Lagos Assembly Proposes 5% Cap on Rent Agency Fees
The Lagos State House of Assembly is considering a bill to cut maximum agency fees on annual rent from 10% to 5%, with violators facing refunds, up to two years in prison, or a ₦1m fine. The bill also seeks to address the state’s 3.4m-unit housing deficit, regulate tenancy agreements, and protect tenants from arbitrary eviction, though some real estate professionals oppose the cap.
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