corrected 1-5(2)_Taiwo (1).docx

CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Investment involves the giving up of a capital sum to reap an appreciation in capital or a stream
of income. To achieve this appreciation in capital, it is necessary to understand the
characteristics of investment and how it would result in the returns expected. This is therefore
possible through access to quality and credible information in the form that investor can
understand and take necessary actions on (Bello et al., 2018). This becomes imperative for
investment in real estate where the commitment of capital is often irreversible (Sirmans et al.,
2005).
Investment in real estate involves the commitment of capital by an investor to design, construct
and earn a reward through the means of leasing, rental services or appreciation in the price with
an exclusion of owner-occupied developments (Adegoke et al., 2010). Additionally, investment
property has been adjudged as being relevant to the development of the economy of any nation.
Given the estimation that 40% of the world’s population lives in rental housing. This has led to
an increasing demand for residential rental property especially in the city centres and urban
areas. This has been observed to pique the interest of investors whose aim is to maximize profit
through the vehicle of investment (Olujimi and Bello, 2009; Peng, 2010). Hence, there is a need
to ensure that investors act on quality information before the commitment of capital in such
residential development.
Similarly, the objective of the investors in residential rental housing has remained to maximize
returns on investment and prolong tenant’s occupancy period. To achieve this, various
investment benchmarks has been developed to evaluate the performance of residential property
investment and improve the investment strategy adopted by investors. Some of the set
benchmarks for the evaluation of the performance of residential investment property focuses on

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the return, return-risk and inter-sectoral comparison among others Olowu (2019). However, in
the case of residential properties, little attention has been paid to details of the tenancy, physical
and locational characteristics of the property coupled with the socio-economic characteristics
of the tenants.
The foregoing constitutes the distinguishing quality that determine the choice of one property
over the other by the tenant. While the socio-economic characteristics focuses on the income
level, family size, occupation, religion, marital status among others, the physical characteristics
includes the building type, age of the building, type of finishing, number of bedrooms, toilets
etc., and the locational characteristics features the presence of security, nearness to market,
workplace and school among others (Adegoke, 2014). The careful consideration of these factors
from the tenant’s perspective is important to mitigate the risk of void which is the resultant
effect of not acting on credible informational preferences of the tenant in the development of
residential properties.
Furthermore, tenants' preference for one residential property over another is influenced by a
number of different elements. To achieve the highest return accruable to investment in the case
of residential properties. It is pertinent to consider these factors that informs choices made by
the tenants. They include locational, building characteristics and the market conditions that
surrounds the property. These factors have been observed to influence return on property
investment through the application of the measures of performance Ubani et al., (2017). In
addition to which, Oladapo et al., (2019) found that accessibility and housing attributes are
central contributors to the residential choice of tenant.
Conventionally, the factors earlier identified; the location of the property, building attributes,
accessibility and proximity to amenities fit into the broad scale of factors comprising of the
macro and micro economic factors, legislative / statutory control factors, demographic factors

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among others, which form the exogenous factors relevant to the evaluation of the choice of
tenant of residential developments (Adegoke, 2014; Oladapo et al., 2019; Usman, 2017). This
necessitates the need to study the interplay of these factors and how they influence the choice
of tenants in the selection of their residential rental apartments. So as to achieve the investor’s
aim of maximizing returns on investment, especially in an emerging property market like
Nigeria which in recent years has been observed to exhibit long waiting period in securing
preferred tenant into vacant houses (Oladokun, 2011). This has long been attributed to the
deficit of quality information as to what tenants consider in making housing choices.
Consequently, making the quality of information available to investors at the time of
development of properties is germane to the security and profitability of investment in the
residential market (Otegbulu, 2017).
In the face of the booming rental market and increasing rent, the profitability and security of
investment can only be insured when vital information is provided on the market indicators that
determine the choice of tenant not just in first tier markets like Lagos, Abuja and Port Harcourt,
but in second-tier markets like Ibadan. This is because, tenants have been observed to migrate
to second tier market to escape the increasing difficulty of coping with urbanization in first tier
cities. To this end, the delineation of residential development in Ibadan to high, medium and
low-density residential areas presents an indication of the socio-economic characteristics of the
residents. This is usually based on the income constitution of the city leading to the
representation of all income household in the housing market. Therefore, it is important to
investigate the factors that determine the choice of tenants in the selection of their rental
residential habitat towards the provision of viable data that will enhance property investment
decisions of investors in a rapidly urbanizing city like Ibadan metropolis.

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1.2 Statement of the Research Problem
Investment in residential properties presents veritable opportunity to investors to commit their
capital to meet the growing needs of people to maximize profit. This has resulted in the
emergence of various residential development in the urban areas. However, it was observed that
these residential properties in urban centres are increasingly becoming void and taking long
before occupation by the tenants. Studies like Oladokun (2011), Adegoke (2014) and Otegbulu
(2017) attributed this development to the paucity of quality information on the considerations
and factors influencing the choice of tenant in their decision for residential properties. To this
end, the quality of information available to the investors at the time of development of properties
is germane to the security and profitability of investment in the residential market.
Meanwhile, the profitability and security of investment has been hinged on the quality of
information available to the investors which often serve as the basis of their investment decision
and results in the yield accruable to the investment. Therefore, it is germane to consider in a
detailed format the various factors that determine the choice of tenants in the selection of rental
residential properties. For instance, the socio-economic characteristics of the individual in terms
of social class, status, and economic position in the society plays an essential role in determining
the type of residential rental property that can be leased (Gbadegeshin and Ojo, 2012; Adegoke,
2014). In addition to which, type of dwelling, residential surroundings, social lifestyle, income
and locational attributes contribute significantly to household’s demand for rental housing
(Yosef, 2005).
Furthermore, understanding the interrelationship between the rental housing of the Nigerian
residential property market and the role of information to the profitability and security of
investment, is central to the reduction of void after investment in residential rental development.
To corroborate this, Amule and Umeh (2015) through the analysis of commercial properties
found that location, quality of infrastructural facilities like road, electricity, water, security

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architecture among others in the area constitute drivers for the choice of tenants. In the same
vein, Ubani et al. (2017) in a study of the southern part of Nigeria categorized the factors that
determine tenant’s choice of residential development into push and pull factors. Where,
commuting cost, nearness to amenities, work, security, rent are the push factors and presence
of electricity, affordability of rent are essentially the pull factors. Therefore, there is a need to
ascertain the applicability of these factors to the South-western residential rental market of
emerging cities like Ibadan.
In a further study of tenants and the factors that influence their choice, Oladapo et al., (2019)
documented prominent factors found to exert influence on the choice of tenants of residential
properties in Minna, Nigeria to include housing and accessibility attributes. Similarly, De and
Vupru (2017) focusing on India identified the socioeconomic, locational and neighbourhood
factors as being responsible for the choice made by household in the selection of their
accommodation in an urban area. These studies further established through the use of the
hedonic pricing model that size of the family, convenience and access to the workplace,
condition of the road among others have significant impact on the monthly rent and choice of
the tenants in the study area. This makes it imperative to ascertain the validity of these findings
in a growing urban center like Ibadan.
In Ibadan, Adegoke (2014) critically analyzed the factors that determine the rental value of
residential properties. Where the study found that the housing characteristics such as the number
of bedrooms, living room, toilets, presence of security system, fencing among others play a
central role in the rental value residential properties command in the market. Additionally,
Olowu (2019) found that there are factors such as socioeconomic characteristics of the renters,
housing characteristics and quality of the housing quality contribute significantly to the tenant’s
choice of residential properties in a traditional city like Ile-Ife, Osun state. Hence, the foregoing
has provided evidence of the importance of these factors in the choice of tenants for residential

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rental housing in urban centers. To which this study sets out to examine Ibadan as the focus of
its research. This is in a bid to understand the dynamics and fundamental characteristics of the
market from the tenant’s perspective with a view to mitigating the risk associated with
investment in rental residential development and bolster the investor’s confidence. This study
sets out to answer these salient questions:
i. what are the socio-economic characteristics of tenants in Ibadan metropolis?
ii. what are the characteristics of residential properties in the study area?
iii. what are the tenant choices of residential properties in the study area?
iv. what are the factors influencing tenants’ choices of residential properties in the study
area?
1.3 Aim and Objectives
The aim of this study is to examine tenants’ consideration in the choice of residential properties
in Ibadan metropolis with a view to providing information that enhances investment decision
of real estate investors. To achieve the foregoing aim of the study, the specific objectives are
to:
a) examine the socio-economic characteristics of the tenants in Ibadan metropolis;
b) examine the characteristics of residential properties in the study area.
c) identify the tenants’ choice of residential properties in the study area; and
d) determine the factors influencing tenants’ choices of residential properties in the study
1.4 Justification for the Study
Investment in real estate has remained a principal option for both individual and institutional
investors as compared to other investment vehicles. This is principally due to the high growth
potential it demonstrates, as the Central Bank of Nigeria (2018) and Federal Bureau of Statistics

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(2020) reported that investment in real estate exceeds that of other investment vehicles. The
foregoing has led to increasing capital investment by stakeholders which demands that such
decision be hinged on reliable information. To this end, providing information on the socio-
economic of tenants and residential property characteristics is central to reducing the increasing
rate of void found in the residential property market of urban cities. Thereby providing a
framework for the stewardship of the huge amount of capital invested in the residential housing
sector through the provision of reliable information upon which stakeholders can make
informed decisions.
In addition to the above, this study will also fill gap in literature by providing a comprehensive
analysis of the factors that influence tenant’s choice of residential property in the study area.
This information will prove instrumental to stakeholders such as the investors and guide the
government to provide legislative framework for the active participants of the housing market
in a bid to increase investment profit for investors and meet the housing need of the general
populace.
1.5 Scope of the Study
Geographically, this study will focus on Ibadan, an emerging second-tier property market due
to its booming potential coupled by the increasing urbanization through the migration of people
from neighbouring states (Gbadegeshin and Ojo, 2012). Also, this study will be limited to
residential property in some selected predominant residential neighborhoods in Ibadan
metropolis. To this end, this study will focus on the medium and low residential density areas
because they are often the focus of residential investment property development due to its high
capital return and income yield characteristics. In addition to this, there is the ease of data
gathering associated with the low and medium residential areas as compared to the high-density
areas where squalid and dilapidated settlement which are often unorganized and difficult for the
elucidation of reliable data (Umeh and Oluwasore, 2015). Summarily, this study will focus on

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the tenants who are target to provide data on the factors guiding their residential preference in
the study area.
1.6 The Study Area
Ibadan is the study area. It is the capital of Oyo State, Nigeria. Ibadan, is one of the most
populous cities in Nigeria and the second fastest-growing city. It is located in the South-western
part of the State, 128km inland Northeast of Lagos and 530km Southwest Abuja, the Federal
Capital. The population growth of Ibadan has been remarkable with a population 1,338,699
according to the 2006 Census. Formerly, the Ibadan Municipal Government had 5 local
government areas.

