₦airaland Forum

Free2Fly:
Don't turn the interpretation upside down.
The rent being increased is that of the coming/succeeding/next year, for which no agreement has been signed

Agreement is signed only for the current year, and the landlords give notice of increment of the next year within this current year.
Or do you think they sign for other years in advance or that the one signed in the beginning/current year covers for all others?

Your agreement covers other years, not just your first year.
It's tenancy agreement, as long as you are a tenant, you are binded by it.
That's why it won't state that you are to pay so so amount as there might be need to change the rate.
Will you as a tenant be ready to pay another agreement fee for every year if the agreement you signed is just for entry year??

Ebubu6:
Landlord is not for quick returns, it is meant to be used to collect loans from banks, and to also leave the bone for your children to suckle on for the next 300 years.

Thats not the business to do for a quick return, remove your eye from there. If you want quick return, go to daily buy and sale business.

A you a landlord?

Olam09:
You're so dumb that your dumbness even stink to me.. you want to tell me the house they built around 1990 to 2,000 when cement was way cheaper had to be renegotiated again? Wicked heartless fool.

I am a graduate, who understand the meaning of inflation, currency losing value and how it affects everything, including rent.

erico2k2:
Govt cant regulate housing cost.inflation is the reason.the car I bought for the Mrs since 2013 for 4m same car is now valued at 8M.Im talking toyota seiana 2008.if I sell it right now thats what I will get.

My dad is a landlord, he increases by maybe 100k after 5 to 7 years, but my landlord 2 years ago increased from 750k to 1.1m... Few weeks back sent a letter to move from 1.1m to 2m,its a 5 years old building, ive been here for the 5 years, it's in mushin, please what are your thoughts on this.

Validated:
I do not believe that the law exists. Otherwise, landlords will just give tenants quit notices with the pretence to have the house renovated.

By God's grace, I am a landlord, and God graciously gave me some of the best tenants. However, whenever I am making any increase, I will pre-inform them through my lawyers and none has ever objected, because my rents are clearly within or below going rents.

Just moved to Lagos and badly in need of accomodation. If you have free apartment in a place I can easily connect 3rd mainland bridge, pls consider me sir

nedekid:
So if the house which is his investment was generating 5k as rent 25 years ago @ N80 to $1= $62.5. The landlord should not steadily increase rent as inflation increases daily? Today that $62.59 or 5k is now N106,250 at 1700 to $1.
Thre best bet for that lawyer is not to rent but to immediately build yours or better still rent from government. Another is to explore bus conversion where you modify the interior if a large vehicle to create a mobile home.

My dad is a landlord, he increases by maybe 100k after 5 to 7 years, but my landlord 2 years ago increased from 750k to 1.1m... Few weeks back sent a letter to move from 1.1m to 2m,its a 5 years old building, ive been here for the 5 years, it's in mushin, please what are your thoughts on this.

ibechris:
Yes,some landlords are idiots.

But some tenants are even crazy and wicked.

In all,let them take their madness to the court if they can't resolve it.

Anytime I thought of building a house for rent I just feel sick. I respect those who are doing it honestly.

It is not economically wise at all. I see those building houses as people who just want to help the govt in areas they have failed.

If u check out the economic viability u will see that it is not the best investment.

Rather,buying an old house,rehabilitating and reselling it gives u more money than renting.

Are you suggesting it is right for landlords to increase rent every year?

My landlord increases the rent annually without making any modifications or renovations. He adds ₦100,000 each year. Last year, the rent was increased, and now, this year, the estate manager informed us that the landlord has added another ₦200,000. He even mentioned that the landlord initially wanted to add ₦500,000 but reduced it after the manager intervened on our behalf.

As a tenant, I want to seek redress. A landlord should not increase rent arbitrarily. While I understand that it is his property, there should be fairness and proper procedures in place.

I am a yearly tenant and save money throughout the year to pay my rent for the following year. It is unfair for the landlord to announce a rent increase at the last minute, just when my renewal is due.

Crafteck1:
My dad is a landlord, he increases by maybe 100k after 5 to 7 years, but my landlord 2 years ago increased from 750k to 1.1m... Few weeks back sent a letter to move from 1.1m to 2m,its a 5 years old building, ive been here for the 5 years, it's in mushin, please what are your thoughts on this.

Both of my parents are also landlords.

Your landlord is wicked and evil.

There no where in the world anyone is allowed to increase service fee or product fee by 100% without any major reasons.

MasterJayJay:
Did cement companies negotiate with the landlords before increasing price of cement?

Which year did he build the house?

ibechris:
Yes,some landlords are idiots.

But some tenants are even crazy and wicked.

In all,let them take their madness to the court if they can't resolve it.

Anytime I thought of building a house for rent I just feel sick. I respect those who are doing it honestly.

[/b]It is not economically wise at all. I see those building houses as people who just want to help the govt in areas they have failed.

