The Impact Of Student Population On Rental Value Around The Polytechnic Neighbourhood (Case Study Of Rufus Giwa Polytechnic Owo)
This study is on the impact of student population on rental values around the polytechnic neighborhood. The total population for the study is 200 staff of Rufus Giwa polytechnic, Owo. 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 HND2 students, HND 1 students, OND 2 students and OND 1 students were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Table of Contents
- Title Page
- Table of Content
- 1.1 Background of the study
- 1.2 Statement of problem
- 1.3 Objective of the study
- 1.4 Research Hypotheses
- 1.5 Significance of the study
- 1.6 Scope and limitation of the study
- 1.7 Definition of terms
- 1.8 Organization of the study
2.0 Literature Review
3.0 Research Methodology
- 3.1 sources of data collection
- 3.3 Population of the study
- 3.4 Sampling and sampling distribution
- 3.5 Validation of research instrument
- 3.6 Method of data analysis
4.0 Data Presentation, Analysis and Interpretation
- 4.1 Introductions
- 4.2 Data analysis
5.0 Summary, Conclusion and Recommendation
- 5.1 Introduction
- 5.2 Summary
- 5.3 Conclusion
- 5.4 Recommendation
1.1 Background To The Study
Tertiary institution is viewed as a magnet in the metropolitan area that attracts people and economic activity towards it (O‟Flaherty, 2005). In recent time the Nigeria government has shown strong commitment to growth in higher education sector by the establishment of more institutions especially polytechnics and the liberalization of its ownership. While this is the focus of the government little or no attention is given to the provision of accommodation in the polytechnic to meet the rising student population. As a result of this majority of the student population take solace in the rental market for alternative accommodation.
The demand has resulted in the establishment of niche market because student’s market especially appears to be robust. Hence, Peacocke (1999) opined that the major characteristics of students demand is that it monopolizes the market thereby reducing supply to other tenant groups. For instance, close to 80% of students’ populations of the Rufus Giwa polytechnic, Owo, Ondo State are living in privately rented accommodation. The result of this is a sharp increase in rent since the available housing accommodation even in the rental market are not enough to meet the demand. In the past, houses were completed by landlords or property investors, but today, students struggle to make payment even when such accommodation are yet to be completed.
The landlords and investors exploit this situation and rents are arbitrary fixed and outrageous. Therefore, this study aims at investigating the impact of student population on the rental values around the polytechnic neighborhood.
Polytechnic as a social institution is seen as a great system concerned with imparting knowledge and skills, which help an individual to participate in the society (Ramon-Yusuf, 2003). Babalola and Okediran (1997) views Polytechnic education as that which facilitates creation of knowledge and innovation for the overall socio-economic empowerment of the individual and community development. Historically in Nigeria, majority of the Polytechnics were located at the community outskirts so as to create conducive environment for learning; less difficulty in getting required land size and the minimum financial implication attached. However, these polytechnics including the Rufus Giwa Polytechnic, Owo have enjoyed circumferential expansion in their neighborhoods primarily because of the functions they perform.
A polytechnic may generate different sort of impacts in a neighborhood. The presence of a polytechnic in a derelict area may initiate the transformation of the entire neighbourhood through the action of development, regenerating houses in order to attract students, staff, and those providing support services to live nearby (Perry and Wiewel, 2005). More also, polytechnic can also function completely apart from the surrounding neighborhoods, ignoring social problems (Anamaria and Melchior, 2007).
Anamaria and Melchior (2007) used two concepts to analyze the impacts produced by the presence of a tertiary institution in an area: to include magnets and enclave. The first concept used to describe the impacts of large land owners such as the polytechnic is the “magnet”. In urban terms, magnet represents a concept or metaphor which describes a territory in the metropolitan area which attracts people and economic activity towards it. Polytechnics can be qualified as magnets since they have the power of attracting many students, schools/faculties and staff as well as business and institutional activities to a specified region in a town. Polytechnics, when acting as a magnet, besides attracting uses that promote urban and economic growth, attracts activities regarded as damaging by particular groups in the society (Anamaria and Melchior, 2007). The second concept used to describe the impact of large land owners such as the polytechnics is the “enclave”. A new enclave represents a self contained place or region of the city, with uses or morphology different from the one of the surrounding neighborhood (Anamaria and Melchior, 2007).
