The Executive Director of the Ghana Real Estate Developers Association (GREDA), Samuel Amegayibor, has thrown his support behind the proposed rent bill seeking to limit rent advance payments to one year, describing the measure as fair and timely.
Speaking to Joy Business, Mr. Amegayibor acknowledged that landlords have traditionally demanded two years’ rent advance and sometimes more when market conditions allow, noting “Landlords normally take two years’ advance now and more if they have the opportunity.”
However, he revealed that raising such large lump sums is often extremely difficult for tenants, particularly young professionals who are just beginning their careers. “It doesn’t come easy for people to raise those huge sums just to settle rent,” he stated.
According to him, rental agreements should reflect mutual understanding and consideration between landlords and tenants. He urged property owners to appreciate the financial realities facing many renters.
“They should agree and appreciate that it’s a mutual consideration between parties,” he explained. “If they appreciate the need to limit or not demand too much at a time, it goes a long way to help.”
Mr. Amegayibor stressed that the current practice of demanding rent advances covering 12 to 24 months places significant strain on tenants, especially when monthly rents run into thousands of cedis.
“When you start dealing with several thousand a month and multiply it by 12 or 24, it becomes a bit on the high side for people,” he noted.
He concluded that capping rent advance at one year represents a reasonable compromise that balances the interests of both landlords and tenants. “For me, I think the one year should be fair,” he added.
The proposed rent bill forms part of broader reforms aimed at improving affordability and fairness within Ghana’s housing and rental sector.
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