The Lagos State Government has reiterated its commitment to implementing a rent payment system that includes monthly, quarterly, and yearly options, with a maximum limit of one year per payment cycle.
The Commissioner for Housing, Moruf Akinderu-Fatai, made this announcement in a statement he co-signed with Mr. Barakat Odunuga-Bakare, the Governor’s Special Adviser on Housing, on Wednesday. The announcement followed a recent meeting with executives from the Estate, Rent, and Commission Agents Association of Nigeria (ERCAN).
Akinderu-Fatai emphasized that the government is working closely with stakeholders to ensure a smooth transition that benefits those seeking accommodation. He also addressed concerns over rising rents and additional fees being charged in violation of the Lagos State Real Estate Transaction Law.
The commissioner expressed the government’s concern over unethical practices by estate agents, which have led to an increase in rent defaults. He reminded real estate professionals to follow the law, which limits agent fees to no more than 10% of transaction costs.
Akinderu-Fatai encouraged estate agents and related organizations to denounce unqualified individuals who advise property owners to unjustifiably raise rents or impose unauthorized fees. He assured that the government is committed to working with all stakeholders to improve the rent payment structure, aiming to make rents more affordable, protect property owners’ interests, and ensure consistent rent payments by tenants.
In response, Mr. Godwin Aleke, President of ERCAN, expressed his support for the government’s monthly, quarterly, and yearly rent payment system. He promised to collaborate with other professional bodies and stakeholders to improve real estate practices in the state.