The Lagos State House of Assembly has proposed a new tenancy law targeted at reducing the agency fees and commission to 5 percent.
Mudashiru Obasa, the speaker of the house, disclosed this while speaking at a public hearing on Wednesday. Represented by Stephen Ogundipe, Obasa stated that section 3(4) of the proposed legislation will make it an offence to charge higher than 5% for agency fees.
He also emphasised that violators will be dealt with according to the law and may face up to two years in prison.
While speaking about the housing crisis in Lagos, Obasa also noted that over 70% of Lagos residents spend close to 60% of their annual income on rent.
He proposed that there be transparency while drafting tenancy agreements, rent payment structures, property maintenance obligations.
Source; PM News
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