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CHAPTER TWO
LITERATURE REVIEW
2.1 Preamble
This chapter focuses on the discussion of existing literature in the subject matter of factors
influencing the rental value of residential properties. The chapter is introduced with the
concept of residential property, and then information is elicited on the various form of
residential properties prevalent in the study area. Also, the concept of property market is
analyzed as well as property market indicators. The chapter concludes with a comprehensive
analysis of the factors that influence residential choice decision of tenant and review of past
studies in the subject matter in a bid to expand on the theme of gap the study seeks to fill.
2.2 Nature and Characteristics of Property Investment
Investment can be defined as the act of committing current capital in the hope of receiving a
benefit in the future in the form of returns, which typically take the shape of income and capital
growth (Payne and Holt, 2001; Ajayi, 2014). Property investment, like any other type of
investment, aims to generate profits (returns), which can be achieved through rental income or
a lucrative resale (John, 2008). Investment in property refers to the purchase or development of
real estate with the intention of profiting from rental revenue or future selling. The property
may be owned by an individual investor, a group of investors, or a business. Nevertheless, the
flow of returns from the investment remains the interest and concern of the property investor.
Just as investors in stocks and bonds are keen on the daily stock prices, price stability, and rate
of returns. So also, real estate investors are interested in the flow of returns in terms of rental
income and capital appreciation (Ajayi, 2014).

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Furthermore, a good investment has some fundamental qualities that informs the decision of
investors in any market (Ajayi, 2014). Some of these qualities include, security of investment
capital, recoupment of capital at a good and reasonable term, liquidity of investment,
appreciation of capital, inflation hedging ability, ease of management and maintenance,
affordability of investment. Moreover, there are various categories of investors that utilized
these qualities in their investment decisions. They include institutional investors such as banks,
insurance companies, and corporate entities (Udobi et al., 2017). Even though these investors
invest significantly in real estate every year. It has been observed that they do so without
recourse to the real-time analysis of the prevailing performance of the sector. Particularly, in
the residential property sector there has been discrepancies between property yield, type of
property and the value at any point in time which creates the need for the creation of reliable
data repository (Bello et al., 2020).
Similarly, residential investment property among other types of property investment offers
some advantages and prospects that entice institutional and international investors to focus their
money on these assets (Ekpenyong, 2015). Residential investment property value is affected by
a range of elements due to its heterogeneous nature, which causes stakeholders to place varying
values on it (Abidoye and Chan, 2016). A purpose is always associated with residential property
investment, which might be either rental or financial gain. Renters may be more interested in
the physical characteristics and quality that can indicate rental satisfaction as factors that will
determine what amount they are likely to pay. Investors in residential investment property will
consider the structure and pattern of expected income in their rental arrangement, whereas
renters may be more interested in the physical characteristics and quality that can indicate rental
satisfaction as factors that will determine what amount they are likely to pay (Bello et al., 2020).
Residential investment property has both intrinsic and extrinsic component which is otherwise
known as qualitative and quantitative indicators in its value analysis, although both components

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are good indicators of residential investment property prices, quantitative indicators have
derivatives from qualitative indicators. Accessibility, location, size, or structural qualities, the
impact of inflation, and real estate development cost as capital value or long-run determinants
are all fundamental aspects of residential investment properties that affect their values (Bello et
al., 2020).
2.3 Nature and Characteristics of Residential Property
Residential properties are real estate designed for people to live in; they are asset classes that
consist of a group of investment vehicle, characterized with capital appreciation and the
ability to generate income within the period of investment. They exist in various forms such
as: single family homes, condominiums, townhouses, detached houses and multi-roomed
dwellings for families and many more. Residential property nomenclature differs across
different regions of the world basically. These residential types are shaped by interrelated
sets of ideas and values concerning religious practices, work and leisure, culture, traditions
and norms (Jiboye and Ogunshakin, 2010).
Residential property is not a recent form of building development as its origin rooted in history
that is dated back to thousands of years from the ancient times when residential buildings were
embedded into the earth to serve as human shelter. Furthermore, it was also documented that
people use natural shape formation such as cave for protection against nature elements and wild
animals, after which people advance to creating suitable habitat for themselves with their own
creative activities using natural materials such as stone, wood which later gave birth to other
innovative construction activities (Bozsaky, 2015). Notwithstanding, the dictates of the
contemporary urban life, the advancement of building materials, combined with the emergence
of globalization that permitted cultural contact with other civilizations, has had an impact on
urban dwelling forms in both developed and developing countries.

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Residential property has a significant impact on the socioeconomic and psychological well-
being of individuals, households, and socio-ethnic groupings as a consumption and
investment commodity. Because residential property accounts for the majority of a country's
tangible capital, understanding residential pricing dynamics and macroeconomic changes is
critical for the formulation of economic and social policies at both the local and national
levels (Ojetunde, 2013).
Residential real estate is a dynamic commodity with structural durability, spatial immobility,
and the capacity to be physically modified (Ojetunde, 2013). All physical factors, as well as
the property's quality, are taken into account when determining the building characteristic.
The number of rooms or bathrooms in a house is an important factor to consider before
purchasing a property, especially in Western countries (Hurtubia et al., 2010). The size of
the living room and dining room, as well as the built-up area and the number of bedrooms
and bathrooms, are all common building characteristics (Tse and Love, 2000; Wilhelmsson,
2000).
2.4 Residential Property Types
There are various types of residential property development that exist in different countries
of the world. They vary by their history, geographical element and scientific innovations
adopted in building them at different places. For example, in North America the TRCP
(2021) found that urban houses in the modern-day ranges firstly from small single family
detached houses usually located on small individual lots, to duplexes house type which has
two distinct dwelling units, typically with their own individual entrances, located within a
single structure. To town or row houses which have three or more dwelling units, connected
side by side in a row. Also included are mansion apartments that feature a number of
apartments located inside a structure that looks like a single-family home (TRCP, 2021).

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Other types of houses include fourplex, which is typically symmetrical in shape, stacked
townhouses which also looks like townhouses, the walkup apartment, mid-rise apartment or
midrise mixed-use building, the cottage court, duplex and townhouse court (TRCP, 2021).
In Australia, the existing housing stock is heavily concentrated in detached houses and its
cities and they have a relatively low density compared with those in other industrialized
economies (RBA 2014). In the peri-urban of sub-Sahara Africa, distinct sorts of
neighborhoods define residential property types. Commodity housing (rooming house),
single family house, single family bungalow, semidetached bungalow, storied apartment
building, and middle rise buildings duplex are common dwelling typologies in the peri-urban
of sub-Sahara Africa.
In Nigeria, according to Agbola, Egunjobi and Olatubara (2007) housing varies in their
classification by types and characteristics. A dwelling unit could assume different
classification as is show below:
(a) Housing Type by Housing Structural Design: the design of the house is used to describe
its characteristics such as (i) Brazilian type (face-me-I-face-you) (ii) Bungalow (iii)
Duplex/Monoplex (iv) Flat (detached, Multi-flat, etc.) (v) Manson/Castles, etc.) (vi)
Compound types
(b) Housing Type by Tenure: this type describes by its tenural such as (i) Owner Occupier
(ii) Rental (iii) Family House (iv) Official Quarters, etc.
(c) Housing Type by Quality: This is assessed by the house structural characteristics and in-
house and environmental facilities. These are (i) Low Quality (ii) Medium Quality (iii)
High Quality
(d) Housing Type by Density: This is assessed by the number of housing units per plot of
particular size, the site coverage as well as room occupancy ration. These are (i) High
Density (ii) Medium Density (iii) Low Density

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(e) Housing Types by Ownership: The ownership status could be classified into: (i) Private
(individuals and organized) (ii) Public
(f) Housing Type by Building Materials Used: This is assessed by the dominant material
used for the walls such as (i) Mud (ii) Brick (iii) Sandcrete (iv) Wooden (v) Metal (iv)
Stone, (vii) Bamboo, etc.
(g) Housing Type by Specialty: This is assessed by special use of the dwelling unit, such as:
(i) Transient Housing (Pilgrims Camp, Refugee Camp, Hotel, Mobile House-Caravan,
etc.) (ii) Special Home (Aged, Disabled, Orphanage, etc.) (iii) Mass Housing (Hostel,
Dormitories) (iv) Student Housing (Hostel, Dormitories) (v) Special Quarters
(Legislative Quarters; Presidential/Governor’s Quarters) (vi) Barracks (vii) Prisons (viii)
Other Quarters (Company Staff Quarters).
compound house was the traditional house type, which sometimes differs in pattern and form
depending on socio-cultural peculiarities of different ethnic groups, while the indigenous
bungalow (a house with a kitchen and possibly a bathroom attached to the back of the
building) used to be the most common type in the core residential area (Olorunfemi, 1986;
Jiboye , 2010).
Consequently, as a result of rapid urbanisation, southern Nigeria precisely Yoruba cities has
undergone many changes leading to a breakup of large compound into smaller unites,
causing higher occurrence of modern houses and the progressive decrease of old types of
building in both peripheral and the core residential area of the cities such as government
reserved area (GRA) and central business district (CBD) in the past few decades. According
to Jiboye ( 2014), in the modern day southwestern Nigeria, a total of five different house-
type can now be observed in the city, some of which are similar to those in advanced
economies like the United States and Australia.

