A real estate company, Zylus Group international, has launched an exclusive product to enable the common man own a house. The Chief Executive Officer, Zylus Group international, Mr. Oluwatosin Olatujoye, made the disclosure to stakeholders in Lagos on Monday.
According to Olatujoye, the newly launched product, Rentizy, which is the first of its kind in the country is designed to cater to human housing need as well as provide an opportunity for investors to secure an alternative source of genuine and profitable income with the aim of adding value to the end-user.
The product which is a brainchild of the investment arm of the company is set to deliver a three-tier benefit to clients. The Zylus Group boss while speaking with stakeholders said that “the word ‘Rentizy’ is a coinage from ‘rent made easy’ and is in the market to solve the challenge of rent and housing.
“This product offers three benefits which are as follows; rent to live, rent to own, and investment. If you want to rent an apartment in Lagos, it is expected that you would have to pay your rent in block yearly. What the rent to live pack of Rentizy is designed to do is to enable the customer the leverage of paying his/her rent in bit monthly. That way it eliminates the burden of paying in bulk.
“Under the rent to own pack, instead of building a structure and demanding outright payment for it, the rent to own package enables the client to live in the apartment and pay for it as though he is paying rent in installments until the entire sum is paid and the house becomes his/hers.
“The third aspect is the investment aspect of it because it is still some people that will own these buildings. So, the investment part of this is where people can put in their resources to building projects and after the buildings have been erected, they receive a share of the rent.
As opposed to land banking whose interest rate is relatively long term, Rentizy is envisaged to deliver up to 40 percent interest per fourteen-month tenure.
Meanwhile, the Chief Financial Officer for the company, Mr. Wasiu, said that the product is an opportunity to ensure that over the course of immigrants stay in a megacity like Lagos, they can purposefully direct their income towards acquiring something that is truly theirs by taking advantage of the flexible payment plan.
“We have realized that some people have been in Lagos for as long as ten years and for some twenty years and as of today, they do not have a house of their own. They still pay rent and after some time move to another location to rent all over again. That is the problem for some people because they need to have a house of their own. By taking advantage of the rent-to-own package, immigrants can have a house of their own,” He said.