Impact of COVID-19 Pandemic on Tenancy Agreement: The Lesson from an Emerging Rental Housing Market in Nigeria

Ankeli Anthony Ikpeme (), Nuhu Muhammad Bashar, Popoola Naomi Ijadunola, Olurotimi Kemiki, Okoh Sunday Okuomah and Omotehinshe Joseph Olusegun
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Ankeli Anthony Ikpeme: Department of Estate Management and Valuation, Federal Polytechnic, Ede, Nigeria
Nuhu Muhammad Bashar: Department of Estate Management and Valuation, Federal University of Technology, Minna, Nigeria
Popoola Naomi Ijadunola: Department of Estate Management and Valuation, Federal University of Technology, Minna, Nigeria
Okoh Sunday Okuomah: Department of Estate Management and Valuation, Federal Polytechnic, Bida, Nigeria
Omotehinshe Joseph Olusegun: Department of Building Technology, Federal Polytechnic, Ede, Nigeria

Baltic Journal of Real Estate Economics and Construction Management, 2021, vol. 9, issue 1, 79-93

Abstract: The study aimed at evaluating the contents of tenancy agreement entered into between lessors and lessees in Osogbo, Owode-Ede and Ede Metropolis in Osun State (Nigeria) from 2011 to 2020 in order to determine its adequacy in the face of the Post-COVID-19 pandemic in Nigeria. A questionnaire survey approach was adopted to achieve aim of the study. Findings of the study revealed steady dwindling of rental market transactions with deteriorating landlord/tenant relationship caused by disagreement on tenancy agreement related issues leading to default in rent payment, rent review period and renewal. Findings also indicated a low ebb experience in the rental market due to the economic downturn resulting from, among other factors, the lockdown policy, which impoverished Nigerians to the extent of struggling to make ends meet. The study further found that 86.3 % of the tenancy agreements were inadequate in content and execution as basic tenants’ remedial provisos were not included in most of the agreements. The study provided pertinent information that could be used as baseline information for tenancy agreement preparation, enhancing landlord (lessor) and tenant (lessee) relationship, and guiding rental real estate investment decisions in Nigeria.

Keywords: Content of tenancy agreement; COVID-19 pandemic; residential property; tenancy agreement (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:bjrecm:v:9:y:2021:i:1:p:79-93:n:1

DOI: 10.2478/bjreecm-2021-0007

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