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The contemporary vernacular house is defined by two strips of linearly arranged rooms
running down a central hallway, one facing the other inside a rectangular shape. The corridor
connects all of the rooms in the house and is known as "face me, face you" because all of
the doors on one side of the corridor face all of the doors on the other side (Ekhaese, 2011).
This traditional style of construction has evolved over the years. In terms of utility,
patterning, and spatial adaptability, the vernacular house-type was found to meet the socio-
cultural demands of its occupants equally.
The apartment type of house has two to four bedrooms, a family lounge, kitchen, and other
amenities, with two or more of each type arranged as detached or semi-detached multi-
apartment housing; it is recognized as a semi-detached flat house because it has two or more
flats in a single building separated by partition walls for different families. It is commonly
rented out to one individual or a family, or two or more people sharing a lease in a
partnership, for their exclusive use, according to the Singapore Department of Statistics
(2012). This type of residential property is observed to be common in most Nigerian cites.
Economically, such apartments in multi-unit and other attached structures are more likely to
be found in the affordable sub-market than in the non-affordable sub-market. it seems
affordable to the middle-class population who constitute the larger percentage of city
population They appear to be one of the most common types of accommodation amongst
existing categories in the study areas (Umeh and Oluwasore,2015).
The Detached Bungalow House is a form of accommodation. It has similar spatial units to a
regular house, but the location of the space and the size of the structure are different. It has
a circulation lobby, which allows people to move around the house more easily. In typical
courtyard houses, it has taken the place of the courtyard. Unlike conventional courtyard
houses, where the convenience is unclean and located in the back area, the convenience is

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located inside the main building. Unlike traditional houses, where the courtyard, kitchen,
and corridor serve as dining areas, the dinning joins the living room and the kitchen.
A pair of semis is a structure that consists of two separate homes that are connected by a
shared party wall. According to Ball (1996), a semi-detached house was created "to construct
scaled down and watered-down replicas of aristocratic living arrangements suitable to
smaller incomes, and it was also a symbol of achievement for individuals who moved out
from the city. Semi-detached houses are more compatible with existing detached houses in
terms of overall scale; thus, they can be built unobtrusively behind or to the side of existing
houses to produce hidden density is a single-family duplex housing house having one
common wall with the house next door. This form of building is distinguished from detached
houses, which have no shared walls, and terraced houses, which have a shared wall on both
sides. Semi-detached houses are frequently built in pairs, with each house's plan mirroring
the others.
The traditional courtyard housing, historically can be associated with the Yoruba ethnic
origin in Nigeria. This type is characterized by a series of rooms arranged either in a square
or rectangular form around a central courtyard. The traditional courtyard houses may be
different in quality and complexity, but there are usually considerations for public and
private areas (Aisien, 2001).
2.5 Residential Property Market
Property market has been identified as the most important sector of the market economy as
it involves the institutional arrangement for the transaction and development of real estate
also, the framework through which property interest exchange hands (Muller et al., 2020).
In a competitive setting, it encompasses a wide range of actors and experts in the transaction
process who act to ensure the most efficient allocation of resources (D'Arcy and Keogh,

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1999). Furthermore, property market has also been described as a heterogeneous market
due to the mix series of geographical and sectorial submarket, with no central trading market
coupled with limited information which should have been readily available in the open
market where transactions occur (IMF, 2001 and Olaleye, 2007). The market is influenced
by underlying economic factors that affect property value and does not work in isolation.
Thus, these unique characteristics set the property market apart as a complex nature of the
market.
Manuel et al., (2018) noted that for every individual, establishments such as firms, health
centers, force departments, government buildings and farms among others, they depend
solely on the real estate market to physically exist Consequently, since the use and
acquisition of space is an economic activity engaged in by virtually every member of the
society, the property market has seemed to continually display its relevance as its plays a
decisive role in the world economy. Olaleye and Adebara, (2019) also noted that in 2016,
the property market contributed an average of 5.4 percent to the UK economy. Over time, it
appears that these contributions have resulted in an increase in cross-border investments.
Furthermore, the property market has become an economic vehicle that drives the
understanding of the urban development process which shapes the built environment (Han
and Wang, 2003). These features have become important owing to the fact that the urban
landscape accommodates the concentration of economic activities in higher volume as the
most densed location and where individual and societal subjectivity are fulfilled.
The Nigeria Residential property market occupies a big place in this region, as the most
populous black nation with the biggest economy in the sub-Sahara Africa due to its large
population of over 150 million people and a massive housing deficit of 14 million people.
Obi et al. (2019) reported that, the Nigerian real estate industry to be among the fastest
growing with several wave of challenges precipitating from infrastructural and basic

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amenities deficit such as such as roads, street lights, water, security among others (as
government continue to struggle in meeting up it demands). The current situation has
dragged the Nigeria property market into a mix pool of opportunities and challenges
whereby an only optimistic investor will be able to convert the current situation into a viable
investment opportunity.
However, the housing market is thought to be divided into submarkets with varying levels
of quality and price (Galster, 1996). Within the broader, general housing market, sub-
markets are distinct but closely linked markets. Consumers looking for a low-cost, low-cost
apartment are unlikely to be looking for a huge detached single-family home. Likewise,
buyers looking for a large single-family house are unlikely to be interested in modest flats
or linked units (Auran, 2010).
2.5.1 Property Market Indicators
Property market variations appear as expansions or contractions are signaled by leading
indicators. Some indicators' leading nature has been discovered to serve as early warning
signals of impending significant shifts in the direction of the real-estate market. According
to Miller and Skarlz (1986), this property market's trend can be linked to the availability of
demand and supply data. Property Market indicators are variables that influence the major
actors in the property market, they are also the overall market forces that affect all properties
within a defined market these factors are influenced by the demographic, Location,
economic, and general business cycles. Some of these indictors include real property prices,
transaction volumes, real new mortgages, The number of confirmed transactions, the
income-gearing ratio and the buy rent gap among others (Leung et al., 2008).
Some other indicators that were found useful were taxation, legal framework, liberalization
of the financial market, currency stability and convertibility, the transparency of the

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legislative system, level of public infrastructure, market transparency, level or
professionalism, government interventions, perceived corruption level. Clark and Daniel
(2006) compiled a list of eleven key economic and financial indicators for projecting
property values in South Africa. They include, all share index, prime interest rate, gross
domestic product, building plans, business confidence, motor vehicle sales, household
debt/disposable income, Rand/Dollar exchange rate, gold prices, oil prices, and transfer
costs.
Mourouzi - Sivitanidou (2020) undertook a study to identify leading macroeconomic drivers
of the market direction and found employment, retail sales/wholesale trade sales, GDP (by
sector), manufacturing production/factory utilization, consumer price index (CPI), and
producer price index (PPI) inflation as determinants. Namnso et al. (2015) investigated the
factors that influence office rent increase in three areas of Abuja, Nigeria, and discovered
indicators such as real GDP growth and the vacancy rate were important determinants of
rental growth when it comes to the real-estate market. However, studies on the impact of
these indicators on the real estate market have received limited attention both locally and
internationally (Fereidouni and Masron, 2013). The ability to have a better grasp of these
relationships should lead to a better comprehension of real estate investment risks and
increased investor confidence.
Tenant’s demand for residential sectors influences urban property market functioning. The
first driving force which influences urban property market functioning is to a large extent
responsible for development processes. It is obvious that the general the development of
new property is generated by a demand (or an expected demand). The national and local
economy has a significant impact on the demand for residential space. For example,
Ojetunde (2013) revealed that an increase in real earnings may encourage the creation of
additional households, resulting in an increase in demand for residential physical space. This

20
demand may be as a result of economic growth, technological changes or changes in the
location and organization of firms (Van der Krabben and Lambooy, 1993).
Conversely, tenant’s demand for residential property does dependent on the housing stock
and services. Housing stock refers to the physical amount of housing units, whereas housing
services relates to the benefits that persons obtain from the housing stock. A five-bedroom
single-family home and a two-bedroom townhome, for example, are both housing units in
the housing stock. The five-bedroom home, on the other hand, offers more housing services
than the two-bedroom home. So that, the quality, size and type of service available in any
housing units to tenant will be depending on their household income.
According to Aurand (2010), housing choice is also influenced by the demographics of the
market, income, the services supplied by housing units, the services and facilities given by
the surrounding environment, and housing pricing. Increased household income or
population expansion will result in an upward shift in housing choice, causing prices to rise.
Positive housing unit services and amenities, as well as the surrounding environment, will
help boost choice. People choose to take up a property because of its closeness to their
workplace, social networks, local public-school quality, and other location-specific
attractions.
Housing supply is influenced by material costs, labor costs, government regulations, land
values, and housing prices (Malpezzi, 1996). When input costs rise, producers will produce
less homes. Government rules such as land use limits and construction codes may raise
production costs, causing producers to produce less. However, existing dwellings do not
vanish when housing demand falls, for example, as a result of population or income drop.
In the advanced nations of the world, scholars have revealed that building durability might
lead to an oversupply, resulting in unoccupied homes. Similarly, building new homes takes

21
time, sometimes many years for large or sophisticated projects, so home builders can't just
expand output to meet rising demand.
2.5.2 Factors Influencing Residential Property Choice
Choice is the result of a process including assessment and judgment that is, evaluating many
possibilities and deciding on the preferred option. Every household, according to the
neoclassical economic assumption, is a rational being. According to Vohs et al. (2014),
human life is full of constant options, in the sense that practically every action one does may
have been done differently. The most meaningful manner of choosing, according to Vohs et
al. (2014), is to weigh information about accessible possibilities in order to select the most
promising.
Tenant housing choice refers to the choices tenants make when it comes to residential real
estate. Any Tenant's choice of a residential property has significant implications for his or
her health, money, lifestyle, social network, and job opportunities (Huang, 2003). Housing
choice is centered on residential mobility, in residential mobility, housing is a major reason
for moving, and therefore the availability of suitable housing becomes crucial to the decision
to move. The choice of housing is said to be affected by a number or combination of factors
which are very much interconnected to each other. The majority of theoretical literatures on
household location choice, according to Mills and Nijkamp (1987), are devoted to analytic
views.
In a utility maximisation framework, recent literature has looked at the relationship between
housing choice and commuting distance to work as well as other location-specific features.
Individuals' housing choices reflect and impact their lifestyle activities and spending
patterns. Obviously, in the housing market, a range of limitations, such as income, color,
and incomplete information force themselves unequally on individuals and groups

