In Nigeria, we are all used to annual rent payments. Some landlords take up to two years rent upfront. This isn’t news but with the current economic instability, where everything costs more and the margin of affordability is shrinking. 

There have been rumors that the government intends to take action on the issue but nothing has been officially established yet. 

One of the major challenges to this initiative is the risk that it poses to the landlords. A monthly payment system can lead to tenant defaults.

Landlords worry that adopting monthly rent payments will reduce the tenant’s commitment to their property. It could lead to gaps in how much revenue they are able to make from their properties. 

Landlords love this annual rent payment system because tenants are less likely to break their lease after putting in one year’s worth of rent. The huge capital upfront they gain from the lump sum of the money is a more attractive package to them. 

However, the Monthly payment structure is more affordable for upcoming young professionals, and fresh graduates who have just left school and don’t have a huge amount of money saved up. 

Paying their rent monthly makes it easy for them to find their feet while trying to get a head start in their career. The financial gap between young people who are just coming up and seasoned professionals who have gone far ahead should be considered, which is the idea that prompted rent financing 

Rent financing is one of the best solutions available to tackle this issue that has plagued many tenants in Lagos. There are third-party platforms that handle the lump sum of rent payments providing an opportunity for young professionals to start from where they are and pay their rent monthly. 

There has been significant growth in the number of platforms that provide the services in Nigeria. Their main goal is to assist and support people in this regard.

The service is also available to landlords and property managers to provide other flexible means of payment options for their prospective tenants. 

A partnership with a rent financing company like Ule Homes where they take on the risk of the monthly rent payments from your payments. 

Ule Homes will ensure that landlords get the total amount of rent sum for a year, while they provide the leniency for tenants to pay their rent monthly. 

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Advantages of Monthly Rent Payments

Flexibility in Budgeting

Paying your rent monthly can help you take an overview of your living expenses in a month. It is a good encouragement to drive you towards ensuring your monthly income is enough to cover your needs. This knowledge can be harnessed into a positive drive for financial stability. 

Your financial goals should not be on hold because you are saving up for the lump sum of your rent. The moment you set your rent as an automatic payment, you know how much you can save towards other goals. 

How Ule Homes Can Help You Pay Your Rent Monthly. 

Breaking free from annual rent payments is achievable with Ule Homes. Whether you are dreaming of moving to a new apartment or you need assistance with your current rent payments.

Ule Homes is ready to walk the journey with you. We will pay your landlord your rent fee while you are placed on an automated monthly rent payment. 

Start your journey with us, visit our website at www.ulehomes.com to know more about us and what we do.

Ready to get started and pay your rent monthly, fill out our KYC form here. 

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