alexa The Determi nation Of Rental Values Of Residential Properties In Akure, Nigeria

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The Determi nation Of Rental Values Of Residential Properties In Akure, Nigeria

Housing represen ts the most basic of human need and it has a profound impact on the health, welfare, and productivity of individuals. For housing to produce these impacts, it must be adequately provided with functional infrastructure. In Nigerian urban centres, these basic infrastructure have suffered major neglect over a long period of time in the hands of government and its different agencies that are expec ted to provide and maintain the infrastructure. Therefore, property developers are respon sible for the provision of the infrastructure in their properties which have increas ed the development cost of the properties . For the property developers to continue to invest in property development, the rental values of the property must continue to be attractive to allow developer s recoup back the investment on such property. This study therefore investigated into the available infrastructural facilities in residen t ial p ropertie s in Akure, Nigeria and analysed their influence in the determination of t he rental values of the propertie s . Akure was divided into four residential zones and one hundred and ninety tenants were randomly selected for interview. Eleven infrast ructural facilities were identified as peculiar to residential propertie s in Akure. The study employed multiple regression model to determine the influence of the infrastructura l facilities in the renta l values of the p roperty while the step - wise analysis revealed that wall - f ence and installed burglary proo f are significant determinants of rental values of residential properties in Akure. However, Pearson’s Product Moment Correlation Coefficient matrix was used to verify the significant level of the indepen dent variables. The study concluded that although other infrastructural facilities are also necessary but r e sidential property developers should essentially ensure the provision of these two infrastructural facilities in order to attract higher rental valu es.

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