Rental Value Research Articles

Thresholds in natural resource rents and state owned enterprise profitability: Cross country evidence

In this paper we contribute to the resource curse literature by examining the association between state owned enterprises (SOE) profitability and natural resource rents. We use data on 91,094 firms across 36 industries in 101 countries to show that although SOEs are inherently less productive compared to privately owned enterprises (POEs), there exists a threshold value of natural resource rents windfall above which SOEs would outperform POEs profitability. This threshold value of natural resource windfall we find to be between 138.6% and 192.3% above the long-term median value of resource rents. We argue that this threshold may exist because of: (i) at the country level, higher level of natural resource rents allocation that is reinvested domestically in the form of SOE capital investments; and (ii) at the industry level, SOEs experience higher scale economies through production linkages to the natural resource sector.

Commercial Real Estate Rental Variation in Ilorin, Nigeria

Abstract The goal of any real estate investor is to maximize return. This can be achieved through the generation of rental income. Thus, it is pertinent that the nature and characteristics of rental value are understood by investors to enhance real estate market penetration. This study examined commercial real estate rental variation in Ilorin, Nigeria, with specific focus on commercial complexes. For data collection, the study area was delineated into three commercial zones. Primary data for the study were collected from occupiers of commercial complexes and property valuers operating within these areas through structured questionnaire, based on purposive sampling technique. The study utilised an analysis of variance (ANOVA) technique to analyse the variation in rental values of commercial complexes in the study area. Results of data analysis revealed a statistically significant variation in rental values of commercial complexes in the study area (F ꞊ 16.70809, p ≤ 0.05) and an increasing trend of the rental values over the years under study as indicated by the rental index. This variation is perceived to be caused by the safety and quality of location, building visibility and lease term (RII ꞊ 0.97, 0.93 and 0.88, respectively). The study recommends that real estate investors should consider these factors when investing in commercial complexes across the commercial zones in Ilorin.

Assessing the mechanisms of saakpenwa-bori-kono road infrastructure influencing residential property values in bori, rivers state, Nigeria

This study is aimed at examining the mechanisms of road infrastructure influencing residential property values in Bori Urban of Rivers State, Nigeria. The purpose is to identify the features of road infrastructure influencing residential properties rental/capital values. Structured questionnaires were administered on some purposely selected 125 landlords and tenants living in residential properties along newly dualalized Saakpenwa-Bori-Kono road under study and out of the selected 125 landlords and tenants, 95 respondents duly completed and returned their questionnaires representing 76% response rate, all of which were found useful for the study. And the data collected were analysed using descriptive statistics. The findings showed that the features of road infrastructure influencing the choice of location for a residential property include facilitation of accessibility, reduce traffic from road widening, free flow of water, good drainage, provision of street light, provision of pedestrian walkway and provision of cover drainage. Furthermore, findings revealed that more than half of the respondents with mean score >3.00 identified the mechanisms of road infrastructure influencing residential property values to include increases rental values, stimulates aggregate demand & supply and attracts additional flow of income, provides accessibility to the property, marketability & viability of the property and reduce time and resources spent on property, provides amenities that enhances quality of life, provides mobility to investors and provides free flow of information. The study therefore suggests that the relative increase in rental values may be attributed to features of road infrastructure; as an affirmative response that road infrastructure increases rental/capital values respondents. It was therefore recommended among other things that governments at all levels should take the matters of road construction, maintenance and rehabilitation as a matter of priority because these processes enhance property values and indirectly increase revenue accruable from property as tax to government coffers.

Connected Communities: Was there worth in smart home technology in an apartment community?

