Lagos State Reviews Tenancy Law, Impacting Landlords and Tenants
The Lagos State government is reviewing its tenancy law to empower tenants and regulate the rental market, which has seen exorbitant rents exceeding 50% of residents' monthly income. The proposed bill seeks to protect tenants from exploitation, cap agent commissions at 5%, criminalize overcharging, and require registration with the Lagos State Real Estate Regulatory Authority (LASRERA).
While tenants may see relief, landlords fear reduced investment returns and tighter regulations. The bill aims to create a more regulated rental market in Lagos.
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