Lagos vows commitment to monthly, quarterly rent payment

Lagos vows commitment to monthly, quarterly rent payment

The Lagos State Government has confirmed its commitment to implementing monthly, quarterly, and yearly rent payments, with a maximum of one year.

Mr Moruf Akinderu-Fatai, Commissioner for Housing, made the announcement in a statement signed on Wednesday by him and Mr Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing.

Akinderu-Fatai talked during a recent exploratory meeting with executives from the Estate, Rent, and Commission Agents Association of Nigeria (ERCAN).

He stated that the administration is actively engaging with stakeholders to facilitate a smooth transition for individuals seeking lodging.

He stated that the Lagos state government had instructed experts and trade groups in the real estate sector to address public complaints over persistent and frightening rent rises, as well as the imposition of excessive fees.

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These practices, he claimed, were currently taking place in violation of the Lagos State Real Estate Transaction Law.

He expressed the Lagos state government’s concern about unethical practices by estate agents, which had resulted in an increase in rent defaults.

Akinderu-Fatai reminded practitioners to follow the law, stating that the existing law recognises their roles and limits chargeable fees to 10% on real estate transactions.

He also encouraged estate agents and related bodies to report unqualified individuals who inflate rents arbitrarily and introduce fees not recognised by the state’s real estate transaction laws.

He also urged ERCAN members to promote the monthly, quarterly, and yearly rent system among their members.

The commissioner emphasised the government’s readiness to engage with all parties to develop the rent payment mechanism.

According to him, this framework will put an end to indiscriminate tactics, make rent cheaper, protect property owners’ interests, and ensure that tenants pay rent on time.

Responding, ERCAN President Godwin Aleke reaffirmed the assistance of his members in advocating the state government’s monthly, quarterly, and yearly rent system.

He promised to collaborate with other professional bodies and stakeholders to clean up the state’s real estate practices in the future.

Lagos vows commitment to monthly, quarterly rent payment