10. RIGHT TO REVIEW RENT.
The only thing that does not change is change itself. Landlords are in business, for their buildings are their investments while a quality rent is their rightful expectation. As policies, time and economics change landlords change their rent price. Unfortunately, the change is always an increment and never a decline, not minding depreciation on buildings. Well, it is the right of a landlord to review his rent price although within the percentage range in the “Rent Review Clause” of his tenancy agreement. Although a landlord can review his rent, he cannot do such during an existing tenancy and demand his tenants to pay up the difference. A rent review must be for a fresh tenancy and not for a subsisting tenancy.
With the above ten rights of a landlord you need not search further to know why the word “lord” is attached to the title; “landlord”. It is unfortunately, some landlords don’t enjoy half of their rights due to ignorance. To enjoy the above rights in its fullness, I advise you to consult a lawyer and get a better tenancy agreement. Join me next edition as I expose to you to the surest and most secured ways of buying lands in Nigeria. To quickly understand this subject matter, please read my article; RIGHTS OF A TENANT.