Monthly rent payment provider RENMO says tenants no longer need to struggle with large rent advance payments to secure accommodation, as it promotes an alternative model aimed at making housing more affordable.
Speaking on the Home Owners Show with Hanna Atiase on Saturday, 30th May, RENMO board member Prince Arnold Mortagbe said the traditional practice of paying six months to two years’ rent in advance should no longer be a barrier for people seeking decent accommodation.
“Getting decent accommodation should not break your bank account, neither should you put your life on hold after paying rent,” he said.
Mr Mortagbe explained that under RENMO’s monthly rent model, prospective tenants can be pre approved based on evidence of regular income or consistent cash flow rather than making substantial upfront payments.
He said the company assesses a client’s affordability by verifying income levels before approving applications.
“Our clients’ net income determines their affordability. We verify income and assess affordability to ensure applicants are eligible through consistent earnings,” he said.
RENMO, which operates along the Adentan Dodowa stretch, has been in business for five years and says it has served an estimated 8,500 clients.
According to the company’s policy, a client’s rent commitment should range between 30% and 50% of monthly income.
“At RENMO, we believe a client’s rent should not exceed 50% of their net income,” Mr Mortagbe added.
He said the company was established to help address challenges associated with Ghana’s rent advance system and provide relief for people seeking affordable housing.
Beyond rental support, RENMO also assists clients in financing household items, including furniture and appliances.
“We do not harass our clients. We also support them in purchasing personal items for their homes,” he said.
Story By Martha Seyram Jackson || Metro Digital