Connected Communities: Was there worth in smart home technology in an apartment community? Should Mosaic Development add smart home technology in their multi-family developments? This was the question that Marc Mariano, development partner at Mosaic Development, pondered as he struggled to decide if he should install smart home technology in his latest multi-family project. Mariano understood that connected communities have been increasing in popularity over the last couple of years. Some see smart home technology as a luxury for residents but feel that it will continue to become expected over the next couple of years. The primary goal of smart home technology was to empower the resident to use it to its fullest potential to customize their living experience. Apartment communities had begun to include technology such as keyless entry systems that work off a smartphone, community-wide Wi-Fi, and package lockers with 24-hour access. In addition, the apartment features smart devices (such as lighting, outlets, switches), smart thermostats, sensors that detect water or gas leaks, and a voice control platform, much like Alexa or Siri. This technology can help reduce a renter's cost of living, provide convenience, and even save a life in a gas leak or fire. Balancing these concerns was the knowledge that if Mariano invested in smart home technology and the renter did not see the premium rent value, the project would not be profitable. One nagging question was how much a renter would agree to pay us a premium versus an organic increase in rent driven by the astounding growth in rent that was happening across all Florida markets in 2021. Mariano, as a partner/owner at Mosaic Development, a St. Pete based company, was focused on developing apartment communities desired by renters. Several issues influenced Mariano's decision of whether to proceed. Mariano knew this was not going to be an easy decision to make.

Optimizing the utilization of scad fish (Decapterus spp.) resource in northern coast of Aceh

For ten years, the Scad fish production in the Northern Coast of Aceh has been increasing rapidly at 172.5%. This condition describes that the Scad fish resource exploitation is implemented under improper management that could encounter an overfishing case. This study aimed to analyze the Scad fish resource utilization level and recommend a management strategy to achieve an optimized Scad fish resource utilization in the Northern Coast of Aceh. This study was performed in the Ocean Fishing Port, Kutaraja, Banda Aceh. Bioeconomic analysis results showed that catching product and effort in MSY condition at 2,838.59 tons and 2,808 trips by economic rent was Rp23,902 million per year. In MEY condition, catching product at 2,748.01 ton with catching effort at 2,311 and economic rent was Rp25,056 million per year. The open-access condition of Scad fish resource with total catching effort at 5,386 trips and economic rent value obtained was Rp 0. Results demonstrated that the Scad fish resource utilization status in the Northern Coast of Aceh encounters biological and economical overfishing. The Scad fish resource management strategy for achieving MSY and MEY condition through input control and output control by establishing the total allowed catching product and catching quota.

Effect of Accessibility on Commercial Property Rental Values Performance in Oja Oba Market, Ilorin Metropolis

The value of a commercial property is mainly determined by its inter-accessibility to other land uses; accessibility is a critical component in determining the costs and rewards of any investment. The study is being conducted to investigate the impact of accessibility on the rental values of retail premises. The purpose of this study was to determine the extent to which accessibility affects the rental value of retail premises. The following goals were established: to assess the rent in various locations inside the market from the primary major route. The stratified random sample approach was employed to acquire the data to evaluate if there is a variance in rent and the link between rental value and distance. Data were examined using descriptive statistics and linear regression using SPSS. The data indicated that rent varies within the market as distance increases. It was found that as distance increases to the market, the rental prices of store premises fall, and there is a strong positive linear relationship between distance and rental value. The report also advised that the government establish market parking space. The government should also give private shop property investors appropriate loans at cheap interest rates to boost investment in this sector.

An Automatic Tool for the Determination of Housing Rental Prices: An Analysis of the Italian Context

In the last decades, some global events such as the economic crisis of 2008 and the COVID-19 emergency of 2020, have generated more attention towards the housing rental market and its capacity to meet several social needs. In order to study the existent demand for houses, then define the interventions on the residential assets to make them more affordable for the most fragile population groups, adequate evaluation tools are required. With reference to the residential property segment of five metropolitan cities located in the Italian territory, the present research is aimed at analyzing the contribution of the most influencing factors on rental prices. In particular, this research refers to the rented properties of the second half of 2019, with a set of variables that represent the intrinsic and extrinsic factors of the local market. The implementation of an automated valuation model allows the determination of the most significant factors and the functional relationships that they have with housing rental fees. The outputs obtained could support the improvement of equitable public housing policies or could guide private investment decisions, such as refurbishment interventions of certain significant factors that could increase the market rental value. This study is the first step in wider research that is currently in progress, which aims to investigate the effects of the existing COVID-19 pandemic on the residential rental market.