22
(Maclennan, 1977). According to Boumeester (2011) the preference structure can be
researched by studying the choices that people make, based on the assumption that choice is
a good reflection of a person’s preferences. Consequently, the study was able to establish
the fact that for many individuals or households, the decision to lease or purchase a home is
the most important budget allocation decision they will make. Therefore, it can be said that
housing is a major source of household spending.
When choosing a housing option, decision-makers are subject to a diversity of influences
and must make various trade-offs. Preference, market conditions, availability, government
laws, as well as both internal and external human factors such as lifestyle and socioeconomic
level, can all impact tenant decision-making process (Coolen, Jansen and Goetgeluk, 2011).
A variety of factors that influence tenant behavior, such as time restrictions, culture,
perception, motivation, goals, information-seeking behavior, and reference groups, limit
realistic home choice alternatives (Gibler and Nelson, 2003).
However, dwellings are 'composite goods,' and buying a home usually entails a trade-off
between various dwelling qualities (van Ham, 2012). The size, quality, and style of a home
are all characteristics that cannot be purchased separately (or rented). The house's relative
position, as well as neighborhood factors like as reputation and proximity to public
amenities, are included in the package of characteristics.). Housing choice is also centered
on residential mobility, in residential mobility, housing is a major reason for moving, and
therefore the availability of suitable housing becomes crucial to the decision to move.
Housing choice is said to be affected by a number or combination of factors which are very
much interconnected to each other. According to Boumeester (2011), the preference
structure can be researched by studying the choices that people make, based on the
assumption that choice is a good reflection of a person’s preferences. Consequently, the

23
study was able to establish the fact that the housing choice of any household does not only
reflect the housing preferences but also the housing market conditions within which these
choices are made. Olatubara (1997) argued that choices will be influenced by constraints
which include lack of alternatives on the housing market or a lack of access to certain parts
of the stock such as the social rented sector, and that household’s decision to choose a
particular residential district could be as a result of socioeconomic, cultural, administrative
or purely psychological factors. In the same vein, Usman et al., (2015) examined the factors
that guide individual residential choice using descriptive approach, the study found out some
factors like income, security, distance, availability of social amenities among others were
found liable.
Additionally, urban residential location models indicate that the determinants of
households‟ choice of residence include income of the household, family size, population
density, rent and transport cost (Alonso, 1964; Mirth, 1969). As a result, the most important
elements influencing housing behavior are income, assets, and pricing. Aside from income
and housing pricing, demographic features of families (such as age and family size) and life-
cycle events (such as childbirth and marriage) are important factors that influence home
choice (Clark and Dieleman, 1996).
In addition, changes in the economy, such as price inflation and rising mortgage rates, can
also influence people' tenure decisions (Clark et al., 1994). Estate surveyors and valuers
plays and active role in tenant choice of residential property, a study in Auckland reveal that
estate agents are active actors in the creation of markets and are often influential in housing
decisions (Levy et al., 2008). The estate surveyor and valuer may play the role of a "friendly"
advisor to families, especially those who are confused by the decision-making process. From

24
some of the listed scholars above, the highlighted factors that influence individual residential
choice are further discussed.
2.5.3 Socio-economic and Demographic Factors
Socio-economic factors are simply the combination of social and economic factors that
forms part of general lifestyle component which plays a crucial role in shaping our housing
choice and decision making, these factors include variables such as income, gender, age,
education, income level, marital status, official status, household size, employment status
and years living in Ibadan among others (Akinyode et al., 2015). (Mehdi et al., 2009) opines
that family socio-economic status describes family’s position such as rank, class, status or
economic position in a society; it also determines their dwelling choice and preference.
Household housing choice behavior can be significantly influenced by household income.
According to Mulder and Hooimeijer (1999), having enough money to cover the cost of moving
and the rent is a crucial consideration when choosing a residential location. When the resource
is steady, it is easier to actually move about (Helderman et al., 2004), as doing the same with
unstable revenue is irrational behavior.
Mobility is likely to be prompted by an increase in household income, particularly if the current
residence is no longer meeting expectations for utility. As a result, a family with a bigger income
margin is more likely to encourage changes in home preferences (De Groot, Mulder, Das et al.,
2011). According to Van Ham and Feijten (2008), lower income groups also express a desire
to move out of their current flat more frequently. However, due to financial limitations, these
desires are rarely followed through on.

25
Moving away from low-income neighborhoods is correlated with household income growth,
often known as upward income mobility (Vaalavuo, Ham and Kauppinen, 2017). The life
course of a household has also been connected to variations in household income.
Zhou (2018) and Adjei and Kyei (2013) make a similar claim, claiming that households with
low earnings are more likely to reside in subpar housing. The degree of education and
employment of household heads, however, also play a considerable effect in defining a
household's housing type (Zhou, 2018). In a study conducted in Canada, Hinds et al. (2016)
discovered that low-income households choose public housing because of the accessibility to
services and additional supports.
They used affordability as a primary predictor of households' choice of dwelling type as the
foundation for their conclusions. In this case, income continues to be a very reliable indicator
of households' housing preferences. Education, income, and marital status are additional factors
that Baqutaya et al. (2016) and Elli et al. (2015) hypothesized affect a household's decision to
select a dwelling type.
This implies that persons with very low incomes usually do not live in large or luxury
apartment such as detached houses, mansion, or high-rise buildings while families with
children usually prefer a single-family dwelling with larger space i.e. more rooms. This is
based upon the concepts of allocating scarce and limited resources to various activities that
are related with the progress, protection and conservation (Mehdi et al., 2009).
Huange and Clark (2001) identified demographic factors as another important factor to be
considered in the analysis of housing choice, as this affects tenure choice through changing
socio-economic status. Wu (2010) in a similar study reveal that people in their young ages
are likely to have a verse preference for housing. This is the reason that most of them are in
their transition period where they experience tough stages of life such as detachment from

26
parent and job hunting and marriage, just as in the case where single get married and couple
turned into family. Therefore, those who are young tend to be location conscious in their
housing choice, and that they also feel restricted by the available housing option which is
the housing stock (Vliet, 1998).
Furthermore, the economic and socio demographic research on residential property choice
has provided a reasonable account of housing behavior in Western cities.
2.5.4 Locational Factor
A very important influential factor in residential choice is location. Von Thunen's (1826)
location model emphasizes the land rent-distance cost link. Based on similar reasoning, the
neo-classical economics becomes concerned with rent as a determinant of optimum location.
Alonso (1960) created the bid-rent distance connection, which is a key principle in
residential location. The majority of households prefer metropolitan areas to rural areas
because of the amenities available to make them more accessible and meet their needs.
Several locational factors were mentioned in Aluko (2011) review, including proximity to
adjacent schools, markets, workplaces, and places of worship. The value of the community
will be influenced by the neighborhood's strategic location. Households will benefit from
the good location's amenities.
Location, in conjunction with characteristics such as sanitation, is important to one's health
and is one of the driving forces behind residential mobility (Paul, 2010). Household
satisfaction can be improved by having a tidy neighborhood. Saville-Smith and James
(2010) found that location was the most important determinant of home choice and thus
demand in their study of tenure and location preferences of younger households in Auckland.
However, the cleanliness of the neighborhood is mostly determined by the attitudes and
knowledge of the residents. Meanwhile, planners explored creating a more densely

27
populated area. More substantial blocks, according to Carruthers, 2003; Speir and
Stephenson, 2002, are equipped with efficient services and facilities. Kline, 2000; Nelson,
1999 revealed how open space in urban places affects people's bonding, while Talen (2006)
discovered that increasing density increased people's diversity.
When compared to denser development, which promotes social integration and society, low-
density neighborhoods contribute to racial and income segregation (Burton, 2000; Talen,
2002). Reducing the transportation cost, the basic utility maximisation theory suggests that
most households will choose the most convenient residential location (Alonso, 1964). Living
in a more densely populated area can help you save time on the road. The price of land and
houses, according to Elder and Zumpano (1991), is reflected in good sites or places near
schools, commercial centers, and public transportation. According to Daly et al., (2003),
location has a significant impact on buyer preferences when purchasing residential
properties in Australia, the United Kingdom, and Ireland. The term "distance" refers to a
factor that influences a Tenant's choice in making a property purchase decision, such as
distance to job, schools, stores, and central business districts (CBD). When picking a
property to invest in, the distance between home and office is a major factor. Karsten (2007),
also noted that the distance to work has an impact on household choice among people who
prefer not to spend too much time traveling to work. Furthermore, Kauko (2003) discovered
that location has a strong relationship with property value growth and property investment
behavior.
Households can always choose their own residential unit based on density and location.
Housing prices, job possibilities, and transit tradeoffs are influenced by frequency and
location (Glan et al., 1978). High-income families preferred to live in the suburbs because
they want privacy and were ready to spend more for transportation. The importance of public

28
services such as schools, health care, police, fire, and recreational parks was identified in a
study conducted in the United States.
In comparison to the proximity to the workplace, household spending on education,
healthcare, police, fire, and recreational parks are less essential variables in site choice. The
distance between the houses is regulated by social ties and community attachment.
According to Dawkins (2006), when families have strong bonds and social connections in
their neighborhood, it might enhance the amount of time they spend there and alter low-
income households' residential mobility. The positive attachment may have an impact on
where families relocate and how they adjust to their new circumstances. People prefer to
have close friends and relatives nearby, according to a survey conducted by Seattle movers.
2.5.5 Neighborhood Characteristics
Neighborhood has been defined over time by a number of scholars and experts from many
fields. For example, a neighborhood is defined by Whittick (1974) as an integrated and
planned urban area associated to a broader community that includes a residential section, a
school, shopping facilities, religious buildings, open spaces, and light industries. According
to Demko and Briggs (1971), an individual seeking residential allocation begins his
appraisal of residential regions with cognition, when people identify the prominent qualities
of residential areas. The next step is preference formulation, which involves weighing and
combining the perceived levels of important traits to create a preference rating that indicates
the overall appeal of each site.
Household residential choice have been linked to be significantly influenced by
neighborhood quality characteristics, which can be defined and measured by the status of
neighborhood physical environment, access and proximity to places of actives and services
such as Working place, Educational Institute, Health and Safety Department, Worship Place,

