As conversations are underway towards implementing the monthly rent scheme in Lagos State, the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos branch, yesterday, advised the state government to ensure that the proposal is backed with legal clarity, incentives for compliance and infrastructure to support its enforcement.
Chairman of the NIESV Lagos branch, Gbenga Ismail, who gave the advice while speaking with journalists on the yearly Estate Surveyors’ Week in Lagos, said that while the intention of the state government on rent regulation and monthly rent payment was commendable, implementation must be handled with great care.
It would be recalled that the state government had recently disclosed that it is finalising plans to introduce monthly and quarterly rent payment options as part of efforts to reduce the financial pressure on residents, especially low-income earners.
However, Ismail stressed that any rent law must be balanced with tenants’ protection and the sustainability of the landlords’ investments.
The chairman suggested that the government should test-run the scheme in government estates before extending it to privately owned estates.
He, therefore, urged the government to adopt a consultative data-driven approach, adding that as a body of real estate professionals, the institution is prepared to collaborate with the government in shaping a rent law that is fair, practical and responsive to market realities.
Ismail said that the forum was a reaffirmation of the institution’s values and relevance to the built environment, adding that the estate week remains a key feature of the branch’s professional calendar and a time for reflection on commitment to service.
He further disclosed that the branch had in the past two years strengthened its institutional visibility, improved professional ethics, and launched and executed a number of impactful programmes.
These, according to him, include the Lagos State real estate summit for dialogue, peer review through the head of practice assembly and starting a resource centre capacity building programme that ensures continuous learning, among others.
