Abstract
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.
Highlights
The outbreak of the “new normal”- coronavirus in December 2019 and declaration of a pandemic in 2020 - affected every aspect of human endeavours. Costin (2020) observed that the plunging of the demand for rental properties globally caused by the pandemic and the subsequent worldwide quarantine and lockdown actions had impeded personal human and business activities and the developmental and economic growth of nations
As an all-encompassing framework, tackling real estate development and management problems, especially those relating to real property agency issues, requires all stakeholders’ collaborative efforts, the lessor and lessees
The study, evaluates the adequacy or otherwise of tenancy agreements entered between lessors and lessees in the face of the current new normal
Summary
The outbreak of the “new normal”- coronavirus in December 2019 and declaration of a pandemic in 2020 - affected every aspect of human endeavours. Costin (2020) observed that the plunging of the demand for rental properties globally caused by the pandemic and the subsequent worldwide quarantine and lockdown actions had impeded personal human and business activities and the developmental and economic growth of nations. Costin (2020) observed that the plunging of the demand for rental properties globally caused by the pandemic and the subsequent worldwide quarantine and lockdown actions had impeded personal human and business activities and the developmental and economic growth of nations. UNCTAD, Wang & Tang, cited in (Tanrıvermiş, 2020), opined that the outbreak of the novel coronavirus was on its Olurotimi Adebowale Kemiki, Sunday Okuomah Okoh, Joseph Olusegun Omotehinshe. In Africa, Nigeria, the excessive attachment of interest and superiority to land and landed property ownership status and the recent outbreak of the Covid pandemic has exacerbated the ill-treatment and the undermining of the rights of the tenant by their landlords
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