|By Adejumo Adekunle-
…Cracks down on arbitrary charges, seeks voluntary compliance
…Estate agents urged to embrace monthly, quarterly rent options
The Lagos State Government has reaffirmed its determination to implement a more flexible rent payment system that allows tenants to pay monthly, quarterly, or annually—with a strict cap on one-year advance payments.
In a fresh move to tackle housing affordability and unethical practices in the real estate sector, the State Government has appealed to landlords, estate agents, and other stakeholders to voluntarily align with the revised payment structure. The initiative, according to authorities, is designed to ease financial pressure on renters and promote a more transparent housing market.
Speaking during a strategic meeting with the leadership of the Estate, Rent, and Commission Agents Association of Nigeria (ERCAN), Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, and Special Adviser to the Governor on Housing, Barrister Barakat Odunuga-Bakare, urged agents to comply with the Lagos State Real Estate Transaction Law, which stipulates a maximum of 10% chargeable fees on real estate transactions.
The officials expressed concern over rising rent defaults linked to unchecked rent hikes and inflated agent fees. They called on ERCAN members to address the rising influence of quack agents who incite landlords to increase rents arbitrarily and charge illegal fees.
Akinderu-Fatai encouraged ERCAN to actively promote monthly, quarterly, and annual rent options among their members, emphasizing that the government is committed to fostering a rent-friendly environment through collaboration and continued engagement.
“The Lagos State Government is committed to protecting both tenants and property owners, curbing indiscriminate practices, and ensuring that rent remains affordable across the state,” he said.
ERCAN President, Mr. Godwin Aleke, pledged the association’s support for the government’s rent reform initiative, stating that ERCAN would work with other professional groups to improve the standards of the real estate sector.
The meeting, which held as part of an ongoing stakeholder engagement process, was also attended by the Permanent Secretary of the Ministry of Housing, Engr. Abdulhafis Toriola, and other top directors in the ministry.
