The Lagos State Government has implemented a significant reform in the housing sector by introducing flexible rent payment options, giving tenants the freedom to pay rent monthly, quarterly, or annually—with a maximum limit of one year’s advance payment.
In a joint press release, Commissioner for Housing, Mr. Moruf Akinderu-Fatai, and the Special Adviser to the Governor on Housing, Mrs. Barakat Odunuga-Bakare, announced the reform after a strategic consultation with the Estate, Rent and Commission Agents Association of Nigeria (ERCAN).
A Tenant-Friendly Rent Policy in Lagos
Mr. Akinderu-Fatai emphasized that the Lagos government is committed to easing the rent burden on citizens. By collaborating with real estate stakeholders, the administration seeks to create a tenant-friendly environment that fosters affordability, transparency, and consistency in rent agreements.
This move comes as part of efforts to curb unethical practices in the real estate sector, such as:
- Unjustifiable rent increases
- Illegal and non-statutory service charges
- Commissions that exceed legal limits
According to the Lagos State Real Estate Transaction Law, estate agent commissions must not exceed 10% of any transaction. The commissioner urged real estate associations to help identify and report unlicensed agents who violate these guidelines.
Real Estate Associations to Lead the Charge
The government also urged ERCAN and similar professional bodies to promote the flexible rent payment model among their members, encouraging landlords and agents to adopt monthly, quarterly, or yearly payment plans.
The goal is to:
- Eliminate exploitative practices
- Make rent more affordable for Lagosians
- Support landlords with structured and consistent rent inflow
- Encourage better compliance among tenants
ERCAN’s Support for the New Rent Model
ERCAN President Godwin Aleke welcomed the government’s initiative, pledging the association’s full support. He promised to work alongside the government and other stakeholders to encourage professionalism, eliminate malpractice, and restore trust in Lagos’s real estate industry.
“We are ready to collaborate with the government in creating a more transparent and ethical housing system in Lagos,” Aleke said.
What This Means for Lagos Tenants and Landlords
With this new policy, tenants will no longer be forced into bulk rent payments that strain finances. Instead, they can choose flexible payment options that suit their income and lifestyle. Landlords, on the other hand, will benefit from consistent payments and better tenant relationships.
Learn More About Real Estate Regulations in Nigeria
For more information about real estate law in Lagos, visit the official Lagos State Real Estate Regulatory Authority (LASRERA) website.
If you’re interested in understanding more about housing reforms in Nigeria, check out our blog post on how rent control laws affect Nigerian tenants and landlords.
World Bank on Housing and Urban Development
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