Socio-Economic Impact of Residential Property Rental Market on Urban Poor in Ado-Ekiti, Nigeria

Abstract

This study examine the socio-economic impact of residential property rental market on urban poor in Ado-Ekiti, Ekiti State. It focuses on the socio-economic characteristics of the urban poor, the tenural status and the factors influencing rental accommodation of the urban poor in the study area. One thousand and thirty seven (1,037) questionnaires were administered on the respondents while eight hundred and forty nine (849) was retrieved and used for the data analysis. The study employed both descriptive and inferential statistics. The findings among others revealed that the urban poor are those who are unable to obtain adequate income and find a suitable job and own a property in the study area. It was further revealed that over crowded living condition, income level, low level of education, poor access to basic amenities, rate of interest paid on loan, high cost of building materials and high cost of land for owner occupied are the major factors that influence rental accommodation of the urban poor in the study area. In view of the findings, there were need to suggest policy to improve the residential property rental market on urban poor through  provision of potable water, low cost housing, improved health care facilities, improved transportation in terms of good roads, sound education for the wards of the urban poor and employment opportunities to develop the area. Finally the paper calls on the three tiers of governments and other stakeholders to provide and adopt schemes that can assist or protect the poor and low income renters by encouraging small scale landlords to provide more and better rental accommodation.

Keywords: Accommodation, Ado Ekiti. Residential property rental market, Urban poor