PROBLEM OF MULTI-TENANTED PROPERTIES

PROBLEM OF MULTI-TENANTED PROPERTIES (A CASE STUDY OF UYO, AKWA IBOM STATE)

CHAPTER ONE

INTRODUCTION

1.1Background of the Study

Shelter is a basic necessity of life; an individual can satisfy this need by either occupying his own property or renting another person’s property in our society. The need for shelter is mainly met though the first alternatives, that is  owner occupation with emergence of urban centers the situation had changed many people are no longer able to own a property because of the difficulty in the acquisition of land and high cost of building materials and construction.

Therefore, they are left with alternatives of renting other people’s property in order to satisfy their need for shelter.

Aluko (2004) explained that housing reflects the cultural attribute of any given society and is always being used as one the best indicator of people’s standard of living and their level of placement in the society.

According to Jinadu (2007), shelter is a bundle of service or a basket of goods which includes the physical structure it’s self, the ancillary facilities and service within and around it as well as the general environment qualities and amenities that surround the building. The world health Organization (WHO) as quoted in  Onibokun (1990) said  shelter as residential environment which include in addition to the p0hysical structure that man uses, all necessary services, facilities, equipment and devices needed or desired for the physical and mental health and social well being of the owner, tenant and individual.

Consequently two closes of urban residents have emerged; the landlord which may be either the owner or manager of the tenant under this arrangement the tenant pays to the landlord a certain amount of in consideration for his or her use of the landlord’s house for a certain period of time.

Due to the vast rate of development in the urban areas and neglect of rural areas in terms of basic social amenities, basic facilities, equipment etc people often migrate from rural to cities thereby causing increase in demand for shelter, housing accommodation.

1.2 Statement of the problem

Property management is faced with various problems which if not property addressed can discourage real estate investors.

Human beings are by nature find it very difficult to manage; one therefore, wonders what it is like when so many people from different background in terms of religious belief, political persuasion, moral upbringing, educational attainment etc come to live together such as obtained multi-tenanted property.

1.3 Aim/Objectives of the Study

          The aim of this research is to identify the problems of management of multi-tenanted properties and following objectives will be identified:

1. To identify the functions of the property manager in a multi-tenanted properties.
2. To find out reasons for investing in multi-tenanted properties.
3. To identify the sources of dispute in a multi-tenanted property.
4. To find out ways resolving dispute in a multi-tenanted property.

1.4 Scope of the Study

The study was restricted to Uyo in a particular reference to multi-tenanted properties along Ikpa Road and Itu Road.

1.5 Limitation of the Study

The constraints faced while carrying out this research project includes, lack of finance, time constraint and reluctance of the respondents to supply the needed information in the study area.