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THE CASE FOR MONTHLY TENANCY IN JOS: Here's A Beneficial Shift

The Case for Monthly Tenancy in Jos: A Beneficial Shift
The traditional yearly tenancy agreement has been the norm in Jos, Nigeria. However, introducing a monthly tenancy system could bring numerous benefits to both tenants and landlords.
Benefits for Tenants:
1. Flexibility: Monthly tenancy agreements offer tenants the flexibility to move more easily, whether due to changes in employment, education, or personal circumstances.
2. Reduced Financial Burden: With monthly tenancy, tenants can avoid paying a year's worth of rent upfront, reducing their financial burden and making housing more affordable.
3. Increased Options: Monthly tenancy agreements can provide tenants with more options for housing, as they're not locked into a long-term contract.
Benefits for Landlords:
1. Regular Income: Monthly tenancy agreements ensure landlords receive regular, predictable income, reducing the risk of rent defaults.
2. Faster Vacancy Turnover: With monthly tenancy, landlords can quickly re-rent properties, minimizing vacancy periods and maximizing rental income.
3. Competitive Advantage: Offering monthly tenancy agreements can attract a wider range of tenants, giving landlords a competitive edge in the rental market.
Key Terms and Conditions:
1. Direct Debit Payments: All rental payments must be made through direct debit to ensure timely and convenient payments.
2. Deposit Requirement: Tenants must pay a deposit equivalent to at least one month's rent, which will be refundable at the end of the tenancy agreement, subject to any deductions for damages or unpaid rent.
3. Proof of Regular Income: Tenants must provide documentation showing regular income, such as payslips, bank statements, or a letter from their employer, to ensure they can afford the rent.

Protecting Tenants' Interests: 
Dealing with Licensed Agents
To ensure a smooth and secure rental experience, tenants are advised to deal only with licensed agents. This will help prevent scams, ensure compliance with regulations, and provide recourse in case of disputes.

Government Regulation of Rents
To maintain affordability and fairness in the rental market, the government can regulate rent amounts. For example:
- 3-bedroom apartments in Rayfield: ₦1 million - ₦1.5 million
- 3-bedroom apartments in Bukuru: ₦400,000 - ₦600,000

Unified System with Accessors and Directors
A unified system with accessors and directors can help streamline the rental process, reduce disputes, and ensure compliance with regulations. This system can:
- Provide a centralized database of licensed agents and properties
- Establish clear guidelines for rent amounts and payment terms
- Offer mediation services for disputes between tenants and landlords

By introducing monthly tenancy agreements, regulating rents, and establishing a unified system, we can create a more transparent, affordable, and sustainable housing market in Jos.

A production of Jos360 Business Hub 
Charles David Lapmoen 
President 

Comments

  1. AnonymousMarch 10, 2025 at 1:05 AM

    This is a beautiful one on the plateau.

    ReplyDelete
  2. AnonymousMarch 10, 2025 at 9:24 AM

    That’s bullshit we are okay with the yearly payment

    ReplyDelete

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