"An Economic Analysis of Production of Cauliflower in Sikar District of Rajasthan"

"The present investigation was undertaken to study about costs and returns from the cultivation of cauliflower in Sikar district of Rajasthan. In this study, primary data were collected from the selected cauliflower cultivators through personal interview method with the help of pre- structured schedule. The study concluded that, on an average, total costs of cauliflower cultivation was estimated at ` 79786 per hectare. Out of which, overall total operational costs were observed as ` 55718 per hectare (i.e., 69.83 percent of total costs). It was decreased with the increase in farm size holdings whereas, total fixed costs were calculated at ` 24068 per hectare which accounts for 30.17 per cent of total costs. It was found positive relationship with the size of farms holdings. Total cost of cultivation of cauliflower was highest on medium farms (` 91764) and lowest on marginal farms (` 77511). The results also revealed that major components of cost of cauliflower cultivation were found human labour with ` 22482 per hectare followed by rental value of owned land (` 21265 per hectare), cost of manure (` 10340 per hectare) and cost of improved seed (` 9498 per hectare). The results of study indicated that overall gross returns obtained from cauliflower cultivation were ` 243275 per hectare. Gross returns were found to be highest (` 286750 per hectare) on medium farm and lowest (` 231250 per hectare) on marginal farms. On an average, cost of production in cauliflower was estimated at ` 670. The cost of production was found maximum (` 682 per quintal) on marginal farms and minimum (` 651 per quintal) on medium farms. It was decreased with increase in the farm size groups. It was observed that, an overall return per rupee earned from cauliflower cultivation was ` 2.77. Among the farm size groups, return was estimated as ` 2.71, ` 2.82, ` 2.83 and ` 2.84 per rupee on marginal, small, semi-medium and medium farm, respectively."

PENGARUH RASIO LIKUIDITAS, SOLVABILITAS, PROFITABILITAS DAN AKTIVITAS, TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN PROPERTY, REAL ESTATE, AND BUILDING

This study aims to determine the effect of the Liquidity Ratio, Solvency, Profitability and Activity on Dividend Policy at Property, Real Estate, and Building Companies Listed on the Indonesia Stock Exchange for the 2017-2019 Period. The reason for choosing property, real estate and building companies as objects of research is because the property sector is considered to be still an attractive investment in the midst of a new type of corona virus pandemic that causes Covid-19. Travelio Property Management Business Development Manager Vincentius Christopher considers that currently the benefits that can be taken from property investment are in terms of yield (profits calculated from the annual rental value compared to property prices), not capital gains. The population in this study are property, real estate, and building companies that already exist and are still listed on the Indonesia Stock Exchange for the 2017-2019 period, which consists of 91 companies. The sampling technique used in this study was purposive sampling so that it consisted of 87 companies as the research sample. The data analysis technique used in this study was multiple linear regression. The test results show that the liquidity ratio and profitability ratios have a significant positive effect on dividend policy, the solvency ratio has a significant negative effect on dividend policy, while the activity ratio does not have a significant effect on dividend policy.

Future Shift for ‘Big Things’: From Starchitecture via Agritecture to Parkitecture

