What will it take for monthly rent payment to work in Nigeria?
Renting in Nigeria can feel like an extreme sport. Not only is there a shortage of affordable housing in many cities, but renters that do find a suitable property typically have to fork out a whole year’s rent in advance to secure it, if not two.
This longstanding norm of annual rent payments reduces risks for landlords and gives them more financial flexibility. Some tenants prefer it too. But with Nigeria’s economy in crisis and the cost of living sky rocketing, the pressures of coming up with huge bulk payments for somewhere to live are becoming unbearable for many.
What will it take for monthly rent payment to work in Nigeria?