New payment solution from Rentease
18 November 2023 |
2:06 am
Spurred by the need to help Nigerians get affordable housing rentals through monthly payment as opposed to the bulky yearly rent payment, Rentease has unveiled reliable solutions to stress-free installment payments for properties from locations across the country.
Spurred by the need to help Nigerians get affordable housing rentals through monthly payment as opposed to the bulky yearly rent payment, Rentease has unveiled reliable solutions to stress-free installment payments for properties from locations across the country.
According to the Managing Director Rentease, Tope Adewoye during the official unveiling of the brand in Lagos recently, the idea is to ease many Nigerians of the financial struggles to pay the traditional wholesome yearly rent especially as inflation further hits the country. “The idea is to simplify the rent process in Nigeria and help Nigerians live in affordable comfortable homes. We have been to different African countries like Kenya, South Africa, and Ghana etc, just to do some simulations and we observed that rentals in these countries are monthly while Nigeria is yearly. We then did another simulation to find out if this yearly rent payment was a problem for Nigerians and we discovered that a lot of people struggle to pay their rent in this country. When it’s time to pay rent, people start running helter-skelter to pay their rent. This was what brought about the idea of MyRentease.”
Adewoye continued: “We want to bring a system where people will pay their rent monthly. Rentease will finance the bulk yearly rent to landlords and landladies, while the tenants would pay back to us monthly. This would build a monthly culture of rental payments into people. Nigerian Landlords are not used to monthly rentals for now, but we want to build the culture step by step. And then we would go to the landlord and start educating them on the importance of monthly rent – this is the bigger picture for MyRentease.”
Addressing the standard of property and parameters put in place to ensure that tenants do not default on their monthly rent payments, Adewoye said, “our targets for now are salary earners and Rentease ensure to get properties that suit their lifestyles. Properties put out on our platform are standard properties. In terms of default and securities, as a representative of both tenants and property owners, we have put in place systems that allow both Rentease and property owners to sign a tenancy agreement. We are subletting the property to the tenant. So basically Rentease is the tenant of that property, we would now sublet it to people for monthly rentals. That is the arrangement we have with the landlords and the tenants. It will get to a stage where you are going to sign a sub-tenancy agreement with us because we have already pre-signed an agreement with the landlord posting their properties on our platform. These properties are also insured. We have insurance partners that we work with.
So with Rentease you get insurance coverage in case of death, sickness and critical illnesses. Since we are only dealing with salary earners for now, the rate of default will be minimal because we already have a payment system connected to your salary account. So once the salary is coming in, the repayment is happening.”
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