Connect with us

Business

Rent and Earn: Oscar Danladi’s Bet on Nigeria’s Broken Housing Market

info

Published

on

WhatsApp Image 2026 03 20 at 7.10.43 AM.jpeg

Oscar Danladi founded Rentstay to address Nigeria’s chaotic rental market after becoming frustrated by misleading listings and excessive agency fees. His platform aims to streamline the rental process by enabling direct tenant-landlord interactions, verifying properties, and offering digital caution-fee management. Rentstay seeks to transform how rentals work, ensuring transparency for both parties.

Fwangmun Oscar Danladi had done everything right. He had found a listing, confirmed a price, and arranged a viewing. The apartment, a two-bedroom flat in Jos, had decent road access, reasonable rent, and looked promising on paper. Then he arrived, and the agent asked him to wait.

“He needed to call someone else who knew where the property was,” Danladi recalls.

What followed was a slow unravelling. One agent became two, then three. Each new arrival got into Danladi’s car and directed him further down a road that bore no resemblance to what had been described. By the time they reached the property, Danladi had been in the car for the better part of an hour. The house was nothing close to what he had asked for.

Then came the real surprise: despite all of this, the agents still expected to be paid an amount more than the initial agreement, because “more people had gotten involved.”

Danladi is not the kind of person to write off a bad experience. Instead, he started asking questions. Why does renting in Nigeria require navigating an arduous path laden with unnecessary middlemen and agents? Why is a ₦500,000 apartment so often actually a ₦900,000 apartment, once agency fees, legal fees, and caution fees are piled on? Why is there no system?

“It just dawned on me,” he says. “This is what almost everybody goes through.”

Nigeria has a housing problem that its property market has largely failed to solve. The country’s urban population is expanding at roughly 2.8% to 3% annually, and demand for rental accommodation in cities like Lagos, Abuja, and Jos continues to outpace the supply of quality, verifiable listings. Sadly, this deficit is both physical and structural.

The informal networks that dominate Nigeria’s rental market, where a tenant finds an agent who knows an agent who knows a landlord, with fees accumulating at every handshake, have remained largely unchanged for decades. Technology has made its way into fintech, logistics, agrotech, and healthcare. Rental housing, for the most part, has been left behind.

A handful of startups have tried to close the gap. RentSmallSmall pioneered the rent-in-instalments model in Lagos. PropertyPro.ng built a listings aggregator. But outside the major southern cities, the informal system still holds. In a city like Jos, the kind of multi-agent chaos Danladi experienced is not a bug but a feature.

Danladi’s response was to spend months in research mode, mapping the problem before building a solution. RentStay.

Together with Jonah Onah and Abel Ochika, Danladi co-founded Rentstay, a rental platform designed, as he describes it, not just to list properties but to restructure how the entire rental transaction works.

“The system allows the tenant to go in, create an account, and you can verify your identity during registration. The property owner also has a dashboard where he can create a property listing. We then verify the property by doing background checks on th property to ensure transparency. Tenants can directly chat with the property owner via our platform,” Danladi says.

The most immediate promise is zero agency fees. Rather than paying agents to unlock access to viewings, users interact directly with landlords through the platform, where properties are listed, digitally managed, and verified before they go live.

The verification model is where Rentstay departs from the usual proptech playbook. Rather than relying purely on document checks, the platform uses a network of local affiliates who function a bit like traditional agents but with a different mandate. Their job is to confirm that a property physically exists and matches its description. They are paid for that confirmation, not for closing a deal.

It’s a subtle structural shift, but the incentive change matters. A traditional agent profits when a transaction closes, regardless of whether the tenant is satisfied. Rentstay’s affiliates profit when information is accurate. Whether that holds at scale is a question the platform has not yet had to answer.

The more unusual piece of Rentstay’s model is what it does with the caution fee
The more unusual piece of Rentstay’s model is what it does with the caution fee.

In Nigeria, caution fees, sometimes called cushion fees, are a standard part of the rental process. Tenants pay a lump sum upfront, meant to cover potential damage, and routinely struggle to recover it when they move out. The money sits idle, earns nothing, and is often the subject of disputes.

Rentstay holds caution fees digitally and invests them through what Danladi describes as insured financial channels. Tenants earn a 5% annual return on that deposit. When they leave — assuming the property is in good condition — they get back both the original amount and the interest it accumulated.

“You’re renting, but you’re also earning” – Danladi Oscar

For landlords, the platform offers a different value proposition: structure. Tenant verification, automated payment tracking, and property management tools are bundled together, which is an appealing pitch for landlords who currently manage everything through phone calls and paper receipts. Getting them to actually use it is the harder part.

Danladi is straightforward about this. Older landlords, accustomed to dealing in cash and relationships, will not convert overnight. The strategy is incremental: start with early adopters, let results travel by word of mouth, and where needed, lean on younger family members already comfortable with digital platforms to bring the older generation along.

Rentstay launched in Jos in March 2026, which is a deliberate choice. The platform’s founders are from there, knows its contours, and is realistic about the limits of dropping a new product into a market without roots. And already, the site visits show promise with hundreds of new users indicating interest in RentStay.

The five-year target is 2,500 properties under management. Danladi calls it modest, and it is, relative to the size of Nigeria’s housing market. But he frames the goal less as a number and more as a proof of concept. If Rentstay can shift how tenants and landlords in Jos think about the rental relationship, the larger cities become easier to enter.

