The Lagos State Government has reiterated its commitment to the implementation of a rent payment structure that allows for monthly, quarterly, and yearly payments—capped at a maximum of one year’s rent in advance.

This move, officials say, is aimed at alleviating the burden on tenants and ensuring fairness in the real estate sector.

The Commissioner for Housing, Hon. Moruf Akinderu-Fatai, and the Special Adviser to the Governor on Housing, Barr. Barakat Odunuga-Bakare, disclosed the government’s stance during an engagement meeting with the leadership of the Estate, Rent and Commission Agents Association of Nigeria (ERCAN).

Speaking at the meeting, Akinderu-Fatai emphasized that the State Government is actively consulting with relevant stakeholders to ensure a smooth rollout of the rent payment structure.

He also warned against the growing trend of excessive rent hikes and arbitrary fees, which he said violate the Lagos State Real Estate Transaction Law.

“The law recognizes your role and specifies that chargeable fees on real estate transactions must not exceed 10%,” the Commissioner reminded practitioners, urging them to operate within the bounds of legality.

Akinderu-Fatai further called on estate agents to distance themselves from unregulated practices and quack agents who encourage arbitrary rent increases and impose unauthorized charges.

He encouraged ERCAN to promote the new rent system among its members as a way to foster transparency and protect tenants.

Reinforcing the government’s position, Barr. Odunuga-Bakare highlighted the need for real estate professionals to respond to public concerns over unaffordable rent and exploitative practices.

She affirmed that the government is ready to work with industry stakeholders to standardize operations, protect tenants’ rights, and ensure consistent rent payments for property owners.

In response, the President of ERCAN, Mr. Godwin Aleke, pledged the association’s support for the state government’s initiative.

He affirmed the group’s readiness to promote rent affordability and collaborate with other professional bodies to sanitize real estate practices in Lagos.