The Lagos State Government has reiterated its commitment to enforcing a flexible rent payment structure, allowing tenants to pay monthly, quarterly, or annually, capped at a maximum of one year. This was made known in a joint statement by the Commissioner for Housing, Mr Moruf Akinderuâ€Fatai, and the Special Adviser to the Governor on Housing, Mrs Barakat Odunugaâ€Bakare, following a consultative session with executives of the Estate, Rent and Commission Agents Association of Nigeria, ERCAN.
Akinderuâ€Fatai emphasised that the administration is working closely with stakeholders to facilitate a seamless transition to the new rent structure, designed to provide relief for prospective tenants and promote transparency within the real estate market. The commissioner also voiced concerns over unethical practices among real estate agents, including unjustified rent hikes and the imposition of non-statutory charges. He stressed that such actions contravene the Lagos State Real Estate Transaction Law.
He noted that the law not only outlines the responsibilities of estate agents but also stipulates that their commission on real estate transactions must not exceed 10 per cent. Akinderuâ€Fatai called on professional associations to report unlicensed agents who encourage landlords to inflate rent prices and impose fees not recognised by law. He further urged ERCAN to champion the promotion of monthly, quarterly, and annual rent options among its members.
According to him, the goal of the revised payment model is to curb arbitrary practices, improve affordability, protect landlords’ interests, and foster steady rent compliance by tenants.
In response, ERCAN President Godwin Aleke assured the government of the association’s support for the new rent regime. He pledged to collaborate with relevant stakeholders to promote best practices and restore professionalism in the state’s real estate sector.
