Rent Control Lagos Nigeria - Sanity in Lagos Real Estate Market

Rent control Lagos Nigeria - The Lagos state government recently announced plans to enact real estate law to establish some level of rent control in Lagos Nigeria and prevent arbitrary rent increases by landlords.

This is good news to residents of Lagos because Lagos landlords have practically taken potential tenants hostage.

Among others, the bill to be passed to the house of assembly will address . . .

  • the issue of inappropriate rent increases by some Lagos landlords
  • the issue of rent tenure demanded by Lagos landlords and
  • the high real estate commission charged by Lagos Nigeria real estate agents
  • The rent control law is coming at a time when many Lagos residents are asking serious questions as to what the government is doing to address the financial challenges faced by Lagosians seeking a roof over their heads. A simple apartment search can quickly become a nightmare in Lagos as potential tenants move from property to property in the blazing sun only to discover that they cannot afford even the simplest of apartment either because the rental price is too high or the landlord is demanding a payment tenure that is ridiculous.

    So, the question of controlling rental price in Lagos real estate market is something that excites tenants.

    However, some have argued that rent control violates landlord rights. Proponents of this concept believe that Nigeria is a capitalist economy and so, people who invest their hard earned money in real estate deserve to optimize or - if you like - maximize the return on their investment.

    People on the opposing side of the divide argue that tenants have rights too just as landlords have rights. They ask in anger, "what about tenant rights? What about simple straightforward laws of morality? What happened to love of neighbour and the spirit of brotherhood in Nigeria? Is it all about the money?"

    Questions, questions, and more questions.

    The argument rages on and hopefully the proposed real estate will address the concerns of people on both side of the divide.

    Yes, Nigeria real estate investors deserve to get good return on their investment . . . whether

  • rental property
  • residential real estate or
  • homes for sale

    And yes, tenants, potential tenants, and potential buyers of real estate in Lagos Nigeria should not be ripped off by capitalist-minded profit crazy real estate investors.

    I suspect there is a balance somewhere that pays both parties. Hopefully the proposed law by the government will be fair to all parties concerned.

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