Lagos Tenancy Law Yet To Achieve Goal – Estate Managers

[Shola Sholaz]

Some real estate managers on Friday said that the Lagos Tenancy Law had yet to achieve its objective of reducing problems of accommodation seekers.
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They told journalists in Lagos that the law would take a long time before meeting the objective because of the high population of the state.
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The law prohibits a landlord from demanding or receiving more than one year rent in advance.
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The state government signed its Tenancy Bill into law on Aug. 24, 2011.
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Mr Ayo Adejumo, a Managing Partner in Ayo Adejumo and Company, Lagos, told reporters that the law had not stopped some landlords from demanding two years rent in advance.
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"The simple reason remains that landlords are profit- oriented businessmen who independently source funds to build houses.
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"The landlord collects two years rent or more in a bid to recoup his investment," he said.
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He said that landlords would continue to decide rent in the state until the government built enough houses or created an enabling environment for developers to build houses at a low cost.
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Mr Oluwaseyi Alabi, a Partner in Property Scan Concepts Ltd., Lagos, told NAN that the high population of Lagos resulted in high demand for accommodation as well as high rent.
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He said that the population was higher than available houses, and that rent in the commercial centre would continue to be high because of the high demand.
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"Since the demand for houses is higher than the supply, even if landlords request for more than two years rent, a prospective tenant will pay.
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"This is because the tenant does not have an alternative," Alabi said.