Current Volume 8
An Investigation of The Effects of Obsolescence on The Rental Values of Residential Properties: A Case Study of Students’ Off-Campus Hostels, Ifite, Awka. Anambra State, Nigeria
Abstract
The relationship between obsolescence and the rental value of residential properties in Nigeria cannot be overemphasized. The aim of this study is to analyze the effects of obsolescence on the rental values of students’ off-campus hostels, in Ifite, Awka. This study investigated the effects of obsolescence on the rental values of students’ off-campus hostels in Ifite, Awka Metropolis. The population of study was four hundred and thirty-three (433) comprising one hundred and thirty-three (133) registered Estate Surveyors and Valuers and three hundred caretakers responsible for managing the students’ off-campus hostels in Ifite, Awka. A sample size of eighty-one (81) comprising twenty-five (25) registered Estate Surveyors and Valuers and fifty-six (56) caretakers was used and data was collected primarily through a well-structured questionnaire. The study was guided by four research questions and descriptive research design was used. Sample mean analysis was used to analyze the gathered data. The study showed that physical wear and tear, wrong building designs, technological advancements and changes in the economic conditions are the main causes of Obsolescence in Students’ Off-Campus Hostels in Ifite, Awka. It also concluded that there is a strong relationship between obsolescence and residential property values and that that rental value is directly related to and affected by the degree of obsolescence seen or observed in a building. The study advocated for improved and efficient maintenance culture and strategies, building designs with flexibility of use to mitigate the rate and effects of obsolescence on buildings.
Keywords
Assessment, Effects, Obsolescence, Rental Values, Residential Properties
Citations
IRE Journals:
Okoro Anthony Chinemenma , Nwosu Chiemezie Chisom , Chukwunonso Arinze Okpala
"An Investigation of The Effects of Obsolescence on The Rental Values of Residential Properties: A Case Study of Students’ Off-Campus Hostels, Ifite, Awka. Anambra State, Nigeria" Iconic Research And Engineering Journals Volume 6 Issue 11 2023 Page 399-415
IEEE:
Okoro Anthony Chinemenma , Nwosu Chiemezie Chisom , Chukwunonso Arinze Okpala
"An Investigation of The Effects of Obsolescence on The Rental Values of Residential Properties: A Case Study of Students’ Off-Campus Hostels, Ifite, Awka. Anambra State, Nigeria" Iconic Research And Engineering Journals, 6(11)
About IRE Journals
IRE Journals is an open access online journals established with an aim to publish high quality of research work in various diciplines. We have more than 6 years in publications. Over 2500+ papers already published.
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