29
Recreational Park, Leisure, Groceries, Public Trans and also social-cultural setting (Salleh
2008; Ubani, Alaci and udo 2017; Hanafi et al., 2018). Consequently, satisfaction with
neighborhood features is an imperative indicator of neighborhood quality, which affect
neighborhood quality of life. Similarly, social, economic and physical features of
neighborhood tend to contribute to the overall satisfaction derived in a neighborhood.
Therefore, a home in a nice neighborhood will be preferable because people are always
prepared to pay more for a property with good indoor and outdoor environmental attributes
(Tan, 2011). Furthermore, studies by Chapman and Lombard (2006) and Tan (2011),
established that the condition of the local environment, such as cleanliness, pollution, and
crime, becomes essential considerations to consider before purchasing or renting a home.
Due to a rise in the trend of crimes such as burglary, snatch thefts, kidnapping, banditry, it
has become critical for tenant in the present Nigeria to consider neighborhood safety as a
top priority. According to Hunter (1985) and Lang and LeFurgy (2007), homeowners are
willing to pay more for the security of living in a gated and guarded area. Similarly, Lang
and Danielson (1997) present the findings of a survey of gated community tenants'
motivations.
Many people want to live in gated communities because they believe it reduces uncertainty,
which can range from the mundane (e.g., unwelcome social encounters) to the high stakes
(e.g., dropping property prices) as well as security concerns. While gated communities
appear to deliver on many of its promises, Lang and Danielson suggest that the benefits may
come at a significant social cost, as they reinforce an inward-focused community culture and
reduce commitment to the greater urban region. Investors must investigate the property in
the gated and guarded area to ensure that they are getting the best value for their money.
Property that is gated and secured usually comes at a cost.

30
2.5.6 Social Amenities and Infrastructural
Availability of certain internal infrastructure in the home such as water, tiles and general
house finishing, more also the neighborhood and the housing location, the segregated
designs of daily life is an important factor in choice of residential property (Klee 2001).
While some need shopping malls, sports facilities, and an entertainment district close to
home, for others, internet access and delivery services are suitable.
Most recently, these phenomena have been discussed in connection with lifestyles and
choice of housing location (Scheiner and Kasper 2003). Fiadzo et al. (2001) indicators which
include the distance to nearest hospital, distance schools and higher institutions of learning,
distance to nearest market are used to estimate housing quality. Nazyddah (2011)
documented that housing preference and choice could influenced by infrastructural facilities
such as availability of physical and social components including open space, play area,
parking facility, prayer and multi-purpose halls, perimeter roads, pedestrian walkways,
public phone and local shops as public facilities components, while noise, crime, accidents
and community relations as social environment components.
2.6 Classification of Residential Areas
Many studies have been conducted in residential areas. Their structure, form, and composition
have all been investigated (Herberts and Stephens 1960; Mabogunje 1962; Abiodun 1976;
Aguda 1994; Sanni 1997). Various residential areas have been identified, and efforts have been
made to describe the amount of social facility and amenity provided in different residential
density regions (Olatubara 1994; Sanni 1983). Various academics have used various tools to
investigate the residential zones of numerous African towns (Abiodun and Boateng, 1987;
Ogunjumo and Olatubara 1997).

31
This study will adopt the term density in analyzing residential area or zone, which is similar to
that in planning disciplines where density is also used to explain the classification of residential
area. The number of individuals, families, homes, or units per acre, hectare, or square kilometer
is referred to as density. Residential density lines can be drawn through every city in Sub-
Saharan Africa (Aliu and Ajala, 2014; Coker et al., 2008; Godon, 1983). As a result, three zones
in Ibadan may easily be distinguished: high-density neighborhoods, medium-density
neighborhoods, and low-density areas. In the same vein. Bello and Egresi, (2017) also identified
three density zones that are distinguished in research papers dealing with housing in urban
Africa: high-density zone, medium-density zone, and low-density zone.
In a typical urban layout, different density often leads to differences in accessible open space,
and this pattern continues until a significant shift in building form is required to offer adequate
open space, light circulation, and sufficient distance between buildings. Housing location and
circumstances are critical in measuring housing disparity between different residential
neighborhoods, because the quality of residential neighborhoods reflects not only city growth
but also planning and distribution systems between socio-economic groups (Majale, 2004).
2.6.1 Low Density Area
This section of the city's residential area makes up around a quarter of the total land stock zoned
for residential use, and is often found on the outskirts of the city. The neighborhood is
distinguished by its high quality, ample recreational spaces, light, fresh air circulation, and
broad building spacing (Bello and Egresi, 2017). Detached and semi-detached bungalows,
mansions, duplexes, high-quality residences designed to owners' tastes, and ordinary flats are
all examples of building styles that command high rents. The population density varies from
one to two persons per room, or five individuals per plot. Buildings are constructed in
accordance with town planning regulations, such as strict adherence to floor area, ratio, and

32
spacing, and with a high-quality neighborhood and resident composition; there is less intensity
of use of available social and public facilities; the road network is well constructed and well
maintained; and liquid waste is emptied into soak away. Life and property are safe, and
necessary services like power and water are available on a consistent basis.
The wealthy (business people, professionals, and high-ranking government officials) live in
high-quality modern residential communities like the GRAs, which have low population density
and are bordered by green belts. These areas have been created using current planning rules,
have strong accessibility and connectivity, and are zoning-protected. The focus is on the nuclear
family. (Chokor, 2005)
2.6.2 Medium Density Area
These are areas dominated by middle-income earners, or people who aren't incredibly wealthy
but are content with their lifestyle (Adegoke, 2014). It has been discovered that medium density
areas are not physically separated from other density areas, but that pockets of building stocks
in this unit are scattered throughout the urban land stock, but that a closer examination reveals
that such properties typically occupy well-tarred streets in reasonably decent areas with the city
structure.
The population density varies persons per room and per plot. Detached bungalows (4 - 5
bedrooms), detached and half duplex, and flats are some of the building types present in this
neighborhood. The differences between the low-density area and the medium density area are
those of open spaces, which impede environmental quality in terms of waste disposal, liquid
waste drainage, and security, while there are few or no differences in the social class and
economic strength of the residents in both places.

33
2.6.3 High Density Area
The lowest income group of society occupy this unit, which accounts for around two-thirds of
a city's total land stock. In a crowded tenement building, there are usually higher number of
people in each room. A small number of flats can be found spread across the region, with a
substantial portion of the available housing being subject to shared occupancy. Because of the
unmanageable expansion that has rendered municipal planning authorities ineffectual, planning
regulations such as prescribed setback, drainage, waste disposal system, and built up space are
frequently neglected. The rationale for the high density of land usage is because it
accommodates the city's low-income residents, who make up roughly 75% of the population
(Bello and Egresi, 2017).
These regions are also known as the unofficial, illegal, or informal sector. They resemble slums
and are typically inhabited by migrants from other parts of the nation or from some of its
neighbors. The majority of people work in low-paying employment. Due to violations of the
city's housing construction laws regarding the use of materials and construction methods, the
majority of the houses in this area are illegal or unlicensed. The extended family system
dominates the ownership arrangements of the industry. In addition, these neighborhoods
demonstrated the poorest housing and environmental conditions due to the city's haphazard
housing layout, which hardly leaves space between the units.
Families in high-density areas live in homes that lack essential infrastructure and amenities.
Similarly, the location of the neighborhood, whether it is in the heart of the city or in the suburbs,
can have a considerable impact on housing quality (Kutty, 1999).

34
CHAPTER THREE
METHODOLOGY
3.1 Preamble
This chapter explains the relevant steps and procedures were adopted in achieving the aim and
objectives of the study. The first section introduces the chapter; the second discusses the data
requirement. This is succeeded by the study population, sampling frame, sample size and
questionnaire design. The section ends with method of data analysis and statistical tools to be
adopted in the course of the study.
3.2 Study Population
The study population for this research were residents of all the housing units within the fifteen
(15) low density and medium density residential neighborhoods. These residential
neighbourhoods have been selected for the purpose of this study because of the suitable
characteristics they bear in form of structures, locations, housing types, socio-economic
characteristics and uses (Afon, 2005).
3.3 Sampling Frame and Sample Size
The sampling frame is the complete set consisting of the list of all the useful case to the study
from which the sample of the study population is drawn (Saunders et al., 2012). The sample
size is an important feature of any empirical study as it assists in arriving at representative
inferences about a population. In the light of this, the sample size to be adopted will be derived
from the sampling frame of residents in the selected residential zones. This study employed
multistage sampling to elicit relevant information. Where, the first stage involves the
stratification of the study area into residential densities. Three residential densities have been
identified to be low, medium and high-density areas (Daramola, 2014). This is supported by

35
Afon (2005) where the study indicated that the use of urban residential zones is reliable in
collecting primary data.
Furthermore, urban residential zones are reliable because of the homogenous attributes
exhibited in terms of location, housing types and structures amongst others. Similarly, these
attributes illustrate the socioeconomic and cultural attributes of the residents. In addition to the
foregoing, there is also the likelihood of having residents that have homogenous social and
economic characteristics which makes the usage of residential zones suitable for this study.
Based on this, this study focus on low and medium density residential neighborhoods. This is
because these zones demonstrate homogeneous characteristics and are better organized for the
capturing of data relevant to this study. Meanwhile, residents in the high-density neighbourhood
are characterized by squalid and dilapidated environment which is plagued by overcrowding
and overpopulation. It therefore prove difficult to organize residents into an acceptable format.
To this end, the author’s reconnaissance survey revealed that fifteen prominent residential
neighbourhoods fall within the low and medium density residential neighbourhood. They
include: Kolapo-Ishola Estate, Basorun, Agodi GRA, Alalubosa, Samonda, Iyaganku, Old
Bodija, New Bodija, Jericho, Onireke, Idi-Ishin Oluyole, Elebu, Alao-Akala Estate and Akobo.
Specifically, the low density areas comprise of eight (8) areas: Onireke, Idi Shin, Alalubosa,
Samonda, Agodi GRA, Iyaganku, Kolapo-Ishola estate and Jericho whilst the medium density
areas include seven (7) identified areas which includes Oluyole Estate, Basorun, Akobo Estate,
Alao-Akala Estate, Elebu, Old Bodija and new Bodija. Conclusively, this study purposively
select two low and two medium residential density areas which are the (Idi-Ishin, Alalubosa)
and (Old Bodija, Oluyole) respectively for sampling in the course of this study.
The first stage, which involves the identification of the low and medium density area, has been
delineated in Section 3.3. The second stage pertains to street estimation in each of the residential

