Residents of Oyo State have met with the Chairman of the Oyo State Agency for Youth Development to relay the growing hardship they continue to face due to house agents’ extortion across the state, with Ibadan, the state capital, being most affected.

This engagement followed an earlier meeting with the Speaker of the Oyo State House of Assembly and reflected a serious commitment to addressing this long-standing issue.

The Speaker of the Oyo State House of Assembly has now set up a committee to draft a bill to regulate the activities of house agents and restore sanity to the housing sector. He also reached out to Governor Seyi Makinde to brief him on the matter, noting that the Governor has shown a strong interest. The Speaker assured that the bill would be enacted into law before the end of the first quarter of the year.

Meanwhile, residents have proposed the following regulatory framework to protect tenants and promote transparency:

•Agent Fees and Regulation

Agency commission must be between 3% – 5% of annual rent. All agents must be properly registered, identifiable, and regulated under the Ministry of Housing and Urban Development.
All rent collected must be remitted to landlords within seven (7) working days to prevent agents from absconding with tenants’ money. Unregistered or unregulated practices will attract strict sanctions.

•Caution Fee (Security Deposit) Reform

Caution fees are to be abolished entirely. Landlords retain the right to seek legal redress for verifiable damage caused by tenants.

•Legal Fees Cap
Legal fees must be between 3% – 5% of annual rent. No hidden, duplicated, or unjustified legal charges shall be permitted.

•Rent Increment Protection

Landlords must provide at least one (1) year written notice before any rent increment. No increase shall take effect without proper notice.

•Restriction on Properties Intended for Sale

Any property intended for sale within the next two (2) years must not be listed for rent. Where a rented property is later put up for sale, tenants must be informed immediately. And many more