The harder questions are still ahead. Fake listings are endemic in Nigerian proptech, and no amount of affiliate verification eliminates the possibility of fraud — it only adds friction. Maintaining landlord engagement on the platform, rather than reverting to direct deals once they’ve found a tenant, is a problem every Nigerian proptech startup has encountered. And the caution fee investment model, while compelling on paper, introduces financial risk that will need regulatory clarity as the platform scales.

None of this makes Rentstay’s ambition unreasonable. It makes it difficult in the specific, familiar ways that building in Nigeria is always difficult.

Danladi drove nearly an hour on a bad road to reach a house that didn’t match its description, and at the end of it, agents still asked for more money. That experience sits at the centre of what Rentstay is trying to solve — not by making housing frictionless, which may be too much to promise, but by making it at least legible. A market where tenants know what they’re paying for, and landlords know who they’re dealing with.

“There are properties, but there’s no system” – Danladi Oscar

Rentstay is his attempt to build one.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Climate tech overtakes fintech as Africa’s top venture funding sector

info

Published

on

By

CVC climate tech.jpg

MTN ADVERT

Climate tech, the field of technologies and solutions that are increasingly adapted to tackle the climate crisis, has emerged as Africa’s top venture funding sector, confining fintech, which has dominated the scene for years, to the back seat.

The sector accounted for less than a quarter of the aggregate venture capital that flowed into Africa in the nine years to 2025, according to a report released Tuesday by London-based research house Briter.

Climate tech’s role in venture funding became particularly pronounced in 2025, when it alone contributed 40 per cent, or $1.5 billion, compared with other years in the near-decade period under review, the study said. That was up from 13 per cent or $206 million in 2016.

“This growth has been accompanied by a rapid expansion in the number of funded companies and deals,” the report titled “The State of ClimateTech in Africa 2.0: Moving Beyond the Headline Numbers,” stated.

“Between 2016 and 2025, ClimateTech companies raised approximately $6.35 billion across 779 companies,” the research, conducted by Briter, conducted along with Catalyst Fund, BFA Global, FSD Africa and Africa: The Big Deal, added.

PT WHATSAPP CHANNEL

Nigeria’s growing profile

The report indicated that Nigeria, Africa’s largest nation by population, is quietly building a reputation as a climate-solution powerhouse, second only to Kenya. It attracted 12.9 per cent of the continent’s total investment between 2019 and 2025.

That said, Kenya, which tops the group of the three largest markets, which also includes South Africa, took more than half of the pool. It implies Nigeria needs to cover a vast swathe of ground within the ecosystem in the years ahead to stand a chance of leading Africa.

The country remains the fintech capital of Africa for years, with fintech revenue currently standing above $14 billion at a compounded annual growth rate of 31.4 per cent. The prestige has ridden a prolonged payments-led boom that has produced unicorns like Flutterwave, OPay and Moniepoint, with valuations above $1 billion.

Nevertheless, the report’s emphasis on climate tech as the newest sweetheart of offshore investors means that sector may end up as the leader of the broader tech industry in a matter of years, provided the current funding tempo doesn’t slow.

READ ALSO: Group urges FG to scale up clean cooking to achieve climate targets

It highlighted areas such as logistics, farmer-to-market links, and post-harvest loss reduction as bright spots where Nigeria can leverage its potential in climate tech.

A case in point is Lagos-based Winich Farms and a generation of new platforms, which it said have drawn inspiration from Twiga Foods, a mobile-enabled B2B supply platform operating from Kenya.

Winich and those others, the research said, are forging ahead where Twiga faced difficulties in its early days, as they are now incorporating market access, embedded finance and logistics, helping them avert costs that otherwise could have gone into building physical infrastructure. Walking that path has also cleared the hurdle for Winich Farm and the rest to link farmers up with off-takers, “rather than assuming demand will follow supply,” it noted.

Continue Reading

Business

Universal Insurance Reaffirms Reliability with ₦1.35bn Q2 Claims Payout

info

Published

on

By

4e2b391f b427 4ea8 a833 a4b6e71961c1.jpeg

Universal Insurance Plc, Nigeria’s top underwriter, said it has paid a total of ₦1.35billion in claims during the second quarter of 2026.

This milestone according to the company highlights its ongoing commitment to customer satisfaction and the prompt settlement of genuine claims across its diverse business lines.

Tge company noted that theu claims were paid across key portfolios, including Agriculture, Aviation, Bond, Engineering, Fire, General Accident, Marine, Motor, Oil & Gas, and Special Risk insurance, demonstrating the company’s capacity to support its policyholders when they need it most.

Speaking on the performance, the Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, noted that the impressive claims payout reflects the company’s financial strength, operational efficiency, and customer-centric philosophy.

“At Universal Insurance Plc, our customers remain at the heart of everything we do. Insurance is built on trust, and nothing demonstrates that trust more than our ability to honour genuine claims promptly. The payment of over ₦1.35 billion in claims within the second quarter of year 2026 is a clear testament to our unwavering commitment to standing by our policyholders in their moments of need.”

He emphasized that prompt claims settlement remains a core strategic priority for the company as it seeks to strengthen trust in the insurance industry and deliver exceptional service to individuals, businesses, and corporate organizations.

The insurer added that every genuine claim is processed with professionalism, transparency, and urgency to ensure minimal disruption to the businesses and daily lives of its clients.

As it deepens its market presence, Universal Insurance Plc plans to continue developing innovative products, leveraging technology for faster service delivery, and maintaining high standards of corporate governance to protect the lives, businesses, and investments of its clients.

The post Universal Insurance Reaffirms Reliability with ₦1.35bn Q2 Claims Payout appeared first on Business Today NG.

Continue Reading

Trending