AN ASSESSMENT OF STRUCTURAL FACTORS AFFECTING RENTAL VALUES OF RESIDENTIAL PROPERTIES IN IBADAN METROPOLIS, NIGERIA

Abstract

Structural factors have been described as major determinants factors affecting the residential properties as well as the most influential factors affecting its value which has direct impacts on residential properties such as the Age of building, number and size of bedrooms, number of bathrooms, plot size, square footage of house and so on. This study aims at assessing the structural factors affecting the rental values of the residential properties in Ibadan Metropolis with a view to sustaining the livelihood of people and improve the quality of residential property values. The target population for the study were Estate surveying and Valuation firm. Estate Surveying and Valuation firm sampling frame as contained in the Nigeria Institution of Estate Surveyors and Valuers (NIESV) directory 2020 edition were 52. Data were collected through the use of questionnaire administered to 52 respondents (Estate surveyors & valuers), 38 retrieved and used for this analysis. Descriptive statistics (trends analysis and weighted mean score) were used to determined the trend in rental values of residential properties and assessed the structural factors affecting rental values of residential properties while Inferential statistics (factor analysis and ordinal logistic regression) were also used to identify the factors affecting the rental values of residential properties and examine the effect of structural factors on rental values of residential properties respectively in the study area. The findings of this study shows that all the residential property types has a constant increased in the zones. The study further revealed the Six (6) Structural factors that significantly affects the rental values of residential properties in the zones. The study therefore concludes that government should make policies aimed at defining environmental and housing standards that would be responsible for the monitoring and implementation of housing standards. The study recommended the needs for property owner, developer and users to be educated on the need for provisions of basic infrastructures and sustainable maintenance culture, it also advised that government and prospective property developers to take cognizance of structural factors and other factors that significantly affect residential properties values in the study area as this would help the marketability and viability of the investment.