Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

The Lagos state government recently unveiled plans to introduce the practice of monthly and quarterly rent payments in the state.

This move, according to the government, would ease the financial burden for residents. The state government said it was engaging with property owners to achieve the goal and that the pilot phase would kick off soon.

The Nigerian Institution of Estate Surveyors & Valuers (NIESV) has responded to the government’s proposal for monthly rent payments.

Chairman of the Lagos state chapter, Gbenga Ismail, noted that while the suggestion of monthly rent in Lagos state is commendable on paper, the government needs to provide legal clarity and infrastructural support.

Mr. Ismail suggested that the government should construct housing estates to improve the supply of housing, and then come up with a Lagos rent policy to provide legal backing to the idea before involving the private sector.

In a chat with journalists, Ismail commended the government for thinking in a direction that would ameliorate the hardships of Lagosians as the economic winds get tougher.

He agreed that while multiple-year rent payments may be okay for businesses and people in the high-income brackets, the situation is different for many others because of the economic peculiarities.

He, however, pointed out that the proposal only addresses the issue to protect the tenants without looking at the property owners and developers who may need to recoup some investments, the NATION reports.

One of the ongoing reforms in the Lagos state real estate sector is that the government is set to enforce a 10% cap on agent fees.

This is the percentage legally covered by the LASRERA law, and the government has launched reporting channels for residents to report agents who default.

Residents can also report landlords who arbitrarily impose additional charges or randomly increase rents by up to 100%.

The move has triggered reactions and feedback from Lagosians, who also made suggestions on how the government can better enforce compliance.

Mr. Gbenga Ismail, who is also the Principal partner, Ismail & Partners, said further that a direct implementation could affect the availability of rental properties across Lagos.

Commenting on the cost of properties and rentals in Lagos state, Ismail remarked that the government can help the situation by introducing robust policies to improve access to affordable land, affordable building materials, among others.

His words;

“Government should allow land to be accessed cheaply at marginal cost and amortise it over years, allowing the builder to build quietly while the government earns their monies through ground rent fees and other fees related to housing income.

“It is unfortunate that over 70% of finishing housing products are imported. If a three-bedroom flat goes for N15 million where is the affordability for an average Nigerian?”

In related news, Former Lagos State Governor, Babatunde Fashola, is leading real estate professionals to push for monthly rental payments across Nigeria instead of annually.

Legit.ng reported that these issues were raised at the Wemabod Real Estate Outlook 2025 event in Lagos, which focused on how real estate can help Nigeria’s economy recover.

Fashola, who once served as Minister of Power, Works, and Housing, said that if rent payments align with monthly salaries, it could help control inflation and might even reduce it.

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Source: Legit.ng