A COMPARATIVE ANALYSIS OF RENTAL VARIATION IN RESIDENTIAL AND COMMERCIAL PROPERTIES IN NIGERIA

A COMPARATIVE ANALYSIS OF RENTAL VARIATION IN RESIDENTIAL AND COMMERCIAL PROPERTIES IN NIGERIA

This study examined a comparative analysis of rent differentials for residential and commercial properties in Ogui New Layout, Enugu, Nigeria.

Researchers used both questionnaires, interviews, and self-observations as methods of data collection. Data was collected from selected landlords, estate agents for selected properties.

Collected data were analyzed based on interpretations and conclusions.

Chapter 1 is an introduction to the project work, Chapter 2 is a literature review, and Chapter 3 is devoted to it. Research methodology, chapter four data presentation, analysis and interpretation and chapter five finding, recommendation and conclusion.

Finally, rental variation in commercial and residential properties have been discovered to be influenced by certain factors affecting the rents passing on these properties.

Table of contents
CHAPTER ONE

1.0 Introduction

1.1 Background of the Study

1.2 Statement of Problem

1.3 Purpose of the Study

1.4 Significance of Study

1.5 Scope of the Study

1.6 Limitation of the Study

CHAPTER TWO

2.0 Literature Review

2.1 Property

21.1 What is Property?

21.2 Meaning of Property for Appraisal

21.3 Nature of Property

21.4 Classification Property for Valuation Purpose

21.5 Economic of Rent

21.6 Theory of Rent

21.7 Concepts of Rent

21.8 Determinate of Rent

2.2 Commercial Properties and Rents

2.3 Residential Properties

2.4 Definition of Relevant Terms

CHAPTER THREE

3.0 Research Methodology

3.1 Sources of Data

3.2 Primary Data

3.3 Secondary Data

3.4 Study Population and Sample

CHAPTER FOUR

4.0 Data Presentation, Analysis and Introduction

4.1 Presentation of Basic Data

4.2 Presentation and Analysis of Data

4.3 The Average Rent in N/M2 on Commercial and Residential Properties

CHAPTER FIVE

5.0 Findings, Recommendation and Conclusions

5.1 Finding

5.2 Recommendation

5.3 Conclusion

Bibliography

Appendix

List of Figures/Tables

CHAPTER ONE

chapter One
1.0 Introduction

1.1 Research background

Housing is the basis of life. Individuals can meet this need by occupying their own (owned) property or by renting the property of others. In our traditional society, the need for living space is mostly met by the first option, personal use. The plight of the city center changed the situation. The difficulty of obtaining land and the high cost of construction have discouraged many from buying real estate. Therefore, you have the option of renting third-party properties to meet your accommodation needs. As a result, her two classes of city-dwellers emerged, landlords and tenants. In this arrangement, the tenant pays the landlord a certain amount in exchange for using the landlord’s home. This amount is commonly known as rent.

The Nigerian Civil War of 1966-1970 destroyed many properties in the urban areas of the former Eastern Region of Nigeria, including Enugu. As a result, the land supply plummeted after the war. Moreover, in the post-Civil War period, an unprecedented number of rural populations flocked to urban centers due to the remarkable prosperity generated by the urban oil boom. This created a high demand for the existing limited supply of land. As a result, property rents have increased significantly.

This trend continues, with “the average worker paying 30% to 40% of his wages in rent” (Oshadiya, 1985). Thus, the rise in real estate rents has brought fluctuations in real estate rents. In urban areas, there is a location advantage (eg, 1A location) compared to commercial and residential properties, so rent tends to be high for the purpose of the property.

1.2 Problem definition

CRE location is a tricky concept to grasp. While the primary purpose of commercial property is to generate economic returns and the primary purpose of residential property is housing, protection and comfort, the demand for land reflects the profitability or benefits derived from its use. I’m here. The greater the profit from a particular use, the higher the rent users are willing to pay.

In general, there appears to be a wide disparity in rent payment levels for residential and commercial properties in Enugu and Nigeria. Among other things, the study seeks to identify the causes of rent volatility in commercial and residential real estate in Nigeria, with Ogui New Layout being a case study.

1.3 Purpose of the survey

The primary objective of this study is to provide a tool that can be used to grasp the issues related to rental of these properties in Enugu and Nigeria in general. Investigate the reasons behind the discrepancies.

To achieve the standard goal, the following goals must be achieved:

i) Determination of current rental levels for commercial and residential properties in the study area.