‘No more ‘crazy’ tenancy fee’ – Fresh law to regulate landlords

Lagos State has recently amended its tenancy law to enhance tenant protections and regulate landlord practices, according to new reports.

According to AriseNews, under the revised regulations, landlords are prohibited from demanding more than three months’ rent in advance from existing tenants. Furthermore, tenants are restricted from making advance rental payments exceeding three months.

Landlords are now mandated to provide rent payment receipts to all tenants; failure to comply with this requirement may result in a penalty of ₦10,000.

Additionally, the fees associated with tenancy agreements must not surpass 10% of a tenant’s annual rent, with any landlord or agent charging beyond this threshold deemed in violation of the law.

Authorities indicate that these changes are intended to promote fairness within the rental market and to mitigate exploitative practices by landlords.