way we collect rent is something that must change. If we are collecting two years rent in advance from a salary that is going to be earned in arrears monthly, there’s an accounting mismatch. This is something many of us have experienced, you pay two years rent in advance money you haven’t earned.
Something is distorted somewhere in our accounting model. We must all resolve, property owners alike, that maybe if we changed the way we collected rent alone many houses that are unoccupied, will be occupied. I am inclined to think that if we just change the payment system for housing we will accommodate a significant number of people.