To ameliorate the harsh pressure businesses and individuals encounter in securing office space and residential accommodation, due to demand for rent advance in excess of one to two years by landlords, Alpha Mead Facilities (AMF) Ghana, subsidiary of Alpha Mead Group, a total real estate solutions company, has introduced a new product intended to bridge this gap.
The initiative dubbed “Rent for less,” seeks to acquire prime facilities in urban spaces for both office use and residential purposes, and rent it to clients on strictly monthly basis or otherwise based on the clients’ desired payment method.
According to Management of AMF, the practice of paying rent advance over a year or two, is quite disheartening as workers are paid on monthly basis and businesses make revenue on daily and monthly basis, therefore, to be left with the choice to pay for rent advance for such long periods is very worrying and it’s committed to bringing relief to Ghanaians.
Chairman, Board of Directors, AMF Ghana, Kennedy Okosun, said even more worrying of this phenomenon is not because developers have stopped building, but rather an interesting paradox of scarcity amid plenty, with low occupancy rates on the one side and unmet demands for housing on the other hand mainly due to the practice of having to pay yearly or more advance for rent.
“It is the difference between willingness to pay and ability to pay. Many Ghanaians want to live in these apartments, they want to avoid the stress of commuting two to five hours between residence and workplace.
Unfortunately, the current rent pattern in our nation which requires a tenant to pay between six- and twenty-four-months advance rent creates a huge gap between our people’s wish to live in comfortable environments and the size of their pockets,” he said.
Mr. Okosun reiterated that AMF’s goal is to drive a new culture of rent payment for Ghanaians and to unlock the economic engines of real estate assets for developers, landlords and investors whose properties have been idle for too long; and support government’s initiative to help every Ghanaian meet their shelter needs.
The Rent for less initiative is touted as a revolutionary thinking designed into a product-service that will transform the housing and office rent market in Ghana through an innovative system of flexible rent payment.
Managing Director of AMF Group, Femi Akintunde, who joined the launch programme via zoom from Nigeria, indicated that Rent for Less was introduced first in Nigeria and it met the unique market needs of Nigerians seamlessly.
He added that it has been extremely helpful in Nigeria and the other African countries where it was introduced during the pandemic when businesses and individuals were struggling. He is, therefore, hopeful of its ability to address this challenge in Ghana and bring some relief to the teaming youth.
Interested persons and organisations are urged to visit the AMF website to get all the details on the prime facilities and their locations as well as procedures for rent.