Key Features:

- No. of pages: 58
- No. of tables: 6
- Tables
- Questionnaire
- Well Detailed

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Abstract:

Trends in rental value can be defined as the rate as the rate at which rental values on properties are changing. Trends in rental values can either be increasing or decreasing depending upon the rent passing or nature of property investment in such neighbourhood.
In terms of residential properties, rents are spiralling so fast within the city due to housing shortage as a result of high rate of urban population growth in recent years. This has brought about a decline in the rate of reconstruction.
Many factors are responsible for trend in rental value in Odo-Ado, such factors include rising prices of building material, high trending rate and high demand for residential buildings. In times past, rent control policy was introduced to curb the high levels of rent but this has not yet solved the problem.

Table of Content:

TABLE OF CONTENTS
Title Page…………………………………………………………………………….i
Certification……………………………………………………………………….....ii
Dedication …………………………………………………….…………………….iii
Acknowledgement…………………………………………...………..………..........iv
Abstract………………………….……………………………………….….....….. v
Table of Contents……………...……………………………………………………..vi
List of Tables…………………..……………………………………………….........x
CHAPTER ONE: INTRODUCTION
1.1 Background to the Study .......................................................................................... 1
1.2 Statement of the Problem ..........................................................................................3
1.3 Aim and Objectives ...................................................................................................4
1.4 Scope of the Study………………………………………………………………..5
1.5 Significance of the Study............................................................................................5
1.6 Definition of Terms………...……………………………………………………….5
CHAPTER TWO: LITERATURE REVIEW
2.1 Concept of Property…………….. ....................................................................7
2.1.1 Legal meaning and classification of property.................................................8
2.1.2 Meaning of Property for Appraisal…………………....................................8
2.1.3Nature of Property………………….…….......................................................10
2.1.4 Determinants of Property Value…................................................………….13
2.1.5 Classification of property for Valuation purposes.................………………..14
2.2 Concept of Rent………………………………………......................................14
2.2.1 Definitions of Rent………………………………............................................16
2.2.2 Theory of Rent……………………………….……………………………...19
2.2.3 Rent Determinants…………….. ......................................................................22
2.3 Commercial properties and Rent.............................................................................30
2.3.1 Types of Commercial property…………………...............................................30
2.4 Residential properties……......................................................................................33
2.4.1 Types of Residential Properties….......................................................………….34


CHAPTER THREE: RESEARCH METHODOLOGY AND STUDY AREA
3.1 Introduction ..............................................................................................................37
3.2 Breif Description of the study area……….............................................…………..38
3.3 Population of the study ...........................................................................................38
3.4 Sample Size .and Sampling techniques....................................................................38
3.5 Sources of Data Collection ……...............................................................................40
3.5.1 Primary Sources………………............................................................................40
3.5.2 Secondary Source……………............................................................................42
3.6 Instrument for Data Collection.................................................................................42
3.7 Method of Data Collection ……...............................................................................43
3.8 Method of Data Analysis………………..................................................................43
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Introduction .............................................................................................................44
4.2 Data Analysis..........................................................................................................44
4.3 Rental Values of residential properties in Study area.............................................46
4.4 Demand for properties between 2010-2016...............................................47
4.5 Causes of change in Rental Value in Ado-Ekiti.........................................48
CHAPTER FIVE: FINDINGS, RECOMMENDATION, AND CONCLUSION
5.1 Findings ...................................................................................................................51
5.3 Conclusion ...............................................................................................................52
5.4 Conclusion ...............................................................................................................52
REFERENCES ..............................................................................................................54
APPENDIX ………………………………………………………………………......55









LIST OF TABLES
Table 4.1: Questionnaires administered and retrieved...............................................44
Table 4.2: Respondents’ Sex Distribution……………..............................................45
Table 4.3: Respondents’ Marital Status…....................................................................45
Table 4.4: Analysis of Building type….……................................................................45
Table 4.5: Trends of residential property in Ado-Ekiti….............................................46
Table 4.6: Price of Building materials in Ado-Ekiti for the past & years.....................48

Introduction:

Rent, which is the most important term used tightly with a lease, has many definitions. According to Barlowe (1978), like general economics, land economics is concerned with the allocation of scarce resources. Another author, Leonard A. Satter observed that land economics is a social science that deals with those problems in which social condition is strategically affected by the physical location on property attributes of whole surface units. Likewise, rent according to Lean and Goodall in perspective of land economics and given definition that rent is the annual or periodic payment for use of land or building and fixing of the rent of property is largely influenced in practise by the evidence that can be seen by rent actually paid, not only for the property being valued but also for comparable properties in the same districts.
Rental value can be defined as an annual or periodic payment for the use of land and building or rental value is the net income which a property will produce or command in a specific location over a specific period of time. It is used by an Estate Surveyor and Valuer in property valuation. In this case, only a practical understanding of the working of real property market will enable Estate Surveyor and Valuer to carry out their function in a useful and dependable manner in serving their client.
There is at present insufficient data and information inspite of its importance as the backbone of property valuation in the country therefore, a study of rental value of residential property in Ekiti will supply some unavailable information. This research will look into the theoretical concepts of rental values and the method by which such value may be estimated.