If u check out the economic viability u will see that it is not the best investment.[b]

Rather,buying an old house,rehabilitating and reselling it gives u more money than renting.

One landlord told me the same yesterday.

vikstandon:
Are you suggesting it is right for landlords to increase rent every year?

My landlord increases the rent annually without making any modifications or renovations. He adds ₦100,000 each year. Last year, the rent was increased, and now, this year, the estate manager informed us that the landlord has added another ₦200,000. He even mentioned that the landlord initially wanted to add ₦500,000 but reduced it after the manager intervened on our behalf.

As a tenant, I want to seek redress. A landlord should not increase rent arbitrarily. While I understand that it is his property, there should be fairness and proper procedures in place.

I am a yearly tenant and save money throughout the year to pay my rent for the following year. It is unfair for the landlord to announce a rent increase at the last minute, just when my renewal is due.

Have u ever encountered a lawyer before or even a prosecutor...?

The cost of going to court and getting justice is equivalent of ur entire rent.

In economics,it is said,that if the cost of doing something exceed benefit,don't do it but if the benefits exceed the cost,do it.

Use the line above to judge yourself.

PresidObi:
A you a landlord?

yes

teemy:
On rent increment, it is 3 months prior notice

That's true 3 months for rent increment to pack out is 6 months.

PresidObi:
Are you a landlord?

This is stupid question to ask, go and ask your grandfather.

udemzyudex:
This is stupid question to ask, go and ask your grandfather.

If you don't apologise, you may never be one. Please apologise.

Ebubu6:
yes

Thank you. Why did you build your house?

Larryfest:
Some houses have been built as far back as 20/25yrs ago and the landlord still uses this same line. Some don't even renovate their houses yet they keep increasing the rent every year. It shouldn't be so.

Go and build your own house then charge the same rent for 25 years!

Factcheck0001:
for house wey u n landlord gather buy d block?

Don't mind them

There is this man in rich dad poor dad book. I think he is the author of the book. He said the fastest means to steady cash-flow is building houses for rent. So is he wrong? That nigga is one of the richest man on earth!

jayce232:
You have said it all
Building houses for rent is one of the worst investment. Return on investment is too small coupled with tenants troubles, they will hardly pay on time. It is not worth it. I'm still regretting the one I built years ago. If I have invested the money I use in buying only the land in stocks, it would have been far better. Not to talk of the money of building. Building house for rent should be the least investment on any one's list. It is never worth it. You spend a lot of money to build but end up receiving peanuts in return that is not even coming as at when due.

Larryfest:
Some houses have been built as far back as 20/25yrs ago and the landlord still uses this same line. Some don't even renovate their houses yet they keep increasing the rent every year. It shouldn't be so.

Don't mind the monkey

PresidObi:
Have you asked the landlord if he has recouped his initial investment even after 30 years?

Then let him sell the house nau!

Is the tenant responsible for maintenance or landlord?

OlujobaSamuel:
To imagine that this is coming from a lawyer without any cited authority....smh
Make una go dey drag nonsense with una landlord ooo
As for me, I no fit get issue with any landlord over such, all I need in your house is for you to do your major installations, while I do the maintenance as a tenant.

Crafteck1:
My dad is a landlord, he increases by maybe 100k after 5 to 7 years, but my landlord 2 years ago increased from 750k to 1.1m... Few weeks back sent a letter to move from 1.1m to 2m,its a 5 years old building, ive been here for the 5 years, it's in mushin, please what are your thoughts on this.

I think you should reconfirm from your dad, there is no way he will currently be increasing rent as you said. He probably did as you said years ago when the naira was stable. Remember under the 16 years of Pdp before the current locust apc came in, naira was between 90 to 150. It only went to 200 because of elections of which it would have returned to 150. But now, within 9 years of which the worse has happened in the lats 1.5 years of Tinubu from 700 he met it to 1700!.
A can of rambo insecticide I use to buy for 980 early last year is now N4400. A liter of petrol is 1k from 180 early last year. Your landlords suv chops like 80k weekly. Truth of the matter is that even to maintain his house not to talk of taking care of himself and family (as that may be his source of income) he has to increase rent to survive.
In this situation, your best bet is to maximise your advantage. Your dad is a landlord, it will be better you get an apartment in one of his houses, consolidate your finances to build your place to move into.
As you know, most aged people have no social security as you have in eg UK where you are pensionable. Here you provide your own pension ie though property you own in which case rent must increase with inflation.
Government ought to build mass housing to be rented out or sold at subsidized rate. You hear of 10b recently allocated by fct for Akpabio and his deputies rent/accommodation. You hear of how much spent on cars for office of oga at the top, you hear of money for jet, enough to build hundreds of thousands of housing units. You hear them buy 1 bullet proof jeep for 700m.

Mitsurugi:
Then let him sell the house nau!

