THE IMPACT OF RESIDENTIAL PROPERTY RENTAL MARKET ON URBAN POOR IN ADO-EKITI, NIGERIA

Abstract

Economically, Ado-Ekiti had traditionally being the commercial nerve centre of Ekiti State and villages. The high rate of urbanization has thus resulted to a higher demand for more land required for the provision of housing, employment, infrastructure and services within increasingly small geographical areas. This study, therefore, examined the impact of residential property rental market on urban poor in Ado-Ekiti, Ekiti State. It identified socio-economic characteristics of the urban poor, determined the effects of these socio-economic characteristics of the urban poor on their tenural status, assessed the rental growth rates and determined the factors influencing rental accommodation of the urban poor in the study area. Questionnaires were administered on the respondents while the study employed both descriptive and inferential statistics in data analysis. Findings revealed that occupation was the major variable that characterized the urban poor while the logistic regression analysis performed rated occupation, income and type of residential property as the significant factors that had affected the tenural status of the poor. Tenement type of residential property was commonly rented by the urban poor and its average annual growth rate between 2003 and 2012 was 1.09percent at Okeyimi; 1.02 percent at Okesa, 0.96percent at Iron a; 1.01percent at Idolofin and 0.86percent at Odo-Ado neighbourhood respectively. The factors influencing the urban poor were found to include: low level of income, high cost of land to build, hence affordable rented apartments became their option. Based on these findings, the study recommends the development of entrepreneur centres with modern equipment whereby different artisans can improve their skill and technical know-how thereby enhancing their output and revenue. Also, both the state and local governments should embark upon massive provision of low-cost residential property on a rental basis to cater for this income group