According to Perry and Wiewel (2005), a polytechnic has traditionally seen itself as an enclave, “removed enough from the immediacy and demands of modern life to produce the knowledge and information with which to better understand the society”. Depending on the externality, the role of polytechnics as magnets most times overcomes their features as enclaves. Therefore, the concepts of magnets and enclaves represent an important methodological tool in the analysis of the impacts and externalities by the polytechnics on their neighborhoods (Anamaria and Melchior, 2007).
Polytechnics and colleges primarily acquire land and structures that support their core mission or immediate growth demands, it is however not uncommon for surrounding communities to criticize polytechnics for their unresponsive development policies or lack of a plan to mitigate negative spillover effects (Sungu-Erylimaz, 2009). For neighbourhood residents, some of the major concerns relate to quality of life issues, such as conversion of houses and other buildings to student occupancy; upward pressure on rents; adaptation of shops and facilities to student markets; and increase in traffic, noise, and parking problems (Harasta, 2008)
1.2 Statement Of The Problem
Ankali (2007) carried out a study on the impact of tertiary institutions on residential property values in the Federal Polytechnic, Ede and found out that the establishment of the polytechnic led to the influx of people into the town, thereby, making the residential property market subsector experience a moderate increase in rental values between 1994 and 1997.
Another slight increase was also experienced between 1998 and 1999 and the highest rental increment was observed between 2001 and 2005. However, tenement properties close to the Polytechnic experienced the highest rental growth rate. The researcher is examining in this study the impact of student population on rental value around the Rufus Giwa Polytechnic neighborhood.
1.3 Objectives Of The Study
The following are the objectives of this study:
- To examine the impact of student population on rental value around Rufus Giwa Polytechnic, Owo.
- To examine the relationship between student population and rental value.
- To examine the impact of distance from Rufus Giwa Polytechnic Owo on the residential rental value.
1.4 Research Hypotheses
The following have been put forward for testing
- H0: There is no significant relationship between student population and rental value around Rufus Giwa Polytechnic, Owo.
H1: There is significant relationship between student population and rental value around Rufus Giwa Polytechnic, Owo.
- H0: there is no impact of student population on rental value around Rufus Giwa Polytechnic, Owo
H1: there is impact of student population on rental value around Rufus Giwa Polytechnic, Owo
1.5 Significance Of The Study
The following are the significance of this study:
The outcome of this study will educate the general public especially the higher institutions neighborhood communities on the impact of student population on the rental value. This research will be a contribution to the body of literature in the area of the effect of personality trait on student’s academic performance, thereby constituting the empirical literature for future research in the subject area.
1.6 Scope And Limitation Of The Study
This study will cover the relationship between student population and rental value around Rufus Giwa Polytechnic, Owo. 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.
1.7 Definition Of Terms
A population is the number of living things that live together in the same place. A city’s population is the number of people living in that city. These people are called inhabitants or residents.
Rental value is the fair market value of property while rented out in a lease. More generally, it may be the consideration paid under the lease for the right to occupy, or the royalties or return received by a lessor under a license to real property.
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 to ascertain the impact of student population on rental value around the polytechnic neighbourhood. 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 student population on rental value around the polytechnic neighbourhood
This study was on the impact of student population on rental value around the polytechnic neighbourhood. Three objectives were raised which included: To examine the impact of student population on rental value around Rufus Giwa Polytechnic, Owo, to examine the relationship between student population and rental value, to examine the impact of distance from Rufus Giwa Polytechnic Owo on the residential rental value. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of Rufus Giwa polytechnic, Owo. 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 HND2 students, HND 1 students, OND 2 students and OND 1 students were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
The paper show the trend of rental values of selected accommodation types against the population growth of students living in the private rented sector and the positive correlation between these two variables. The paper also reveals that an average of 80.79% of the population of students of Rufus Giwa polytechnic lived in the private rented sector. Furthermore, it has given an elaborate account on the relationship that exists between distance from the Rufus Giwa polytechnic, Owo and rental values of residential properties selected
It is therefore, recommended that the government and higher education institutions should be encouraged to make a clear and definite statement concerning provision of on campus accommodation. This will reduce the pressure on the private rented sector; mitigate high rents and exploitation of students. Also 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 educational institution.
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