Tenants May Soon Pay Less as Lagos Plans Adjustments of Exploitative Rents, Agency Fees
- The Lagos Assembly is considering a new Tenancy Bill aimed at protecting tenants from excessive charges by estate agents
- The bill will ease the financial burden on accommodation seekers, reduce landlord-tenant disputes, and encourage private investment in housing
- The proposed law also includes provisions for landlords to insure their properties and inspect them with prior notice to tenants
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.
A member of the Lagos State House of Assembly, Mr. Stephen Ogundipe, has said that the proposed Tenancy Bill currently before the House is aimed at safeguarding tenants from undue exploitation by estate agents.
Ogundipe, who chairs the House Committee on Information, disclosed this in Lagos during an interview with the News Agency of Nigeria (NAN).
The lawmaker explained that the bill was drafted in response to public outcry over excessive charges imposed by agents, particularly the high agency fees on rents.
Source: UGC
Recall that Legit.ng earlier reported the Lagos state government had announced its intention to enforce penalties against homeowners discovered to be charging excessively high rents for their apartments.
The government had introduced official channels through which residents can report property owners and agents who violate housing regulations.
The government stated that its laws do not permit arbitrary charges such as caution fees, inspection fees, or finder’s fees, and the Lagos State authorities have officially classified these charges as unlawful.
New law to protect tenants, landlords
Ogundipe noted that one of the major provisions of the bill is the reduction of agency fees on annual rent payments from 10% to 5%, a move he believes will ease the financial strain on residents seeking accommodation.
According to him, the legislation will not only protect tenants and landlords but also create an environment of trust that encourages real estate investment.
Ogundipe said:
“The new bill currently under consideration by the House is designed to protect the rights of both tenants and landlords. It will also reduce disputes and remove barriers to large-scale housing development by private investors."
New law to end landlord, tenant clashes
He stated that the law, once passed, will put an end to many of the recurring controversies between landlords and tenants.
He added that the move would also help define the rights and responsibilities of all parties, reduce conflicts, and promote peaceful coexistence.
Ogundipe commended stakeholders who took part in the recent public hearing, saying their contributions would help ensure a fair and balanced law.
He further highlighted the importance of reviewing current laws on property insurance and pointed out that the bill also grants landlords the right to inspect and maintain their property after giving tenants due notice.
Source: Getty Images
Lagos to launch monthly rent payment
In related news, Legit.ng earlier reported that the Lagos state government plans to introduce monthly and quarterly rent payment options to ease the financial strain on residents.
Housing commissioner, Moruf Akinderu-Fatai, explained that this policy aims to make housing more affordable by providing flexible payment methods.
He said that a pilot phase for the initiative is currently being developed in consultation with landlords and other stakeholders.
Source: Legit.ng
