The Influence of Neighborhood Characteristics on Residential Property Rental Values in Minna, Nigeria.
The impact of neighbourhood characteristics on rental values of residential properties has been a significant and ongoing discussion in the global housing market. This study focuses on Minna, Nigeria, where the housing market exhibits a multi-dimensional bundle of services, as well as various contradictions and paradoxes associated with housing.
The research aimed to assess the adequacy of neighbourhood characteristics in the study area, examine the current rental values of different classes of residential properties, and analyze the level of impact of neighbourhood characteristics on rental values. Data was collected from 621 stakeholders, randomly selected from three categories of residential properties, using a structured questionnaire with closed-ended questions.
Both descriptive analysis (frequency tables and a 5-point Likert scale) and inferential analysis (multiple regression) were used to analyze the data. The results revealed that rental values of residential properties in F-lay-out were higher compared to those in Tunga low cost, while the rent in Bosso neighbourhood was relatively higher than that of Tunga low cost. Rental values were categorized as follows: ₦50,000-₦100,000, ₦100,000-₦150,000PA, and ₦150,000-₦200,000PA for one-bedroom properties in Bosso, Tunga, and F-layout, respectively. For two-bedroom properties, the values were ₦150,000-₦200,000, ₦200,000-₦250,000, and above ₦250,000PA for Bosso, Tunga low cost, and F-lay out, respectively. As for three-bedroom properties, the values were ₦200,000-₦250,000PA, ₦20,000-₦250,000PA, and above ₦250,000PA for Bosso, Tunga low cost, and F-layout, respectively. These variations are related to the quality of neighbourhood characteristics in the respective areas.
To avoid significant disparities in rental values among similar categories of residential properties within the same market, the study recommends that the government focus on aggressive infrastructural development, particularly in high-density areas. Furthermore, efforts should be made to improve the number and quality of existing amenities in low and medium-density areas. This approach can contribute to a more balanced and sustainable housing market in Minna, Nigeria.
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