The Impact of Population Growth on Rental Values in Minna, Nigeria.
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Date
2018
Journal Title
Journal ISSN
Volume Title
Publisher
Faculty of Environmental Design, Obafemi Awolowo University, Ile Ife, Nigeria.
Abstract
This study examined the impact of population growth on rental values in Minna, Niger State from 1999 to 2011. The study employed the use of both primary and secondary source of data collection through sampling techniques. Data on rental value was primarily sourced from registered estate surveyors and valuers in Minna urban, while the secondary data on population growth in Minna was sourced from National Population Commission. The result of rental growth analysis of the four selected areas showed that Maitunbi with a mean figure of 15.38 has better rental growth rate compared with other areas. The result of correlation of between 86.4 and 77.6 showed a strong positive correlation in between population growth and rental growth, and the overall impact of population growth on rental growth is significant. The study concludes that population growth is a basis for increase in demand for accommodation which peradventure increases the rent. Therefore putting population under check by government will affect real estate investors and otherwise, it will favour the investors. Investors in real estate prefer high population growth as it is capable of forcing demand over and above the supply of real estate accommodation. Improvement in housing provision to accommodate the present and future generation is therefore suggested.
Description
Keywords
Impact, Neighbourhood, Population Growth, Rental Value, Residential Property, Urbanization
Citation
Ajayi M.T.A,Abdulraheem M.O., Raheem W.M., Olabisi S., Adepoju A.S., Onyekwere, N.C. (2017) The Impact of Population Growth on Rental Values in Minna, Nigeria. Journal of Environmental Design and Management, 9(2):55-62