How To Pay Your House Rent Easily In Nigeria - Jobverion
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How To Pay Your House Rent Easily In Nigeria


How To Pay Your House Rent Easily In Nigeria

How To Pay Your House Rent Easily In Nigeria


House rent is the money paid to a house owner either monthly or yearly, in order to use the house either for personal or commercial purposes.

Housing as we know is one of the basic needs of man. Majority of Nigerians lives in rented apartments, according to the National Bureau of Statistics’ recent studies that reveals that, house ownership rate in the urban areas in Nigeria is about 48%.

With this statistics in mind, we can safely conclude that tenants are faced with the issue of rent payment each passing day. Nigeria’s Rent System The uniqueness in the way Nigeria’s system is run sometimes creates an undesirable effects.

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House rent is one of such things, as most cities in Nigeria only accepts rent payment upfront annually. The problems this has on the tenants are quite numerous.

Majority of the people lives on Monthly salaries while others survive on a day to day earnings. Putting this side by side with rent payment, you will notice that meeting up with house rent is a major problem to Nigerians.

Unlike other countries around the world, where rents are paid monthly, Nigeria is backward in this regard. Most times, Some tenants can’t meet up with the annual repayment and landlords in some cases won’t be open to negotiations.

This scenario can bring about a whole lot of conflict between both parties and relationships could be severed.

But is there a way out of this issues?

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This questions brings us to the next section of this article.


How To Pay Your House Rent Easily In Nigeria

It is worthy to note that one of the best and proven way to pay your house rent easily is through a monthly savings plan.

According to the rule of thumb in personal finance, you are expected to spend 25-30% of your annual salary on rent.

Say for example, you are earning a total of 1,000,000 Naira per year, according to the rule, you are expected to spend between 250,000-300,000 Naira on rent. Leaving 700,000 Naira for other expenses.

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Steps To Achieving An Easy House Rent Payment And Repayment

  • You will need to open a stand alone rent savings accounts account in any of your favorite bank.
  • Whether you are a salary earner or you owned a business, you will take like 25-30% of your monthly earnings and deposit into this account.
  • Try as much as possible not to withdraw for any other expenses. If you do, ensure to replace.
  • When this is achieved, you will have enough to settle your house rent.
  • Another advantage is that your savings amount will accumulate some interest based on the rate of the bank used.

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If you carefully follow the steps and recommendations in this article, be rest assured, your next house rent payment or repayment will be a whole lot simplified than previous cases.

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