This article analyses three recent shifts in what called the geography of ‘Big Things’, meaning the contemporary functions and adaptability of modern city centre architecture. We periodise the three styles conventionally into the fashionable ‘Starchitecture’ of the 1990s, the repurposed ‘Agritecture’ of the 2000s and the parodising ‘Parkitecture’ of the 2010s. Starchitecture was the form of new architecture coinciding with the rise of neo-liberalism in its brief era of global urban competitiveness prevalent in the 1990s. After the Great Financial Crash of 2007–2008, the market for high-rise emblems of iconic, thrusting, skyscrapers and giant downtown and suburban shopping malls waned and online shopping and working from home destroyed the main rental values of the CBD. In some illustrious cases, ‘Agritecture’ caused re-purposed office blocks and other CBD accompaniments to be re-purposed as settings for high-rise urban farming, especially aquaponics and hydroponic horticulture. Now, COVID-19 has further undermined traditional CBD property markets, causing some administrations to decide to bulldoze their ‘deadmalls’ and replace them with urban prairie landscapes, inviting the designation ‘Parkitecture’ for the bucolic results. This paper presents an account of these transitions with reference to questions raised by urban cultural scholars such as Jane M. Jacobs and Jean Gottmann to figure out answers in time and space to questions their work poses.

ANALISIS PERHITUNGAN DAN PEMOTONGAN PAJAK PENGHASILAN FINAL PASAL 4 AYAT (2) ATAS JASA SEWA TANAH DAN/BANGUNAN PADA PT. ANGKASA PURA I (Persero) MAKASSAR

This study aims to determine the calculation and withholding of final income tax article 4 paragraph 2 on land and/building rental services (space lease) carried out at PT. ANGKASA PURA I (Persero). The type of research used is a method with a qualitative approach. Qualitative data is data in the form of numbers used in this study such as evidence of income tax collection and tax deductions for specific airport services for land and/or building leases. After conducting the analysis and discussion, the authors conclude that the withholding of the final income tax article 4 paragraph 2 of land and / building rental services (space rental) at PT.Angkasa Pura I (Persero) is in accordance with the provisions of the KMK. No120/KMK.03/2002 using a rate of 10% with a tax base (DPP) of the gross amount of the rental value

Spatial Variations in Residential Rental Values-Case Study of Vijay Nagar, Hyderabad

Migration from rural to urban leads to intense urbanization; as a result, the demand for houses increases. Migrants prefer to have rental housing instead of having their own houses. Residential rental values differ from place to place on a city horizon. Variations in residential rental values are a result of preferences of tenants i.e. locational and neighborhood attributes. In Hyderabad Metropolitan Area, the impact of location and neighborhood attributes on rental housing shows the spatial variations in residential rental values. These preferable attributes further can be defined in form of Physical, Social, and Economic importance. Rents are fixed depending upon the availability of the aforementioned attributes. This paper aims to explore the impact of these attributes of preferences, made by tenants on residential rental values. To achieve the results, demand, and supply have also been analyzed by taking the mean values of identified parameters. The study is vital for investors, real estate developers, and housing policymakers to relieve capital investment decisions in the housing sector.

How has the 2013 decoupled payment reform affected farmland rental values in Northern Ireland?

The degree of capitalisation of agricultural subsidies into land rents has been mainly determined by different payment implementation systems and land markets. The 2013 EU Common Agricultural Policy (CAP) reform introduces a transition of Single Farm Payment towards a flat rate system and entitlement reallocation. Based on 2009–2017 Farm Business Survey data, we used the Arellano-Bond dynamic panel data estimation technique to estimate the capitalisation impact of the 2013 CAP reform to decoupled payments (DP) in Northern Ireland (NI) where a short term conacre land rental system is dominant. Our estimates suggest that under the 2013 CAP reform in NI, the capitalisation of DP into land rental prices has continued even when entitlements are less than eligible land areas. Specifically, the marginal effect on rental rates of an additional pound of the DP is 22 pence, increasing to 43 pence following the 2013 CAP reform but only in the first year. Given that about one-third of land area is rented in NI, land capitalisation will be of particular relevance in designing more efficient future subsidy policies.

