LASG Affirms Implementing Monthly, Quarterly, And Yearly Rent Payments
By Mohammed Adekola
The Lagos State Government has reasserted its dedication to implementing a flexible rent payment system, allowing for monthly, quarterly, and yearly options, with a maximum limit of one year.
This announcement was made in a joint statement by Mr. Moruf Akinderu-Fatai, Commissioner for Housing, and Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing, on Wednesday, April 9th, 2024.
During a recent meeting with executives from the Estate, Rent and Commission Agents Association of Nigeria, Akinderu-Fatai stressed the government’s commitment to ensuring a smooth transition for individuals seeking accommodation.
He highlighted the administration’s ongoing efforts to engage with stakeholders and address public concerns regarding increasing rent prices and unwarranted fees within the real estate sector.
Akinderu-Fatai further noted that these practices are in violation of the Lagos State Real Estate Transaction Law, emphasizing the government’s intention to tackle unethical conduct among estate agents that has led to a surge in rent defaults.
Mr Akinderu stated that the existing law recognised their roles and specified a percentage of chargeable fees of not more than 10 per cent on real estate transactions.
He encouraged estate agents and related bodies to actively denounce unqualified individuals who advise property owners to inflate rents arbitrarily and introduce fees not recognised by the state’s real estate transaction law.
He aurged ERCAN members to promote the monthly, quarterly, and yearly rent system among their members.
The commissioner affirmed the government’s readiness to collaborate with all stakeholders to advance the rent payment structure.
According to him, this structure will halt indiscriminate practices, make rent affordable, guarantee the interest of property owners, and ensure consistent rent payments by tenants.
President of the ERCAN, Godwin Aleke, pledged his members’ support to promote the Lagos government’s monthly, quarterly and yearly rent system.
He pledged to work collaboratively with other professional bodies and stakeholders to sanitise real estate practices in the state moving forward.
