TRENDS IN RENTAL VALUE OF RESIDENTIAL PROPERTY IN AN EMERGING STATE CAPITAL. (A CASE STUDY OF OSOGBO, OSUN STATE)

TRENDS IN RENTAL VALUE OF RESIDENTIAL PROPERTY IN AN EMERGING STATE CAPITAL. (A CASE STUDY OF OSOGBO, OSUN STATE)

ABSTRACT

This study examined the fluctuation and prospects of values appreciation on properties, which is due to population increases urbanization. This has  shown that there are many factors that determined trends in rental value of residential properties. These factors include location of the property, changes in building costs, the national situation change, change in population.  These examine the study area of the trends in rental value of residential property in Osogbo increased tremendously and this has brought about a great improvement on the socio economic life of the people at Osogbo. Chapter one, contains a detailed an broad information of the study and its background. The aim and objective, significance of the study, scope of the study, research methodology and limitation were also discussed. Chapter two is based on the literate review in which the conception frame works of the trend in residential property value was really discussed. Chapter three, these based on research methodology of the study area. Chapter four, discussed about the presentation of the data and the analysis  of data using questionnaire and personal interview as a source of collecting data or information. Chapter five discussed summary of findings, Recommendation, conclusion and References.

TABLE OF CONTENT

Title page                                                                                                       i

Certification                                                                                                  ii

Dedication                                                                                                     iii

Acknowledgement                                                                                       iv

Abstract                                                                                                          v

Table of content                                                                                           vi

CHAPTER ONE

1.0       Introduction                                                                                       1

1.1       Background of the study                                                                1

1.2       Aim of study                                                                                      3

1.3       Objective of study                                                                            3

1.4       Significance of the study                                                               3

1.5       Scope of the study                                                                           4

1.6       Research Methodology                                                                  4

1.7       Limitation of the study                                                                     4

CHAPTER TWO

2.0         Conceptual framework                                                                   5

2.1       Concept of value                                                                             5

2.2       Types of value                                                                                  6

2.3       Residential property                                                                                    8

2.4       Types of residential property                                                          8

2.5       Rent                                                                                                   9

2.6       Types of rent                                                                                     10

2.7       Real Estate and market                                                                  11

2.8       The real property market                                                                 11

2.9       Characteristics of real property                                                      12

2.10    Determination of rental value of property                                                13

2.11    Price determination in property market                                        15

2.12    Factors affecting property values.                                                 15

CHAPTER THREE

3.0         Research Methodology                                                                  17

3.1       Sources of data                                                                                17

3.2       Method of gathering data                                                               18

3.3       Research instruments                                                                    19

3.4       Method of data presentation and analysis                                  20

CHAPTER FOUR

4.0       Data presentation and analysis                                                    22

4.1         Factors that responsible for the trends in rental value              27

CHAPTER FIVE

5.0       Summary of findings, recommendation, and conclusion.       29

5.1       Summary of findings                                                                       29

5.2       Implications of findings                                                                  29

5.3       Recommendation                                                                            29

5.4       Conclusion                                                                                       30

References                                                                                       31

Appendix                                                                                           32

CHAPTER ONE

1.0         INTRODUCTION

1.1       BACKGROUND OF THE STUDY

As far a real estate is concerned, value goes with the same economic laws as values of other goods and services. Therefore, value of real estate relates its basis to the law of demand and supply just as price of commodity in the market. The other underlining factors that guide residential property market in the study shall also be highlighted. Value is the worth of and article in exchange. The money worth that will accrue to the lesser will be and inverse function of the value of demand, long time age especially in the days of oil boom, the property market of the area was dull because people prefer to build than to let or lease because building cost was cheap. But, in the decade the property market of the study area has experienced gradual changes in rental value.

TRENDS IN RENTAL VALUE OF RESIDENTIAL PROPERTY IN AN EMERGING STATE CAPITAL. (A CASE STUDY OF OSOGBO, OSUN STATE)