CRITICAL FACTORS CONTRIBUTING TO RENT ARREARS IN RESIDENTIAL PROPERTIES IN MINNA, NIGERIA

Olurotimi Kemiki, Ayoola A.b, Ojetunde Ismail, Rukayat Ogunbajo and Sekinat Abdulkareem

AfRES from African Real Estate Society (AfRES)

Abstract: PURPOSE: Optimum return appears to be a tangible motive of Investors of Real Estate Investments. This motive over the years has been bedeviled with rent arrears or defaults by renters of properties in the property sector. This situation, to Property Managers and their Principals is worrisome. It is on this basis that this study attempts to assess the factors influencing rent arrears in Minna rental market.DESIGN / METHODS FOLLOWED / APPROACH: The study employs data on various aggregate factors such as selection criteria, management subsystem, economic factors, tenancy arrangement, dwelling unit features and external household attributes influencing rent payments. Simple random sampling was used to administerquestionnaire to renters of residential properties in Minna while simple random and purposive sampling techniques were used to administer questionnaires to property managers. Spearman’s rank Correlation and Simple Multiple Regression are statistical tools used.FINDINGS: Evidence from renters reveals slightly large association between decrepit economic condition, deteriorating dwelling unit features and rent arrears while decrepit economic condition, weak selection criteria and annual tenancy arrangement are correlated with the level of rent defaults from property managers’ percept. The correlation results confirm the regression analysis which reveals significant relationship between predicted variable and explanatory variables in both cases (p-values

Keywords: landlords; property managers; rent arrears; residential properties; Tenants (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2017-09-01
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