Okorogba, M. J. & Akujuru, V. A.
The Impact of Facilities on Rental Values of Residential Properties in Port Harcourt City Local Government Area of Rivers State
Abstract
This study aims at ascertaining the Impact of Facilities on Rental Values of Residential Properties in Port Harcourt City Local Government Area of Rivers State, using residential properties located within Peter Odili Road, Port Harcourt City. The study adopted survey research design. The population of this study comprised of 338 Estate Surveyors and Valuers in Rivers State, 100 landlords and 100 tenants, making a total of 538 respondents. Census sampling techniques was used for the study. Three research questions guided the study. A structured instrument titled impact of facility on rental values of residential properties questionnaire (IFORVORPQ) was used for data collection. Out of the 538 questionnaires distributed, 484 were returned, reflecting a 90% rate. The reliability of the instrument was determined through test re-test method. Mean and standard deviation were used to analyse the research questions. The findings revealed that water supply, power supply, refuse disposal, security, house cleaning, internet facilities, drainage channel, kitchen facilities and furniture were provided in most of the residential properties in Port Harcourt City L.G.A. More so, the level of satisfaction derived from the facilities provided within the residential properties was high and the provision of the facilities had impacts on rental values of residential properties in Port Harcourt City L.G.A of Rivers State. Based on the findings, it was recommended among others that Property owners, managers and government should prioritize the inclusion of modern facilities in residential properties during the development process, Property developers (landlords), property managers and Government Housing Agencies should regularly assess, carry out routine check to ensure good conditions of the facilities in their residential properties. Keywords: Facilities, Housing, Rent, Value, Residential Properties
