The Lagos State Government has cautioned residents against paying tenancy agreement fees exceeding 10% of annual rent, warning that such practices are exploitative and illegal.
Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, stated that the government has been inundated with complaints about unscrupulous elements making life difficult for Lagosians with exorbitant agreements and commissions.
According to her, stakeholders and the government have met to address the situation, and it’s been established that those engaging in such practices are often unregistered individuals operating outside professional bodies.
The Lagos State Government urges residents to report any agent or landlord demanding more than the stipulated 10% fee.
Residents can report such incidents through the Lagos State Real Estate Regulating Authority (LASRERA) on Facebook, Instagram, and Twitter. Additionally, the state is considering monthly and quarterly rent options to provide relief to residents struggling with annual rent payments.
In a bid to regulate the real estate sector, the Lagos State Government has reaffirmed its commitment to protecting tenants from exploitation.
The government has met with real estate associations, including the Nigerian Institution of Estate Surveyors and Valuers, and the Association of Estate Agents in Nigeria, to promote ethical practices and compliance with existing laws.
