Economics Social

Reprieve as Landlords in Kenyan agree to reduce rent by 0.01%

Property owners in Kenya have decided to cut down rent by 0.01% in response to the Covid-19 pandemic.

In a move that is meant to cushion Kenyans in these difficult times, the landlords said that they were moved by empathy and decided to help Kenyans who are struggling with job losses, business closure and movement restrictions.

“We urge all Kenyans to use the money they save from this act of benevolence to buy food, ginger and sanitizers,” said a Landlord from Githurai. “We are committed to helping Kenya to fight this pandemic and our action speaks for itself.”

The move means that those who pay a rent of KShs 10,000 will now pay 9,999 while those who pay a rent of 3k will now be paying 2999.7 Shillings.

Asked if the amount would be enough to make a difference, the landlords argued that the net effect would be very big. “We are talking of 47 million people each saving an average of 1 bob, which means we are injecting 47 million shillings to the economy every month.”

The landlords reminded the tenants that rent will still be due on the 5th of every month and any late payment will attract a penalty of 10%. The government thanked the association of landlords for the move which is a good example to other countries. “The move is part of the housing project under the Big Four Agenda.”

Before the Covid-19 Pandemic, Landlords in Nairobi had started to offer a trial period in a bid to boost occupancy.