Lagos state finally set to intervene as Landlords increase rents

• Lagos State, Nigeria's commercialized hub, has battled a persistent lodging shortage made worse by increasing rents.
• A flexible rent outgo mechanics that tin beryllium made monthly, quarterly, oregon annually is being developed by the authorities government
• Lagos State urges stakeholders to trim rent prices for Lagos residents and steer wide of the emblematic amerciable fees successful the existent property sector

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Lagos State, Nigeria's commercialized hub, has battled a persistent lodging shortage made worse by increasing rents. a concerning inclination that led to the instauration of shanties, which are becoming the norm alternatively than the exception.

The nonsubjective of the Lagos State Government to promote and beforehand monthly and quarterly rent outgo successful the State successful compliance with the tenancy law. Photo Credit: Sanwo-olu
Source: UGC

The authorities medication is moving to instrumentality a flexible rent outgo strategy that whitethorn beryllium paid monthly, quarterly, oregon annually to assistance code the traumatising lodging concern and prevention the authorities from the misery of shantytowns.

Daily Sun reported that tensions and expectations person accrued passim the existent property industry arsenic a result.

Although the authorities presents the programme arsenic a mode to alleviate fiscal strain and lodging affordability, landlords see the effects connected spot absorption and gross stability, portion tenants admit the reprieve from ample payments.

The authorities authorities has consistently included each pertinent parties to guarantee the seamless implementation of the caller rent signifier for the payment of rent seekers.

State warns against amerciable charges

The authorities authorities besides called connected existent property manufacture professionals and commercialized groups to cautiously code the public's mounting concerns astir the arbitrary charges that interruption Lagos State's existent property laws and the predominant and alarming increases successful rent.

This committedness and complaint were made during an exploratory gathering with representatives of the Estate, Rent and Commission Agents Association of Nigeria (ERCAAN) successful the authorities by Moruf Akinderu-Fatai, the Lagos State Commissioner for Housing, and Barakat Odunuga-Bakare, the Special Adviser to the Governor of Lagos State connected Housing.

The 2 referred the practitioners to the Lagos State Real Estate Transaction Law's provisions portion voicing the Lagos State Government's interest astir unwholesome property cause practices and the resulting emergence successful rent default.

“The existing instrumentality recognises your relation and specifies a percent of chargeable fees of not much than 10 per cent connected existent property transactions,” stated the Honourable Commissioner.

Akinderu-Fatai besides urged existent property brokers and different organisations to talk retired against quacks who propulsion landlords to rise rent arbitrarily and enforce costs that aren't covered by Lagos State's existent property transaction law.

Additionally, helium counselled ERCAAN members to assistance successful promoting monthly, quarterly, and yearly rent among its members. The Commissioner stated that the Lagos State Government is acceptable to spouse with each stakeholders to beforehand the rent outgo strategy to “halt the indiscriminate practices, marque rent affordable, warrant the involvement of spot owners, and guarantee the continuity of regular rent outgo by tenants.”

In his remarks, Mr. Godwin Aleke, President of the Estate, Rent and Commission Agents Association of Nigeria (ERCAAN), said that the organisation's members are dedicated to making rents affordable and volition assistance the Lagos State Government to found a monthly, quarterly, and yearly rent system. He promised that the radical is prepared to collaborate with different stakeholders and nonrecreational organisations to purify the existent property manufacture successful Lagos State moving forward.

In a akin spirit, the State Government asked the enactment of the Association of Estate Agents successful Nigeria (AEAN), the Nigerian Institution of Estate Surveyors and Valuers (NIESV), and the Real Estate Developers Association of Nigeria (REDAN) to backmost the inaugural to little rent costs for Lagos residents and debar the communal unlawful fees successful the existent property industry.

The nonrecreational bodies were besides encouraged to dilatory the complaint astatine which agents crossed the existent property worth concatenation enactment successful rivalry of fees successful existent property transactions.

The emergence of amerciable fees specified arsenic caution charge, inspection fee, finder’s fee, and others indicates professionally destructive activities which interaction tenants and enactment the integrity of the practitioners and spot owners astatine stake.

Stakeholders committed to making rents affordable successful Lagos State. Photo Credit: Contributor
Source: Getty Images

The extremity of including each stakeholders, according to Housing Commissioner Moruf Akinderu-Fatai, is to amended the State Government's collaboration with nonrecreational associations for the bully of Lagos residents.

“Lagos State Government is acrophobic astir the challenges faced by families successful securing and retaining rental accommodation successful the State with unpleasant rent increments and amerciable property transaction charges.”

The Commissioner underlined the nonsubjective of the Lagos State Government to promote and beforehand monthly and quarterly rent outgo successful the State successful compliance with the tenancy law.

FG yet moves to little gathering worldly costs

Legit.ng reported that Ahmed Dangiwa, curate of lodging and municipality improvement has said the authorities is making a concerted effort to make centres for the accumulation of gathering materials.

Dangiwa clarified that the Federal Government's program to acceptable up manufacturing centers for operation materials successful six geographical zones was intended to little gathering worldly costs and greatly summation location affordability successful Nigeria.

During a caller ministry-organised gathering with lodging manufacture stakeholders astatine the Radisson Blu Hotel successful Ikeja, Lagos, with the taxable "Development of Fiscal Incentives for Manufacturers of Local Building Materials Components successful Nigeria," the curate made this claim.

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Source: Legit.ng