In a bid to make housing more affordable for residents, the Lagos State Government has taken a fresh step to break the age-old “one-year rent” tradition by promoting more flexible payment options.
From now on, landlords in the state are expected to accept monthly, quarterly, or yearly rent payments—but nothing beyond a year. This move, according to the government, is designed to ease the pressure on tenants who often struggle to raise large sums for annual rent payments.
Speaking after a recent meeting with estate agents, Lagos State Commissioner for Housing, Mr. Moruf Akinderu-Fatai, said the government is fully committed to ensuring that house payment is no longer a nightmare for residents.
“We are not just talking. We are already working with key players in the real estate sector to make this rent structure work for everyone,” he said in a joint statement with the Governor’s Special Adviser on Housing, Barakat Odunuga-Bakare.
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The Commissioner explained that the government is also worried about the rising cost of rent and illegal charges being imposed on tenants. He blamed this on the unethical actions of some unqualified estate agents and warned that such practices go against the Lagos State Real Estate Transaction Law.
Akinderu-Fatai urged all registered estate agents to stick to the law, which clearly states that agent fees must not exceed 10% of the total transaction. He also encouraged them to report fake or unlicensed agents who mislead landlords into charging outrageous rents.
“We want a system that works for everyone. Landlords deserve their income, but tenants also deserve peace of mind,” he said.
President of the Estate, Rent and Commission Agents Association of Nigeria (ERCAN), Mr. Godwin Aleke, assured the government of their full support. He said the association would help spread the word among its members and work with others to clean up the real estate space in Lagos.
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