An Appraisal Of The Impact Of Off-Campus Students Accommodation On Residential Property Values
This study is on an appraisal of impact of off-campus students accommodation on residential properties values. The total population for the study is 200 students of University of Uyo, Akwa Ibom state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up final year students, year four students, year three students and year three student was used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
1.1 Background of the Study
The impact of off campus students’ accommodation cannot be ignored. Besides the monetary returns, studies with special reference on social tolerance, which relates to the relationship between the off-campus students housing in the neighborhood is nonetheless, vaguely explored. Although, reiterated that with appropriate planning strategies, studentification may not necessary hypothesize the adversarial housing-related phenomenon. However, as observed, the propensity to inciting the negativity is higher, trends are contested and the deprived relations between the community and the off-campus students are obvious. Housing exists in multiple forms. Detached single-family houses, apartments, townhomes, condos, flats, manufactured houses, prefabricated houses, barracks, dormitories, cooperatives, cabins, and assisted living facilities are just a few of the many housing options consumers have to choose from in today’s diverse society. The characteristics and perceived benefits of these options dictate their value to the consumer. For example, the number of bedrooms in a house, the age of an apartment, or how close a cabin is to a desirable body of water impacts the perceived utility, and therefore the monetary value of the property. What if one wanted to know the worth of each characteristic? What is the marginal contribution of an additional bedroom? How much does one year of age increase or decrease the value? If the same cabin is 50 feet, 1,000 feet, or 3 miles from the lake, how does the value change? Sirmans, Macpherson, and Zietz (2005) state that, “Hedonic regression analysis is typically used to estimate the marginal contribution of these individual characteristics” (p. 3). The hedonic model assumes that consumers attach certain values to characteristics based on a derived utility for them, so that price equals a function of the attributes (Rosen, 1974). When the consumer’s mindset varies, do the implicit values change as well? Do those looking for residential housing (long-term mindset) value characteristics differently than those seeking more transient housing (short-term mindset)? Previous research indicates that the answer is “yes.” Regression models for single-family houses, apartments, and vacation rentals indicate differing coefficient values for the attributes that comprise the housing option (see Sirmans et al., 2005; Sirmans & Macpherson, 2003; Nelson, 2009; Guntermann & Norrbin, 1987; and Jaffe & Bussa, 1977 for some examples). Like vacation rentals, privately owned off-campus student housing is a more transient accommodation (to be explained further in the following section). Thus, the results of a hedonic regression model should indicate unique coefficients for this multifamily submarket. This study will use the hedonic pricing model to analyze off campus student housing in six college markets and estimate the marginal contribution of the characteristics offered. A special emphasis will be placed on the locational attribute of proximity to the campus
1.2 Statement of the Problem
When most people think of student housing, they are inclined to think of on campus dormitories or residence halls. However, according to the National Center for Education Statistics, in 2007-08, only 14.2% of undergraduate students lived on campus, while 54.0% lived in off-campus housing (U.S. Department of Education, 2007-08). From a physical standpoint, student housing shares many of the same characteristics with residential housing options. Both are heterogeneous goods that typically offer a bundle of bedrooms, bathrooms, square footage, a physical and relative location, and potentially a set of community amenities (i.e. a swimming pool, fitness center, and/or a business center). However, there are three distinct differences between student housing and residential properties: (1) certain physical features/services, (2) the leasing and management process, and (3) the way in which the characteristics are perceived. On this background the researcher wants to investigate the appraisal of the impact of off-campus student’s accommodation on residential property values
1.3 Objective of the Study
The objectives of the study are;
- To ascertain the impact of off-campus students accommodation on residential property values
- To ascertain the relationship between off-campus students and campus students academic performance
- To examine the expenditure of off campus students and campus students
1.4 Research Hypotheses
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
- H0: there is no impact of off-campus student’s accommodation on residential property values
H1: there is impact of off-campus student’s accommodation on residential property values
- H02: there is no relationship between off-campus students and campus student’s academic performance
H2: there is relationship between off-campus students and campus student’s academic performance
1.5 Significance of the Study
This study will give a clear insight on an appraisal of the impact of off-campus student’s accommodation on residential property values. The study will look at the differences between off-campus students and the campus student’s base on their academic performance. The study will be beneficial to students and educational sector. It will also serve as a reference to other researchers that will embark on this topic.
1.6 Scope and Limitation of the Study
The scope of the study covers an appraisal of the impact of off-campus student’s accommodation on residential property values. The researcher encounters some constrain which limited the scope of the study;
a) Availability of Research Material:
The research material available to the researcher is insufficient, thereby limiting the study
The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
c) Organizational Privacy:
Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities
1.7 Definition of Terms
Residence hall costs for room and meals are usually similar to apartment costs off campus. Depending on the neighborhood, you may be able to rent inexpensive off-campus housing with other students and share food, rent, and other costs. Sharing room or apartment with people can be an interesting experience.
A student is a learner or someone who attends an educational institution. In the United Kingdom, those attending university are termed “students” while “pupil
A room, group of rooms, or building in which someone may live or stay
A residential area is a land used in which housing predominates, as opposed to industrial and commercial areas. Housing may vary significantly between, and through, residential areas.
1.8 Organization of the Study
This research work is organized in five chapters, for easy understanding, as follows
- Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
- Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
- Chapter three deals on the research design and methodology adopted in the study.
- Chapter four concentrate on the data collection and analysis and presentation of finding.
- Chapter five gives summary, conclusion, and recommendations made of the study
Summary, Conclusion and Recommendation
It is important to ascertain that the objective of this study was on an appraisal of the impact of off-campus student’s accommodation on residential property values. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of an appraisal of the impact of off-campus student’s accommodation on residential property values
This study was on an appraisal of the impact of off-campus student’s accommodation on residential property values. Three objectives were raised which included: To ascertain the impact of off-campus student’s accommodation on residential property values, to ascertain the relationship between off-campus students and campus students academic performance, to examine the expenditure of off campus students and campus student. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 students of University of Uyo, Akwa Ibom state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up final year students, year four students, year three students and year three student was used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
The average population growth rate of students on campus is seen to be 9.5%, while the average growth rate of the students living on the campus and off-campus dwellers are 2.4% and 12.3% respectively. It revealed that expected major determinants of rental values of residential properties such as facilities and conditions of repairs were the least considered within the neighborhood of higher institution. The major factors responsible for the sustained increase in rents are location and demand pressure as a result of growth in the population of students and staff engagement over the years without a corresponding increase in on-campus accommodation
Therefore, the government and higher educational institutions should be encouraged to make a clear and definite statement concerning the provision of corresponding on-campus accommodation in tandem with increasing students’ intakes thereby reducing the demand pressure on the private rented sector. Furthermore, analysis of the likely impacts of higher educational institutions on local rental market should be integral to the establishment and expansion plans of every higher institutions.
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