‘Over 70% of Lagos residents are tenants, spend about 60% of monthly income on rent’

Lagos State House of Assembly, yesterday, held a public hearing on a new bill titled “A bill for a law to regulate the relationship between landlords and tenants,” including the procedure for the recovery of premises in Lagos State and for other connected matters aimed at addressing the housing crisis in the state.

Besides, the bill seeks to create a more robust legal framework for the relationship between landlords and tenants, including procedures.

In his address, Chairman, House Committee on Housing, Ege Olusegun Olabisi, recounted that despite a 15 per cent increase in housing units since 2016, a recent report reveals that over 70 per cent of Lagos residents are tenants, with many spending between 40 per cent and 60 per cent of their monthly income on rent.

Olabisi, who noted that the bill is structured into four parts with 45 clauses designed to establish clear guidelines for tenancy agreement, rent payment and dispute resolution, said: “The bill will clarify rights and obligations, prevent arbitrary evictions, promote mediation and expedite legal processes.”

He emphasised the importance of stakeholders’ input, stating that public hearings are a necessary part of the legislative process to create legislation that “can stand the test of time.”

The lawmaker assured the attendees that their contributions would be considered in the final passage of the bill.

Commissioner for Housing, Moruf Akinderu-Fatai, however, expressed sincere appreciation for the timely and diligent work on the new housing bill, saying: “This legislation is of paramount importance to Lagos State, and as stakeholders in this sector, we have faced numerous challenges.

“Beyond the fundamental issues of supply and demand, we have struggled with a lack of clear regulations, particularly concerning low-income housing. This has made it difficult to effectively manage and regulate this critical segment of the market.”

He said that the bill would offer a crucial opportunity to build confidence within the sector, provide a clear and predictable framework for investors to recoup their investments, and establish clear guidelines for tenants by simplifying the rental process for all parties involved.

Akinderu-Fatai identified taxation, insurance and professional conduct as key areas for consideration.

Similarly, the state’s Attorney-General and Commissioner for Justice, Lawal Pedro, made a plea for the bill’s swift passage, highlighting its potential to reform the state’s real estate market.

He, therefore, advocated key provisions to include stricter rules for lawsuits, conditions for appeals and standardised agency fees.

Pedro urged professionals to lend their expertise to the legislative process, emphasising that the bill’s goal is to create a comprehensive law that works for everyone.

COURTESY: vavalue.com