Performance of commercial and residential real estate investments in Ibadan property market, Nigeria

PurposeThis study examined the performance of commercial and residential real estate investments in the Ibadan property market to provide information for investment decisions.Design/methodology/approachThe study used a mixed research design (qualitative and quantitative). Data were obtained employing in-depth interviews with randomly selected sixteen estate surveyors and valuers practising in the Ibadan property market. Data for the study were analysed using the phenomenological thematic content analysis. Similarly, data on rental and capital values were translated to income, capital and holding period returns. The Kwiatkowski–Phillips–Schmidt–Shin (KPSS) and Philip–Perron (PP) models were used for unit root analysis. Ordinary least square (OLS) regression model was used to test for inflation-hedging characteristics, and the Granger causality tests were carried out to analyse the causal relationship between the variables.FindingsThe study revealed that the Ibadan property market is still immature. For the return components, the study found that the Ibadan property market provided mean holding period returns of 10.82%, 14.31 and 8.29% for office, shop and residential property types, respectively. The study also revealed that the selected property types are perverse hedges against inflation. Similarly, the study showed a unidirectional causal relationship between inflation and returns on the selected property types.Practical implicationsResults of this study revealed the peculiar nature of the Ibadan property market; findings from the survey can be used as a guide for investment decisions by foreign and domestic investors. Shrewd investors can take advantage of the high returns provided by the real estate assets in the Ibadan property market (by investing in the property market) to obtain high returns and expand their investment portfolio.Originality/valueThis study is the first to examine, in an eclectic and comparative context, the performance of commercial and residential properties in the Ibadan property market from the perspective of its market maturity level, returns profile, as well as its inflation-hedging characteristics. Findings from the study will equip both individual and institutional investors with valuable information for investment decisions.

VALUATION OF MARKET RENTAL VALUE OF A PLANNED DORMITORY USING HEDONIC PRICING METHOD: A CASE STUDY OF POLYTECHNIQUE OF STATE FINANCE STAN, INDONESIA

This study determines the attributes that affect the market rental value of dormitories using the Hedonic Pricing Model. The proportional stratified random sampling technique was used to obtain data from 1,292 PKN STAN students in levels 1 to 3, which was analyzed using the SPSS statistical application. Based on the calculation, the dormitory value varies between IDR11,719,521 (RM3,424.82) to IDR15,482,242 (RM4524,41). The determinants that have a significant positive effect on dormitory value are bathroom location, average remittances per month, earnings per month, room size, gender, and origin, while the type of residence attribute has a negative correlation effect. The results of this study will be beneficial inputs for the PKN STAN in determining the market rental value, the quality of buildings and facilities are in accordance with the market preference.

SUSTAINABILITY OF APPLE PRODUCTION IN THE TROPICS USING LAND RENT ANALYSIS IN BATU CITY INDONESIA

Apples have gone through a long process of adapting to the Indonesian climate. Limited availability of non-renewable land creates fierce competition for land use. The purpose of this study was to a) determine the history and condition of apple farming, b) to analyze the land rent value of apple plants with plants that have the potential to replace them, namely oranges, guava, and seasonal plants, c) to determine the factors that affect the land rent value of citrus, guava, and seasonal plants. Data obtained through interviews with selected informants using a questionnaire and analyzed using land rent analysis to determine the value and factors that influence it. The results showed that apple plants' introduction has resulted in several varieties that have successfully adapted to the Indonesian climate. Indonesian apples' development is still 99.81% centered in East Java, with bad apples' sustainability because the land rent value is much lower than other commodities.

Identifying the effect of retail brands on private residential rental prices in Great Britain

This study extends our understanding of the influence of proximity to retail grocery provision on housing rental prices. To achieve this, extensive data on the size and location of retail outlets are combined with neighbourhood rental values for small areas across a two year period, together with varied contextual data for each area. In order to control the influence of many confounding variables in the determination of housing rentals, the technique of propensity score matching is applied. This provides a sophisticated means for the comparison between areas where there is substantial natural variation, rather than manageable controls. For a variety of types of retail brands, only a significant relationship is found between the proximity of a Premium retail outlet and the housing rental value. The findings of this research allow local planning officers to further understand the impact of planning applications on the potential for gentrification and the affordability of neighbouring housing.

