KEY POINTS

• Lagos government reaffirms the one-year rent limit for tenants.

• Estate agents warned against charging illegal fees and inflating rents.

• Government seeks collaboration to improve real estate practices.

The Lagos State Government has reaffirmed its commitment to enforcing a maximum one-year rent limit, with options for monthly and quarterly payments.

Moruf Akinderu-Fatai, the Commissioner for Housing, made the announcement following a meeting with the Estate, Rent, and Commission Agents Association of Nigeria.

This policy aims to address rising rent costs and combat the imposition of unauthorized fees by estate agents.

Estate agents warned against unethical practices and illegal fees

The government has expressed concerns about unethical practices among real estate agents, including unwarranted fees and arbitrary rent increases.

These practices violate the Lagos State Real Estate Transaction Law, which specifies that estate agents can charge a fee of no more than 10 percent on real estate transactions.

The government is actively engaging with stakeholders to ensure compliance and maintain fair practices in the real estate sector.

Collaboration sought to improve rent payment practices in Lagos

According to Punch, Akinderu-Fatai emphasized the government’s commitment to working with stakeholders to improve rent payment structures and eliminate unethical practices.

He called on estate agents to reject unqualified individuals who encourage rent inflation and the imposition of illegal fees.

The government’s initiative aims to make rent more affordable, protect property owners’ interests, and ensure consistent rent payments.