36
neighbourhood selected. Following the author’s reconnaissance survey through the use of
Google Earth survey. It was observed that there are 170 streets in the four residential
neighbourhoods selected, comprising of 39 and 131 in the high income and medium income
residential neighbourhoods respectively. This is shown on Table 3.1.
The next stage involves the selection of streets for study. 20% which represents one out of
every 5 streets in each residential neighborhood will be selected. The total number of streets
selected are 34. These are 8 and 26 in the high income (low density) and medium income areas
respectively. This is indicated in Table 3.1. The household heads in the 20 per cent of the streets
in each of the selected residential areas constituted the sampling frame for the study.
Thus, the sampling comprises 6,528 households, one thousand five hundred and twenty-eight
(1,528) residents in low density area and five thousand (5,000) in medium income area
respectively, as shown in Table 3.2. The researcher opined that the information from the
selected 2 classified residential density areas is sufficient for a vivid expectation of tenants’
choice of residential choice of residential properties of the same classification.
Table 3.1: Residential Classification Based on Density
Residential Areas Number of Streets Selected street (20%)
High income
Idi-Ishin
Alalubosa
24
15
5
3
Medium income
Old-Bodija
Oluyole
96
35
19
7
Total 170 34
Source: Author’s compilation (2022)
The next stage identification involves the number of housing units in the selected streets.
Author’s reconnaissance survey coupled with the participation in 2018 Oyo State property

37
enumeration for rating revealed that there are a total of 6,528 housing units in the two residential
density areas comprising 1,528 and 5,000 in the low density and medium density respectively
(see Table 3.2).
The sample size was derived from the sampling frame of residents that were occupying the
housing units (see Table 3.2). Adopting systematic random sampling technique, one housing
unit from every 10th
housing where the 1st
housing unit is randomly selected was sampled for
the study. Thus, out of the 6,528 which constituted the sampling frame, 652 housing units (that
is, 5 per cent) is the sample size on which questionnaires were administered. Focus was on
household head or adult resident in each of the 652 housing units.
Table 3.2: Number of Housing Units in selected streets
S/N Residential
Density
Areas
Total No of
Residential
Areas
No of Selected
Residential Areas
Total No of
Housing Unites
Sample Size
(10%)
1 Low
Density
8 2 1,528 152
2 Medium
Density
7 2 5,000 500
Total 15 4 6,528 652
3.3 Data Requirement
Primary data was employed in the course of this study. This information was elicited through
the administration of questionnaire on the tenants. Information obtained include: tenants’ socio-
economic characteristics such as age, income, level of education, gender, occupation,
characteristics of residential property, resident tenants’ choice of residential properties and
factors influencing tenants‟ choice for residential property.

38
3.4 Method of Data Collection
The data collection instrument is the medium through which samples are collected haven
identified what is to be measured and how it will be measured (Field, 2009). This study adopts
the use of structured questionnaire. This was served on selected tenants in the identified
residential neighborhood. Three residential densities were identified as the low, medium and
high density areas (Daramola, 2014).
3.5 Questionnaire Design
Questionnaire is an instrument of data collection that contains a set of questions, the answer to
which forms part of the main data required to elucidate the objectives of a study. The
questionnaire contains options or predetermined alternative from which answers are selected by
the respondent or otherwise. Where options are provided it is known as close-ended and when
otherwise it is open-ended questionnaire. This study adopt both design approach for the ease of
coding, analysis of answers and inclusion of uncaptured variables known peculiar to various
respondents. The questionnaire used in the course of this study was administered on the tenant
and has therefore been structured into four sections:
The first section is focused on socio-economic background of respondent, it comprises of
questions such as the gender, age bracket, occupational engagement, highest educational
qualification among others. The second section highlights the specific housing characteristics
and features which comprises of: the location and age of the building, tenure, rent per annum,
number of toilets, bedrooms and bathrooms, presence of parking lot, fenced wall among others.
The third section is concerned with the tenant considerations factors which includes the type of
property, presence of security, supply of electricity, suitability of the location among others.
Lastly, the last section of the questionnaire features question on the factors that influence the
choice of housing in the area. They include, distance and locational factors like the closeness to

39
workplace, proximity to market, financial services, social clubs; social infrastructure such as
the waste management system, mobile networks, water supply among others.
3.6 Methods of Data Analysis
The analysis adopted for this study was determined by each objective. Data collected for this
study was analyzed using both descriptive and inferential statistical techniques. Where,
descriptive statistics involve the presentation of numerical factors data in form of table. They
form the basis of every quantitative description of the categories in a manageable form. In the
course of this study, descriptive statistics used include frequency distribution, percentage, mean
ranking and standard deviation.
On the other hand, Inferential Statistics consists of both parametric and nonparametric tests used
in the analysis and interpretation of statistical data so as to draw deductions and conclusions on
data collected in a bid to make suitable generalization about them on the basis of the information
obtained. In this study, factor analysis was used to reduce the variables to a smaller number of
factors by grouping then into interrelated components. This is so as to determine the relationship
and interactions between variables analyzed. Furthermore, an objective-by-objective analysis
of the study was conducted in this study to elicit relevant data and draw conclusions from the
samples obtained from the study area.
Therefore, for the first objective, which is to examine the socio-economic characteristics of the
residents in the study area, information was obtained from household heads or mature adults
through the use of self-administered questionnaire. Data collected include gender, age, marital
status, religion, level of income, highest educational qualification, occupation, household size,
accommodation status and residents’ accommodation types. Analysis was carried out using
frequency counts and percentages.

40
The second objective examined the characteristics of residential properties in the study area.
Information collected include: types of residential properties which ranges from flat, detached
house, bungalow and contemporary vernacular house. Furthermore, information on features like
number of toilets, bathroom, kitchen and services such as swimming pull, gym, water and
sewage treatment plant of such properties among others were elucidated from the target
population. To analyze this objective, frequency count and percentages were utilized.
The third objective examines tenants’ choice of residential properties in the study area. This
includes housing types such as single-family homes, condominiums, townhouses, detached
houses and multi-roomed dwellings for families, contemporary vernacular house. The Likert
scale rating adopted for this objective were “Most Preferred” (MP), “Preferred” (P), “Fairly
Preferred” (FP) “Not Preferred” (NP), and Not at all preferred (NAP) with the values scaled
from five to one respectively. This study objective was analyzed using standard deviation and
cross tabulation of the socio-economic factors of the tenants against both their housing choice
and future preference to determine the tenants’ choice of residential properties.
Finally, the fourth objective which focuses on the factors influencing tenant choice of residential
properties in the study area, provides information on the peculiar factors that influence tenant’s
choice of residential properties in Ibadan metropolis. Therefore, to determine the
interrelationship between the factors, factor analysis was used to evaluate these factors.
Analysis was carried out using frequency table, percentage, Mean ranking, Correlation
Analysis, Paired Sample t-test. A summary of data requirements and methods of data analysis
is presented on Table 3.3.

41
Table 3.3: A Summary of Data Requirements and Methods of Data Analysis
Objectives Data Requirement Method of Data
Analysis
identify the socio-economic
characteristics of the tenants in
Ibadan.
Socio-economic characteristics of the
tenant such as Age, Gender, Marital
Status, Employment status, Religion, etc.
Frequency
distribution and
percentages.
To determine the
characteristics of residential
properties in the study area;
Types and nature of residential
development, accommodation details,
residential properties features: number of
bedrooms, number of bathrooms, umber
of toilets, number of garage/parking
space, security, tenure / lease term, age,
ownership status.
Frequency
distribution and
percentages.
Identify tenants choice of
residential properties in the
study area
Types of residential properties occupied
including self-contain 2-bedroom,
3bedroom and their socio economics
characteristics among others.
Cross tabulation and
Chi Square.
Determine the factors
influencing tenants’ choices of
residential properties in the
study.
Information on various factors
influencing tenant choices such distance
and proximity. Availability of some
building features, utilities and service.
Mean ranking,
Standard Deviation,
One-sample t-test,
Correlation Analysis.
Paired sample t-test.
Contribution to Knowledge
This study is expected to provide information on factors determining tenants’ choice of
residential properties with a view to guiding stakeholders in real estate investment sector.

