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Would you like monthly rent payment or yearly rent payment?
PIC CREDIT: Homesandhomes

Would you like monthly rent payment or yearly rent payment?

Last week Punch reported that Nigerians may start monthly rent payment going by the latest resolution between the federal and state governments on the matter.

According to Punch, the clamour for the monthly payment of rent by clients in the housing sector received attention at the recently concluded sixth meeting of the National Council on Lands, Housing and Urban Development.

Opinions from people on social media was however different in a baffling way. While some people seemed to go with the monthly rent payment, other people who responded to the Vox pop on rent payment monthly or yearly clamoured for yearly rent payment. It seemed as though the yearly rent payment isn’t particularly frowned upon as such. Maybe rent payment of two years at a go is an issue, but not yearly rent payment, from what we gathered.

Adedapo, who was first to comment with his reasons went with the monthly rent payment. According to him, “Monthly. Because my salary is paid monthly.” Ojokwu however said that he would rather pay yearly because it knocks out the monthly stress.”

Wale said, “Annually… Because there is a provision for me to collect my annual housing allowance in my office, so I think it’s nice to make the money serve it’s real purpose”

Pearl and Erah said they would like their rent on a monthly basis. According to Pearl, she said she would like monthly rent payment because it helps if you no longer wish to continue with your lease due to different circumstances . Erah agreed with monthly too because in her own words, “…that’s how it is here in America? Unless you want to pay a whole year rent?”

Tunde said, “Yearly would be better.. You just pay once and worry about the rest of your needs. Monthly payment is such a short duration.. But for annual, it would give enough time to make preparation for the fee. Same for Ayodeji too. He said, “I prefer to pay on an annual basis. I’ll find it stressful paying monthly.”

Mercy said, “Yearly. Some months are tough. Lots of expenses. You’d make up for the rent with savings for the less expensive months..”

Chiwueze said, “İt’s best to pay monthly thereby reducing social pressure and corruption. I’m here and pay 1 month deposit. If you pay more than that the Landlord will even suspect you”

Emmanuel said, “Yearly. So I can take my mind off it and focus on other bills.” Daniel said same. Daniel said that paying rent yearly gives him time to gather the money for the rent. In his words, “monthly does not give me time to settle”

Olajide also opined that, “Yearly is ideal. Other big expense may pop up anytime and that would affect the rent fro the month..”

Same for Ifeoluwa, he said, “I’ll prefer a yearly payment because I’ll be able to attend to other things. Moreover, some unexpected expenses that could make me default the monthly payment may come up. The fear of bills sef na something else.”

Ayo expressed his thoughts on monthly rent payment, he was concerned about how people earn their wages/salaries. In his words, ” One of the reasons people are put in untold hardship or forced to steal is this yearly rent payment. It is never done on any civilised country.” Finn and Jerry however preferred that rent be paid every two years!

According to The Guardian, experts, comprising estate surveyors and developers who  expressed divergent views say, the proposal will increase house rents, discourage property investments, engender black market dealings.

Let’s have your views on this. Would you love to pay your rent on a monthly or a yearly basis? Is the monthly rent payment a valid concern or something to just discard?

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