Oyo Moves to Regulate Rent, Engages Estate Agents
Oyo Moves to Regulate Rent, Engages Estate Agents
The Oyo State Government has partnered with the Estate Rent and Commission Agents’ Association to regulate the housing sector.
This initiative, announced by Commissioner Dotun Oyelade, aims to curb skyrocketing rents and commission extortion. By engaging directly with agents, the government seeks to sanitize the industry and protect tenants from unfair financial practices.
During a meeting in Ibadan, Commissioner for Lands, Williams Akin-Funmilayo emphasized the need to monitor agent activities. This executive move aligns with recent deliberations by the State House of Assembly regarding new housing laws. The goal is to establish a formal regulatory framework that ensures transparency for all parties involved in the real estate market.
Akin-Funmilayo clarified that while the state cannot dictate private rent prices, it has the legal authority to regulate industry processes and fees.
He urged practitioners to provide professional guidance to help shape upcoming policies.
This collaborative effort ensures that future recommendations sent to the legislature are grounded in the practical realities of the housing field.
Regarding the legislative process, Akin-Funmilayo stated: “So, before this happens, we have to discuss and develop a position that will be presented to the House of Assembly to guide its deliberations.” This step ensures that the resulting laws are both effective and fair.
The association’s chairman, Mutahir Okekunle, welcomed the government’s intervention and acknowledged that some agents use inspection fees to extort seekers. He pledged to help the state identify and remove unscrupulous individuals from the profession. This partnership aims to restore integrity to the sector and improve public trust in estate services.
These reforms address a broader national housing crisis characterized by rising costs and restrictive upfront payment demands. By regulating commissions and agent conduct, Oyo State hopes to improve long-term affordability for urban renters.
The move represents a proactive step toward easing the financial pressure on the state’s residents.