Tax impact of the rental fee for squares and markets in the Ambato canton in times of COVID - 19

El estudio determina la repercusión contributiva del canon de arrendamiento de plazas y mercados en el cantón Ambato en tiempos del COVID-19. El inadecuado establecimiento de valores de arriendo, la ineficiente determinación del líquido imponible para su recaudación y la pandemia es lo que ha impactado a los comerciantes adjudicatarios y principalmente desde la óptica de la municipalidad en lo que respecta a la emisión de títulos de arrendamientos de la red de plazas y mercados ha implicado la disminución de sus ingresos. Para el análisis se trabajó con investigación de fuentes secundarias disponible en bases de datos e informes del Gobierno Autónomo Descentralizado Municipalidad de Ambato así como el Registro oficial Órgano del Gobierno del Ecuador, Convenio de Mancomunidad y Ordenanzas Municipales. De acuerdo a los resultados obtenidos se concluye que el GADMA tiene una repercusión contributiva en un 52% menos del total del líquido imponible en el año 2020. Adicionalmente con base a la exploración de la problemática central mencionada se expone que no tiene determinado el líquido imponible referente al canon de arrendamiento que realmente existe. URL: https://revistas.uta.edu.ec/erevista/index.php/bcoyu/article/view/1409

The impact of the boom and slump of oil prices on the housing market in Sekondi-Takoradi, Ghana's oil city

This paper investigates the impact of the boom and slump of oil prices on Sekondi-Takoradi's housing market. Interviews were carried out with key informants including estate agents, a major property developer, planning officials, officials of oil and gas and oil service companies, officials of recruitment agencies, and owners of eating establishments. Questionnaires and interviews were also used to collect data from oil workers. The findings show that discovery and production of oil during higher oil prices period led to refurbishment and construction of housing to suit the taste of oil workers with increases in rents. For the less well-paid, it caused evictions as property owners looked to upgrade their houses for a higher income group. Recent decline in oil prices and the redundancy of oil workers led to empty property, significant falls in rental values, decreasing estate agency business and profit, and it halted housing and hotel construction. Some eating establishments also experienced reduction in patronage after oil prices fell. This research adds to existing knowledge of effects of the oil industry during the boom in oil prices on Sekondi-Takoradi's housing market, and sheds new light on the impact of the slump in oil prices on housing in the city.

APPRAISAL OF THE IMPLEMENTATION OF LAND-USE REGULATIONS ON COMMERCIAL PROPERTY DEVELOPMENT IN ILORIN, NIGERIA

The implementation of land use regulations on commercial property development is extremely important because of benefits abound in it for the society. Ilorin the capital of Kwara state, Nigeria is experiencing influx of many residents which gave rise to series of urban challenges. This paper appraised the implementation of land use regulations on commercial property development in Ilorin, Nigeria. The study adopted survey research design and census method was adopted for the commercial properties and Estate Surveying and Valuation firms in the study area. Questionnaires were distributed to 26 practicing Estate firms in Ilorin Kwara State, 110 and 39 selected landlords / occupiers of commercial properties in Gambari-Ipata-Emir’s road and Government Reserved Area in Ilorin, Nigeria. Out of which 24 questionnaires (92%) and 110 (100%), 36 (92 %) were returned and found useful for the study. Data collected were analysed using descriptive statistics of cross tabulation and inferential statistics of Independent Sample t – Test and test of hypothesis. The research revealed that the p-values were all greater than 0.01 which led to the acceptance of null hypothesis that the level of implementation of land use regulations on commercial property development does not vary in the study area. The study conclude that there were hindrances to effective implementations of land use regulations on commercial property development across the study areas, and if not corrected will continue to affect the welfare of the citizens, ease of commercial activities, will lead to falling in commercial property’s rental value, falling in urban aesthetic value, and an increase in externalities. The study recommended proper government intervention in providing better resources to improve the level of monitoring and enforcement of land use regulations on commercial property development.