The Lagos State Government is set to enforce a flexible rent payment structure, allowing tenants to pay rent monthly, quarterly, or annually, up to a maximum of one year. The announcement followed a consultative session with the Estate, Rent and Commission Agents Association of Nigeria (ERCAN).
Housing Commissioner Moruf Akinderu-Fatai and Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, jointly stated the administration's commitment to easing the transition to the new structure, which aims to relieve prospective tenants and promote transparency in the real estate market.
Akinderu-Fatai voiced concerns about unethical practices by real estate agents, including unjustified rent hikes and non-statutory charges, which he says violate the Lagos State Real Estate Transaction Law. The law stipulates that agent commissions should not exceed 10%. He urged professional associations to report unlicensed agents who inflate rent prices and impose illegal fees, and called on ERCAN to promote monthly, quarterly, and annual rent options among its members.
The revised payment model seeks to curb arbitrary practices, improve affordability, protect landlords’ interests, and foster steady rent compliance by tenants.
ERCAN President Godwin Aleke assured the government of the association’s support for the new rent regime and pledged collaboration to promote best practices and restore professionalism in the state’s real estate sector.