A Study of Private Rental Housing Market in Kaduna Metropolis, Nigeria

Abstract

Rental housing is an expanding and lucrative investment sector that has garnered a lot of investors both in the developed and developing countries of the world. The high rate of rental default in urban centres of Nigeria tends to discourage massive investment in rental housing by the prospective investors.  The study examines the nature of private rental housing market and the influencing factors in Kaduna Metropolis from the view of both tenants and property managers (Estate Surveyors and Valuers). To accomplish the aim, questionnaires were administered on practicing Estate Surveyors and Valuers (statutorily recognized property managers) and selected tenants through proxy questionnaires from the sampled firms. Data were analyzed using descriptive statistics.  Findings show that there are different forms of rental payment patterns and tenant selection criteria adopted. The study assessed tenants’ (rental housing consumers’) behaviour and ranked breach of tenancy agreement and harsh landlord’s policy as the main causes of rental default. It recommends the needs for effective regulation and tenancy legislation review as a way forward to ensure refinement in the residential property management practice in Kaduna Metropolis.

Keywords: housing, rental housing, tenancy, rental default, affordability