The Nigerian Institution of Estate Surveyors and Valuers (NIESV), Ondo State branch, has cautioned the government against imposing rent control measures, warning that such policies could worsen Nigeria’s housing deficit.
Instead, the professional body called for massive public investment in housing schemes and affordable financing to curb the persistent surge in house rents across the country.
‘Boost Supply, Not Rent Caps’
Speaking ahead of the NIESV Week, the Ondo State Chairman, Dr. Joseph Akintomide, said rising rents are primarily driven by insufficient housing supply, high interest rates, and soaring building material costs.
According to him, the law of supply and demand remains the most effective regulator of rental prices.
He argued that government efforts should focus on:
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Investing heavily in residential estates
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Providing single-digit interest loans for real estate development
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Reducing the cost of building materials
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Tackling unqualified practitioners in property management
Akintomide stressed that artificially fixing rent prices without addressing supply gaps would be counterproductive.
High Costs, Quackery Worsen Housing Deficit
The NIESV chairman identified high construction costs and the activities of unqualified property managers as key contributors to the housing crisis.
He warned that patronising quacks in the property sector harms both landlords and tenants, urging stricter regulation and public awareness.
Akintomide also advised the government to promote the use of local building materials in public projects to reduce costs and build confidence in indigenous products.
Call for Housing as Social Service
NIESV maintained that housing should be treated as a social service, not merely a commercial venture.
The body said increased government-backed housing projects would:
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Expand supply
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Naturally moderate rent levels
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Create jobs in construction and allied sectors
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Stimulate broader economic growth
Without decisive intervention, the institution warned that Nigerians would continue to face relentless rent hikes, especially in urban centres.
Ondo to Host 2027 National Conference
The Ondo branch also announced that the state will host the 2027 National Conference of the Nigerian Institution of Estate Surveyors and Valuers.
The event is expected to deliver economic benefits to the hospitality, transport, and commercial sectors in the state.
Why This Matters
With rising inflation and urban migration intensifying demand for accommodation, experts say sustainable housing policies will be critical to stabilising Nigeria’s rental market.
NIESV’s position reinforces the argument that long-term structural reforms — not temporary price controls — are key to resolving the country’s housing challenges.
