In a significant move to protect residents from predatory housing practices, the Oyo State Government has fast-tracked a bill to regulate house agents and standardize rental fees. Following a series of meetings, they met recently with the Chairman of the Oyo State Agency for Youth Development and had previously met with the Speaker of the House of Assembly.
The speaker confirmed that there is a legislative committee who are currently drafting a bill to bringing back sanity to the state’s housing sector. The Speaker of the House has also reached out to the Governor, Seyi Makinde on the growing hardship faced by young people and families, particularly in Ibadan. The Governor has signaled strong support for the reform, with assurances that the bill will be signed into law before the end of the first quarter of 2026.
The proposed law aims to dismantle the current distress of house hunting. Key provisions include capping agency and legal fees at 3%–5%, abolishing the caution fee, and a one-year notice before rent increments. Additionally, all agents must register with the Ministry of Housing and Urban Development to operate legally.
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