TITLE:
Interrogating the Intersection between Statutory Rent Control and Freedom to Contract in Nigeria
AUTHORS:
Joseph A. Nwobike
KEYWORDS:
Rent Control, Rent Reviews, Freedom to Contract, Right to Contract, Challenges of Rent Control, New Approach to Rent Control
JOURNAL NAME:
Beijing Law Review,
Vol.14 No.1,
March
31,
2023
ABSTRACT: Galloping inflationary dynamics, population explosion and the rise in the use of property as an income tool, have not only instigated scarcity of accommodation in townships but have, over the centuries, delivered very uncomfortable financial fortunes to the middle and low income classes of persons in modern societies. That state of economic conflict has provided a justification for the state to intervene through a diverse range of housing policies. One of the first line policy options for the state has been to intervene by the control of rents on properties. This has become a veritable innovation for the management and balancing of the effects of housing shortages induced by population growth, etc. On the other hand, the freedom to contract by way of leases, tenancies, etc. has suffered a progressive neglect under the rent control regimes. The emerging conflict between the control of rent by the State and the concept of freedom to contract has thrown up a number of practical and legal issues. One of such issues is the interference in the right of property owners to receive appropriate and commercial rents from their properties. This paper argues that due to the consequences of this conflict on the property market and its owners, there is the need for the State to intervene by way of provision of property tax waivers and other accommodations.