Renmo: Ghanaian Company Pays Full 2-Year Advance Rents For 400 Tenants To Be Paid Back Monthly

• An innovative Ghanaian team has come up with a groundbreaking innovation to solve a key issue facing the youth in Ghana
• The founded the company called Renmo to help both landlords and tenants in Ghana to settle their major 2-year advance rent problem
• In the past year, about 400 Ghanaians have benefited from the innovation by getting their rents paid by Renmo and paying pack monthly

A Ghanaian-owned company called Renmo has assisted 400 tenants in Ghana to fund their rent advances, which would have otherwise been difficult.

As YEN.com.gh previously reported, landlords have refused to accept monthly payments even when the law states that the rent advance should be 6 months at the most.

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As a way of solving the problem, an innovative Ghanaian team founded Renmo which is now making the process suitable for both landlords/landladies and tenants.

Joshua Agyekum, one of the 400 individuals whose rents were paid by Renmo in the past year excitedly explained that it was almost a dream-come-true for him when all his rent was paid without a headache.

“I chanced on RenMo via Instagram and I was WOWED. This is too good to be true! Like, there is a company that does this in Ghana? I called them immediately and here I am paying rent on a monthly basis," he mentioned.

According to the Renmo website, the process is to simply apply with a bank statement and fill in personal details to be verified.

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Why landlords insist on charging 2-year advance

Speaking exclusively to YEN.com.gh, Desmond, a landlord who owns an apartment complex at Afrienya, explained why he no longer gives out his property monthly. He said:

Initially, I was charging rent monthly but tenants always defaulted on payments. Asa result, cashflow was irregular and the money I received was never substtaintial enough to embark on other projects. It is the attitude of Ghanaians that made me to start charging yearly for my apartments.

Some landlords that give out their properties for rent annually have said that they do so out of necessity, not because they are greedy.

Source: YEN.com.gh