Performance of Rental Values of Residential Properties in Selected areas in Akure, Nigeria between 2001 and 2011

Abstract

The paper examined changes in rental values of residential properties in two neighbourhoods (Oke – Ijebu and Apatapiti) in
Akure from 2001 to 2011. The intent is to provide a measure of the performance of this sector in the past years. Questionnaires were
administered on 14 registered Estate Surveyors and Valuers practicing in Akure out of which 11 were returned and good for analysis.
The returned questionnaires were analysed using the Trend Analysis and regression model for the computation of growth rate. The
findings indicated that rental value of 3 Bedroom flat and tenement accommodation have been on the increase since 2001 to 2011
especially with Apatapiti neighbourhood having higher rental values than Oke – Ijebu. The result also showed the growth rates of 3
bedroom flat and tenement accommodation in Oke Ijebu to be 38.44% and 43.07% respectively as against 23.15% and 34.98% for 3
bedroom and tenement accommodation in Apatapiti area. It is therefore, recommended that the federal government should build more
hostels in the Federal University of Technology Akure which is close to Apatapiti one of the study areas. This gesture will help to lessen
the burden on accommodation especially in Apatapiti thereby, reducing the undue advantage taken by landlords in increasing rents.