And you get another landlord and he might be worse.

nedekid:
I think you should reconfirm from your dad, there is no way he will currently be increasing rent as you said. He probably did as you said years ago when the naira was stable. Remember under the 16 years of Pdp before the current locust apc came in, naira was between 90 to 150. It only went to 200 because of elections of which it would have returned to 150. But now, within 9 years of which the worse has happened in the lats 1.5 years of Tinubu from 700 he met it to 1700!.
A can of rambo insecticide I use to buy for 980 early last year is now N4400. A liter of petrol is 1k from 180 early last year. Your landlords suv chops like 80k weekly. Truth of the matter is that even to maintain his house not to talk of taking care of himself and family (as that may be his source of income) he has to increase rent to survive.
In this situation, your best bet is to maximise your advantage. Your dad is a landlord, it will be better you get an apartment in one of his houses, consolidate your finances to build your place to move into.
As you know, most aged people have no social security as you have in eg UK where you are pensionable. Here you provide your own pension ie though property you own in which case rent must increase with inflation.
Government ought to build mass housing to be rented out or sold at subsidized rate. You hear of 10b recently allocated by fct for Akpabio and his deputies rent/accommodation. You hear of how much spent on cars for office of oga at the top, you hear of money for jet, enough to build hundreds of thousands of housing units. You hear them buy 1 bullet proof jeep for 700m.

My dad was collecting N250k per flat in 2014, back then a bag of rice was selling for around 8k. We can buy up to 30 bags of rice with just one flat payment.

Today, my dad is still collecting N400k after having physical and verbal wars with all the tenants, sometimes it will seem like they are threatening him with spiritual attacks.

Today, 400k only buys him 4 bags of rice with change for transportation.

What a world!

And someone will be here to talk to landlords.

MasterJayJay:
I am a graduate, who understand the meaning of inflation, currency losing value and how it affects everything, including rent.

As you're a graduate imagine you can't afford a 2 bedroom flat anymore... because those landlord went full selfish mood.. imagine you who just wanted to start your life from scratch can't be able to afford a decent self con apartment. Well maybe you dad is a landlord that's why you're supporting the evil..

Love800:
Is the tenant responsible for maintenance or landlord?

Depends on the kind of maintenance, there are some that are major repairs, installation or renovation, landlord is responsible for such
But minor maintenance as a result of usage, tenant is responsible.
Eg, your electric cut out got burnt, I don't expect the landlord to come fix such, pumping machine is faulty, door handle got broken, etc I've seen people refused to fix such saying it's the landlord that should fix it. One of such was even involving my brother, I told him straight up to go sort it out with Co tenant as it's their duty as users and not the landlord

Free2Fly:
Don't turn the interpretation upside down.
The rent being increased is that of the coming/succeeding/next year, for which no agreement has been signed

Agreement is signed only for the current year, and the landlords give notice of increment of the next year within this current year.
Or do you think they sign for other years in advance or that the one signed in the beginning/current year covers for all others?

Bro.. There is literally a rent review clause in the agreement. It is binding on the tenant to read through before signing such agreements 😕

As per the legitimacy of such, the Lagos State Tenancy Law limits rent review to once per year. That is to say, rent review is at the purview of the Landlord, and this law seeks to protect the rights of tenants by limiting it to once a year. An 'every year' increase is not out of play here.

I was just pointing out the implication of what you said by binding all tenancy agreements signed to a year, and that's it. That exposes the tenant to eviction at a whim.

Akpi with all his Yankee accent and mouth no even fit collect better lawyer
You can negotiate but the landlord has the final say. If you can't afford it, the landlord has to go through the mandated removal process.
The problem here is that most landlords don't know or go through the mandated process hence they have problem at the end.
In obtainable tenancy law, there is stipulated time for everything including rent increase notice.

Increase in rent isn't wrong but do it lawfully and hopefully considering economic state. 100% increase or more is unreasonable. Unless you're upgrading the house or something. A 30% increase or so is okay. If you're putting up a property for rent, you're not expecting to make the returns on cost for construction on 10-20yrs. The building is an asset you can use to get credit for other business or something for your generations. People are greedy and insane sha

MasterJayJay:
Did cement companies negotiate with the landlords before increasing price of cement?

90% of rent increase are from houses inherited by bastarɗ lazy children and evil lazy retired olosho landladies who became landladies after directly or indirectly killing the owner of the house.

ibechris:
Yes,some landlords are idiots.

But some tenants are even crazy and wicked.

In all,let them take their madness to the court if they can't resolve it.

Anytime I thought of building a house for rent I just feel sick. I respect those who are doing it honestly.

It is not economically wise at all. I see those building houses as people who just want to help the govt in areas they have failed.

If u check out the economic viability u will see that it is not the best investment.

Rather,buying an old house,rehabilitating and reselling it gives u more money than renting.

Sometimes you don't plan it, it just happens. In our case, we didn't plan it, but due to an upgrade, we moved and had to restructure and rent out which has been mostly bearable but last set of tenants were straight from hell and with God and the law, we sent them back there
Two of the apartments have been vacant for 4 months now but too scared to take in new tenants