Abstract
Property rental values are readily influenced by a multitude of interrelated factors such as the state of the economy, neighbourhood amenities and property characteristics. However, there is always an expectation that rental value reflects the occupier’s satisfaction from the neighbourhood and property. As such, this study examines the satisfaction of students with private hostel facilities surrounding the Federal University of Technology Akure (FUTA), and the effect these facilities have on the rental values of the off-campus students’ hostels. There are 17,307 students who reside in the private hostels off-campus, of which 392 students were randomly selected from the total population of residents living around FUTA South Gate and given questionnaires. Of the 392 questionnaires administered, 390 were retrieved for analysis, thus representing a 99.5% response rate. The data collected was then analyzed using the Weighted Mean Score (WMS), T-test Statistics, Spearman Rank Correlation and the Multiple Regression Analyses. The findings reveal that there is a significant difference in the rental price paid by satisfied and unsatisfied students. Thus, the satisfied students pay higher rents than the non-satisfied students for a single, self-contained apartment. These occupiers are found to be satisfied with facilities such as the toilet, bathroom, fencing and water supply system in the building. There is a positive relationship between students’ rent satisfaction and their satisfaction with hostel facilities provided. The regression analysis further reveals that rental value is a function of neighbourhood amenities and property characteristics. The study recommends that private hostel developers make adequate provision for functional facilities as these can increase students’ satisfaction as well as enhance residential property rental values.
Highlights
Access Housing is both a consumable and investment good and so this type of investment is capital intensive (Henderson & Loannides, 1987; Ezinuo, Onyejiaka & Emoh, 2014)
This study has examined the level of students’ satisfaction with private hostel facilities in Federal University of Technology Akure (FUTA) South Gate
It was found that not all the students are satisfied with the rent they pay because they are not satisfied with some of the facilities provided in the private hostels
Summary
Access Housing is both a consumable and investment good and so this type of investment is capital intensive (Henderson & Loannides, 1987; Ezinuo, Onyejiaka & Emoh, 2014). The residential sector includes investment in dwelling houses of which student housing accommodation is a part. Students are a section of the population that forms a specific key demand group for housing because of the niche market they create and bring about material difference in their demand from other tenants (Rugg, Rhodes & Jones, 2000). In many developed and developing countries the world over, the provision of accommodation for student populations continues to be a challenge to most governments. This may be because of the annual increase in the enrolment of students in the tertiary institutions worldwide and weak or no policy directed at housing them (Rugg, Rhodes & Jones, 2000). Horn, Peter and Rooney (2002) reveal that out of the estimated 16 million students attending colleges and universities in the United Kingdom, approximately 16% of them live on campus, while the remaining population resides off-campus
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