42
CHAPTER FOUR
ANALYSIS OF DATA AND DISCUSSION OF RESULTS
4.1 Introduction
This chapter presents the result of the information gathered from the field work. It details the
preliminary information about the respondents and their responses as regards issues bordering
on the aim and objectives of this research work. The chapter is divided into several sections;
the first is the preliminary information followed by the factors influencing current tenants’
choice in the study area
4.2 General Characteristics of the Respondent Groups
In order to ascertain the reliability of the data collected, inquiring into the socio-economic and
demographic characteristics of the individual was considered important. Information gathered
in this direction provided relevant details that enhanced the drawing of relevant inferences from
the result. The results are as presented in Table 4.1.
The result on the gender distribution of the tenants in the table indicates that there were about
91(45.7%) of male respondents and 100(50.3) of female respondents in the study area. This
implies that there were more female respondents among the household head compared to male
respondents.
The age distribution result of the tenants, in the Table 4.1, shows that 20.1% of the respondents
were within the age group of 30 years and below while 39.2% of the respondents were within
the age group of 30-40 years. The result also indicates that 24.1% of the respondents were within

43
Table 4.1 Socio-economic Characteristics of Respondents
Variables Frequency Percentage
Gender
Males 91 45.7
Females 100 50.3
No Response 8 4.0
Total 199 100.0
Age
30 years and below 40 20.1
31 to 40 years 78 39.2
41 to 50 years 48 24.1
51 to 60 years 20 10.1
No Response 13 6.5
Total 199 100.0
Occupation
Private employee 34 17.1
Government
employee
92 46.2
Self employed 55 27.6
Unemployed 7 3.5
No Response 11 5.5
Total 199 100.0
Highest Educational Qualification
No formal education 2 1.0
Primary Education 1 .5
SSCE 9 4.5
OND 29 14.6
HND 62 31.2
BSc 55 27.6
PGD 8 4.0
MSc 28 14.1
PhD 3 1.5
No Response 2 1.0
Total 199 100.0
Religion
Christianity 101 50.8
Islam 83 41.7
Traditional 6 3.0
No Response 9 4.5
Total 199 100.0

44
Marital Status
Single 44 22.1
Married 142 71.4
Divorced 7 3.5
Widow/Widower 3 1.5
No Response 3 1.5
Total 199 100.0
Type of Marriage
Monogamy 109 54.8
Polygamy 42 21.1
No Response 48 24.1
Total 199 100.0
Size of household
None 20 10.1
1 to 2 66 33.2
3 to 4 72 36.2
5 to 6 10 5.0
7 to 8 3 1.5
No Response 28 14.1
Total 199 100.0
Number of dependents
None 88 44.2
1 to 2 52 26.1
3 to 4 32 16.1
5 to 6 5 2.5
7 to 8 2 1.0
No Response 20 10.1
Total 199 100.0
Monthly Income
up to #150,000 76 38.2
#151,000 to #200,000 46 23.1
#201,000 to #250,000 28 14.1
#251,000 and above 25 12.6
No Response 24 12.1
Total 199 100.0
Vehicle ownership
YES 113 56.8
NO 80 40.2
No Response 6 3.0
Total 199 100.0

45
Length of stay in current area
up to 3 years 69 34.7
4 to 6 years 66 33.2
7 to 9 years 22 11.1
10 to 12 years 19 9.5
13 years and above 21 10.6
No Response 2 1.0
Total 199 100.0
Types of Accommodation
Self-Contain 24 12.1
1 Bedroom 8 4.0
2 Bedroom 42 21.1
3 Bedroom 63 31.7
Semi-Detached 30 15.1
Duplex 22 11.1
Mansion 3 1.5
No Response 7 3.5
Total 199 100.0
Accommodation preferred by residents
Self-Contain 2 1.0
1 Bedroom 4 2.0
2 Bedroom 23 11.6
3 Bedroom 41 20.6
Semi-Detached 27 13.6
Duplex 58 29.1
Mansion 35 17.6
No Response 9 4.5
Total 199 100.0
Source: Author’s Field Survey (2022)
the age group of 41-50 years, 10.1% were within the age group of 51-60 years while 6.5% of
the respondents did not indicate their age. This shows that the age group of 31-40 years was
dominant among the respondent. It is interesting to note that the vast majority of the respondents
falls within the age bracket of 30-50 years together these constitute 63.3% of the entire sample.
The preponderance of this group is probably because they are within the employable age and
live in a location that is reputed for its strategic location.

46
Also, shown in the Table 4.1 is the employment status of the residents. The result shows
that 17.1% percent of the residents were privately sector employed; 46.2 percent of the
residents were in government service, while 27.6% percent of the residents were self-
employed. The finding shows that majority of the residents were public servant. Public
servant accounted on the average, for well almost 50% of jobs employment to people
across the study area.
The data collected on respondents' educational attainment as revealed in Table 4.2, result
shows that 1% of the respondents had no formal education, 0.1% of the respondents had
primary education, 4.5% of the respondent had SSCE while 14.6% of the respondent had
HND. The result further shows 27.6% of the respondent had obtained a B.Sc. 4% of the
respondent had PGD, 14.1% of the respondent had M.Sc. and just about 1.5% of the
respondent had a PhD. The result shows that majority of the residents were holder of BSc.
The result as shown in table shows that 50.8% of the respondents were Christians, 41.7% of the
respondents were Muslim 3.0% practiced Traditional religion, while 4.5% did not indicate their
religion. This shows that there were more Christians among the household head who were the
respondents. The result on marital status shows that 22.1% of the respondents were Single,
71.4% Married; 3.5% of the respondent where divorcee; 1.5% widow/widower, while 1.5% of
the did not indicate to the question of marital status. This shows that there were more married
people among the Tenants in the study area. The table shows that 54.8% of the respondents
were Monogamies; 21.1%, Polygamies. 24% did not indicate to the question on marital status.
This shows that there were more Monogamy among the Tenants in the study area.
The result shows that 10.1% of the respondent had no children, while about 32.2% of the
respondents had 1-2 children; 36.2 % of the respondents also had 3-4 household children

47
residing in their house, 5.0% had 5-6 household children residing in their house, 1.5% had 7-8
children residing in their house.
The findings show that 44.2% of the respondents had no dependents, while about 26.1%
of the respondent had 1-2 dependents; 16.1% of the respondents had 3-4 dependents. The
study also shows that 2.5% of the respondent also shows they have 5-6 dependents, while
1% of the respondents they had 7-8 dependents.
The result shows that 38.2% of the respondents earn up to 150,000 naira in a month; 23.1%
earn 150,000-20000 naira in a month, 14.1% of the respondents earn 201,000-250,000
naira in a month, while 12.6% earned above 251,000 naira in a month. The bulk of
respondents’ household average monthly income ranges between N150,00 to N200,000.
The two extreme points below 150,00 & above 251,000 bring out the stark differences in
preference between the various housing types, with the majority of lower income earners
favoring multi-household homes while higher income earners prefer flats in apartment
buildings, duplexes, or at the very least single-family homes. Thus, suggesting that the
average income earned still remains a singular factor that is influential in the decisions
relating to residential housing choice irrespective of residential areas.
The table above shows that over 56% of the respondents have a personal vehicle of their
own. About 40% of the entire respondent indicate they do not have a vehicle, while about
3% of the respondents did not indicate either. Table shows that 34.7% of the respondents
had been residing in the community up to 3 years, 33.2% of the respondents had been
residing in the community for 4-6 years; 11.1% of the respondents had been residing in
the community for about 7-9 years, while 9.5% of the respondent had been residing in the
community for about 10-12 years; 10.6% of the respondents had been residing in the

48
community for more than 13years The finding shows that many of the respondents had
been residing in the community for 3-9 years.
The result shows current type of apartment in the study area, 12.1% of the respondents
indicated that the reside in a Self-contain, 4.0% of the respondents reside in a 1-Bedroom
apartment, 21.1% of the respondent reside in a 2-bedroom apartment.31% of the
respondents reside in a 3 Bedroom apartment, about 15.1% of the respondents reside in a
Semi-Detached apartment, 11.1% of the respondent reside in a Duplex apartment, while
about 1.5% of the respondent reside in a mansion.
Furthermore, the result on table 4.1 shows that over 38.7% of the respondents ‘have stayed
between 1-2 years, 21.1% have also stayed between 3-4 years, 13.6% indicated to be 5-6
years of stay, 3.5% of the respondent length of stay to be in a range of 7-8 years, while 8.5
of the entire respondents’ have stayed up to 9years and above.
The result on table above shows that over 13.1% of the residents rent to be #100,000 and below
per month, 19.1% indicated rent of between 101,000 to 200,000 per annum. 27.1% indicted a
rent of 201,000 to 300,000 per annum. 11.1% indicted annual rent of 301,000 to 400,000.
consequently, 11.1% indicted rent of between 401,000 to 500,00 per annum. Furthermore, result
on visitors room as presented in table 4.1 shows that 69.3% of the respondent had one room as
a visitors’ room, while 12.1% had two room as a visitors’ room, while 6.5% of the respondent
had three numbers of visitors’ room.
The result on Table 4.1 shows that 39.7% of the respondents had one to two number bedrooms,
42.7% of the respondent had three to four bed room while 12% to had 5 to 6; 1% of the entire
respondent had 7 to 8 bedrooms. Result on number of bathrooms as presented on the table above
shows that about 49.7% of the respondents had 1 to 2 Number bathroom, 38.2% of the respondent
had 3 to 4 bathrooms while 7.0% had 5 to 6 bathrooms, only 4% of the entire respondent had 7

49
to 8 bathrooms. The table above also present result on number of toilets, result shows that 47.2%
of the respondents had 1 to 2 number toilets; 39.7.7% of the respondent had 3 to 4 number toilets
while 6.0% had 5 to 6 Number toilets; 5.5% of the entire respondent had 7 to 8 bedrooms, while
0.5% had 9 Number toilet and above. Furthermore, the result on packing space as presented on
the table above shows that 80.4% of the respondents indicated there is presence of parking space
carport within their apartment, while 13.6% of the respondent indicted absence of parking space
carport.
The result on window type as presented in table 4.1 shows that 14.6% of the respondent’s uses
casements window, while 54.8% of the respondents indicated sliding window, 5.5% indicted
wooden type. 5.0% use projected. The table 4.1 also shows that 59.3% of the respondents had
constant power supply, while 40.2% of the entire respondent do not have constant power supply,
only 0.5% of the respondents did not indicate either. Result on table 4.1 also shows that over
66.8% of the respondents had security gate in their respective apartment. 25.6% do not have
security gate.
Result on wall finishing as presented on the Table 4.1 shows that 40% of the respondents
indicated cement screed, while 11.1% of the respondent indicated POP Cornice wall finishing
type, 23.6% also chose Emulsion paint as their wall finishing type. 4.5% indicated gloss paint
wall finishing type. 4.0% of the respondent chose marble finish as their wall finishing type,
4.5% chose Ceramic, while 13.6% chose Texcote paint. 3.5% of the respondent chose the
combination of Cement Screed and gloss paint. while 0.5% indicated cement screed and marble.
2.0% chose Cement screed and ceramic tiles, 1.0% of the respondents indicated the combination
of POP Cornice and gloss painted and 4.5% of the respondents chose the combination of POP
Cornice and Marble Finishing. 0.5% of the respondents also indicated POP Cornice and
Ceramic tiles, another 1% chose POP Cornice and texcote painting. 1.5% of the respondents

