Nigeria—While the rental market in Nigeria awaits the Federal ministry of works and housing to influence state houses of assembly and attorney general to legislate against advance rent repayment, private sector initiatives are offering tenants easy and fewer routes to renting houses.
An example of such a route is Rent4less. This is a very simple product designed to help people pay flexible rent wherever they want to live or work. This means that a lack of lump sum of money to rent a space is no longer a barrier to renting houses or offices in desired locations.
The scheme proving that monthly repayment in Nigeria is possible has announced it raised a fixed-rate series one $ 1million private placement bond to entrench the culture of monthly rent in Africa.
According to Damola Akidolire, managing Director, Alpha Mead Development Company (AMDC): “Rent4less has proven over the last 12 months that it’s a product designed as a response to the economic challenge that came with the pandemic. Because we are a member of a large real estate group, we have the opportunity of drawing insights from the experiences of other businesses within our group.
“One of those insights is the fact that the pandemic reduced the pocket size of most people and businesses and everyone has to reprioritize. So we thought about how we can demonstrate to the market that our “We Care…” brand essence is not just a platitude.” He spoke
Over 80% of Nigeria’s growing population live in rental accommodation and the scheme is glad to have solved a major problem with Rent4less.
The scheme has equally proved that within the short-range they can accelerate growth and replicate their success across Africa.
The senior secured private bond issued by Alpha Mead is another milestone in the series of the company’s expansion strategies to increase access to shelter and perpetuate and the culture on monthly rent payment across the continent’s housing and office markets.