The Lagos State Government is stepping up efforts to clean up its real estate sector. It aims to protect tenants from rising rents and illegal charges.
At a recent meeting with stakeholders, the Commissioner for Housing, Moruf Akinderu-Fatai, urged estate agents to act against fake practitioners. These individuals encourage landlords to charge unfair rents and fees not recognized by Lagos law.
The commissioner raised concerns about the increasing rent hikes and unauthorized charges. He said such actions break the state’s real estate rules and add pressure on residents. He called on licensed agents to help regulate the system and restore order in rent practices across Lagos.
Akinderu-Fatai stressed that rent should be paid monthly, quarterly, or yearly. Tenants should not be asked to pay more than one year upfront. This model, he said, would make housing more affordable and reduce rent default. The state is working with key players to roll out the system smoothly for both tenants and landlords.
At the meeting, he was joined by the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare. Together, they reminded agents of the real estate law. It allows for a maximum charge of 10 percent on property transactions. They also urged agents to promote the flexible rent model to their clients.
In response, ERCAN President Godwin Aleke assured the government of the group’s full support. He said members of the association are committed to fair rent and will help curb bad practices in the sector. He promised to work with other stakeholders to bring back trust in the real estate business.
The meeting is part of the government’s wider plan to engage with industry players. It wants to create a fair, affordable, and transparent rental system for everyone in Lagos.