50
indicated Emulsion Paint and gloss paint. 0.5% also chose Emulsion Paint and ceramic tiles.
Finally, 1.0% of the entire respondents indicated Emulsion paint and texcote painting.
4.3 Objective 2: Characteristics of Residential Property in the Study Area
This section contains the characteristics of the residential properties sampled in the low and
medium density area. Information contained therein include the location of the properties, age
of the properties, Rent per Annum, Number of visitors room, Number of bedrooms, Number of
bathroom, Number of toilets, window Type, Power supply, Presence of security gate, Type Wall
and floor Finishing, These information are as presented in Tables 4.2.
Table 4.2: Characteristics of Residential Property in Low Density Area (Idi-Isin)
Characteristics
Frequency Percentage
Tenure_Lease_Term (age of
building)
1 to 2 years 5 21.7
3 to 4 years 4 17.4
5 to 6 years 5 21.7
No Response 3 13.0
Total 23 100.0
Rent per Annum
#100,000 and below 2 8.7
#101,000 to #200,000 4 17.4
#201,000 to #300,000 5 21.7
#401,000 to #500,000 2 8.7
#501,000 and above 3 13.0
No Response 7 30.4
Total 23 100.0
Number visitors room
1 room 13 56.5
2 rooms 2 8.7
3 rooms 2 8.7
No Response 6 26.1
Total 23 100.0
Number bedrooms
1 to 2 8 34.8
3 to 4 10 43.5
5 to 6 3 13.0
7 to 8 1 4.3
9 and above 1 4.3
Total 23 100.0
Number bathroom
1 to 2 12 52.2
3 to 4 7 30.4
5 to 6 2 8.7
7 to 8 1 4.3

51
9 and above 1 4.3
Total 23 100.0
Number of toilets
1 to 2 12 52.2
3 to 4 6 26.1
5 to 6 4 17.4
9 and above 1 4.3
Total 23 100.0
Presence parking space carport
YES 17 73.9
NO 3 13.0
No Response 3 13.0
Total 23 100.0
window Type
Louvers 2 8.7
Casement 2 8.7
Sliding 13 56.5
Wooden 2 8.7
Projected 1 4.3
No Response 3 13.0
Total 23 100.0
Power supply
YES 13 56.5
NO 10 43.5
Total 23 100.0
Presence of security gate
YES 15 65.2
NO 6 26.1
No Response 2 8.7
Total 23 100.0
Wall Finishing Type
Cement Screed 5 21.7
POP Cornice 4 17.4
Emulsion Paint 6 26.1
Ceramic Tiles 2 8.7
Texcote Paint 5 21.7
No Response 1 4.3
Total 23 100.0
Type floor finishing
Terrazzo 5 21.7
Marble 1 4.3
Ceramic Tiles 9 39.1
No Response 1 4.3
Total 23 100.0
Table 4.2 shows the result on the characteristic features of the residential property in Idi-sin area,
Ibadan, from the table, result indicates that 38.7% of the respondents’ tenure lease term is between
1-9years and above. The result as present in Table 7.0 shows that majority of the respondent in
Idi-sin lease term falls on the range of 9yeaars above, the result also indicates aa precise

52
percentage of 26.1%, the percentages is seconded by lese term of between 1-2years and 5-6years
which is 21.7% of the respondents’.
According to Table 4.2, result on rent per annum for residential properties in Idi-sin, indicates
that 8.7% of the property sampled rent are between #100,000 and below; 17% ranges from
100,000 - 200,000; 8.7% are between 401,000-500,000;13.1% are between 5001,000 and above.
Similarly, result on characteristic features of residential properties in Idi-sin area based on number
of visitors’ room as presented on the Table 4.2. shows that a significant proportion (56.5%) of
the residential properties sampled had a single visitors room while properties with 3 and 4
numbers visitors room had a less significant percentage of 8.7%. The result on the characteristic
features of residential properties in Idi-sin based on number of bedrooms as presented in the Table
4.2 shows that 43.5% of the property sampled had 3and4 bedroom respectively while 34.8% of
the properties had 1-2 bedroom, therefore, according to the table 4.3 majority of the properties
had range from 1-4 bedroom.
Result from the Table 4.2 result also show that in Idi-sin a significant percentage of the properties
sampled (52.2%) had a range 1to2 bathroom, while 30.4% had 3-4 bathroom, according to the
Table 4.2 result shows that other properties with more than 4 bathrooms have fewer percentage.
This implies that most of the residential properties are within a range of 1-4 bathroom. Result
presented on the table also shows that in Idi-sin a larger percentage of the properties sampled
52.2% had a range 1-2 Toilet while 26.1% had a range of 3-4 Toilet, the fewer percentage of the
properties left sampled have 5 and more Toilet.
As revealed in the table result, the characteristic features of residential properties in Idi-sin based
on the presence of packing space shows 73.9% of the properties had adequate parking space while
13.0% of the properties sampled are not with parking space.

53
The Table 4.2 shows the result on the presence of security gate as another security measure,
result reveal that 65.2% had a security gate while 26.1% had no security gate. The result on
the wall finishing types show that 3.3% uses cement screed; 6.7% uses POP Cornice; 26.7%
uses Emulsion; 10% uses Gloss paint; 10% uses marble finishing while 23.3% uses Texcote
paint. The result on the Floor finishing types shows that 10.0% uses cement screed; 16.7%
uses Terrazzo; 16.7 also uses Marble, 50% of the properties samples uses ceramic tiles, lastly,
16.7% uses Rubber tiles.
The Table 4.3 shows the result on the characteristic features of the residential property in
Alalubosa area, Ibadan, from the table, result show that over 38.7% of the respondents’ tenure
lease term is between 1-9years and above. The result, as presented in Table 4.3, shows that
majority of the respondent in Idi-sin lease term falls on the range of 9yeaars above, the result also
indicates aa precise percentage of 26.1%, the percentage is seconded by lese term of between 1-
2years and 5-6years which is 21.7% of the respondents.
Table 4.3: Characteristics of Residential Property in Low Density Area (Alalubosa)
Frequency Percentage
Tenure_Lease_Term(age)
1 to 2 years 15 50.0
3 to 4 years 5 16.7
5 to 6 years 3 10.0
No Response 5 16.7
Total 30 100.0
Rent_per_Annum
#100,000 and below 3 10.0
#101,000 to #200,000 8 26.7
#201,000 to #300,000 9 30.0
#301,000 to #400,000 4 13.3
#401,000 to #500,000 4 13.3
#501,000 and above 1 3.3
No Response 1 3.3
Total 30 100.0
Number_visitors_room
1 room 22 73.3
2 rooms 4 13.3
3 rooms 1 3.3
No Response 3 10.0
Total 30 100.0

54
Number_bedrooms
1 to 2 8 26.7
3 to 4 16 53.3
5 to 6 5 16.7
9 and above 1 3.3
Total 30 100.0
Number_bathroom
1 to 2 10 33.3
3 to 4 16 53.3
5 to 6 2 6.7
7 to 8 2 6.7
Total 30 100.0
Number_toilets
1 to 2 10 33.3
3 to 4 16 53.3
5 to 6 1 3.3
7 to 8 2 6.7
No Response 1 3.3
Total 30 100.0
Presence_parking_space_carport
YES 25 83.3
NO 2 6.7
No Response 3 10.0
Total 30 100.0
Type_window
Louvers 3 10.0
Casement 2 6.7
Sliding 21 70.0
Projected 2 6.7
No Response 2 6.7
Total 30 100.0
Availability_constant_power_supply
YES 21 70.0
NO 8 26.7
No Response 1 3.3
Total 30 100.0
Presence_security_gate
YES 22 73.3
NO 6 20.0
No Response 2 6.7
Total 30 100.0
Type_Wall_Finishing
POP Cornice 5 16.7
Emulsion Paint 8 26.7
Gloss Paint 3 10.0
Marble Finish 3 10.0
Texcote Paint 7 23.3
Total 30 100.0
Type_floor_finishing
Terrazzo 5 16.7
Marble 5 16.7
Ceramic Tiles 15 50.0
Rubber tiles 2 6.7
Total 30 100.0

55
From Table 4.3, it can also be observed that annual rent for (30.0%) of the property sampled are
basically between a range of 201,000-300,000 per year, while 26.7% area between 100,000 -
200,000; 13.3% are within a range 3001,000-400,000, equally another13.3% are within a
range;401,000-500,000 while 3% falls within 5001,000 and above. Similarly, result on
characteristic features of residential properties in Alalubusa area based on number of visitors’
room as presented in the Table 4.3. shows that a larger proportion (73.3%) of the residential
properties sampled had one number; 13.3% had two number visitors room visitors room while
3.3% had three numbers visitors room. The result on the characteristic features of residential
properties in Alalubusa area on number of bedroom as presented in the table 4.3 shows that 26.7%
of the property sampled of the properties had 1-2 bedroom respectively while 53.3% of the
properties had 3-4 bedroom;16.7% had 5-6 bedroom, likewise 6.7% had 7 and above bedrooms.
Result from the Table 4.3 reveal the number of bathroom present in residential properties located
at Alalubosa. Out of the properties sampled, (33.3%) had a range 1to2 bathroom, while about
53.3% of the properties sampled in Alalubosa had 3-4 bathroom;6.7% had 5-6 bathroom while
6.7% had 7-8 bathroom. This implies that most of the residential properties are within a range of
3-4 bathroom. Result presented on the table also show that in Alalubosa a larger percentage of
the properties sampled 33.3% had a range 1-2 Toilet while 53.3% had a range of 3-4 Toilet; 3.3%
had 5-6 toilet and lastly 6.7% had 7-8 toilet.
As revealed from the table result, the characteristic features of residential properties in Alalubosa
based on the presence of packing space shows 83.3% of the properties had adequate parking space
while 6.7% of the properties sampled are not with parking space. The result on the widow type
for the properties sampled as presented in Table 4.3 indicates that 10.0% of the sampled properties
use Louvers; 6.7% uses Casement window while 70% uses Sliding window; 6.7% uses Projected
window. 6.7% of the properties sample had no response.

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