What is Rent To Own?
Rent – To – Own is the new policy introduced by the administration of Governor Akinwunmi Ambode to make housing more readily available to the teaming population of Lagos State. This policy is to ensure that more people that wouldn’t have been home owners are accommodated. It is a system whereby prospective home owners make a 5% down payment, take possession and pay up the remaining balance as rent towards the ownership of the property over a period of 10years.
The policy is aimed at bridging the gap of Lagos State Housing deficit of about 2.55 million in the next 10years and sensitizes the citizenry to own a home with 5% of the value as equity.