An Evaluation of the Determinants Causing Variation in Residential Property Rental Values in Minna, Niger State, Nigeria.

Abstract

It has been observed that various authors and scholars agreed that variation exists in residential property rental values of similar residential properties across neighbourhoods within a geographical area. This research therefore examined various determinants causing variation in residential property rental values in Minna Niger State, Nigeria. The population for the study comprised residential property tenants who are the household heads occupying the residential properties in Minna as well as registered Estate Surveyors and Valuers firms in Minna Niger state. Geometric mean was used to obtain the rental growth rate for the period of study for two bedroom and three bedroom flats. , Relative importance index (RII), Simple Descriptive Statistics were adopted in achieving the set objective Analysis of Variance was used to determine the variation in rental values and the Relative Importance Index to rank the factors causing variation across the various neighbourhoods of the study area. The study revealed several factors responsible for variation and also revealed the dominant factors causing variation in each neighbourhood of the study area which include condition of the building, size of the building, number of bedrooms, number of toilets and bathrooms, quality of the neighbourhoods, direct access to tarred road and presence of tertiary institution, banks and public. Findings from contemporary empirical studies also revealed that rental growth factors vary in different perspectives ranging from physical, structural, and neighbouring facilities in particular areas and units from locality to locality. The study recommended sustainable measures to be adopted to increase awareness of the determinants and improve property investment.