Dear Governor Oluwaseyi Abiodun Makinde,

We, the undersigned tenants of Oyo State, are writing to petition for your support in creating and enforcing proper regulations on yearly rent price increases and illegal agent extortion fees. 

As a Real Estate Service Provider Company, "Homebiro Solution LTD", we are deeply concerned about the escalating increases in house rent from agents to their tenants every single year and its negative impact on people's ability to maintain stable and affordable living conditions.

Over the past few years, we have witnessed a significant and unsustainable surge in rent prices across the state. "ESPECIALLY IN STUDENT ENVIRONMENT AND IBADAN CITY"

Landlords consistently increase rents by exorbitant amounts, often with little to no justification and no room for negotiation with tenants. This trend is not only creating financial hardship for working families, students, and the working class, but it is also forcing many long-term residents out of their homes and communities.

 We believe that proper regulation and sponsored awareness of illegal exploitation by property agents are crucial steps towards ensuring housing stability and affordability for all residents of Oyo State. We are not asking for a complete freeze on rent, but rather a reasonable and fair system that prevents landlords and property agents from implementing predatory and excessive yearly increases.

We urge you to consider the following proposals:

 Establish a Property Rent Agent Control Board: Create a state-sponsored board to review and approve all rent service percentages. 

As we speak, these excess charges in Ibadan are 

• 20% Agent Fee
• 20% Caution Fee
• UP TO 20% Service charges with no clarity of services to be provided 
• Legal 10% (In a lot of situations around the state, Landlords shift their responsibility to pay their legal counsel to Tenants.) Which ought not to be so. 
• Marking up (An act property agent practices and decides to add a fee to rent because of high demand without the Landlord's consent, locally said to be known as "loading" with the belief that if you don't rent, someone else will rent) 

This fee often amounts to 50-70% of rent prices, and we believe this board would be composed of tenants, landlords, and housing experts to ensure a balanced and fair decision-making process to reduce these excess charges

Limit Annual Rent Increases: Implement a cap on the maximum percentage by which a landlord can increase rent in a single year or over 2 years.

Strengthen Tenant Protections: To enhance existing laws and provide a clear and accessible process for disputing unfair rent scams by fraudulent property agents.

We believe that these measures will not only provide much-needed relief to tenants but also create a more stable and predictable housing market for everyone.

By taking action on this critical issue, you demonstrate your commitment to the well-being and prosperity of all the residents of Oyo State.

We eagerly await your response and look forward to working with you to find a solution to this pressing issue.

Sincerely,

The Undersigned Tenant, Oyo State.

Courtesy: KoreolaDCityShifu & Treg.