RESIDENTIAL HOUSING RENTAL VALUES AND INFRASTRUCTURAL DEVELOPMENT IN OSOGBO, NIGERIA

Conference of the International Journal of Arts & Sciences, CD-ROM. ISSN: 1943-6114 :: 09(01):29 40 (2016) RESIDENTIAL HOUSING RENTAL VALUES AND INFRASTRUCTURAL DEVELOPMENT IN OSOGBO, NIGERIA Ikpeme Anthony Ankeli, Daniel Ibrahim Dabara, Makanjuola Dare Gambo, and Kabir Omotoso Lawal Federal Polytechnic, Nigeria Oladejo Michael Agidi Umaru Waziri Federal Polytechnic Housing goes beyond mere shelter to include the facilities and other things in the environment that makes living comfortable for man, hence Olujimi opine that for housing to produce these impacts, it must be adequately provided with functional infrastructure. The concern of most Nigerian cities today, is the fluctuating housing rental and the complete neglect of basic infrastructure by government and its agencies that are expected to provide these infrastructures and maintain the few available ones. This study therefore examined the available infrastructural facilities in residential properties in Osogbo with the aim of evaluating their impact on the rental values of residential properties in the study area. Questionnaire survey was adopted for the study in order to obtain information from the respondents. Osogbo Metropolis was divided into four residential zones. A total of 450 questionnaires were administered on the respondents using systematic random sampling techniques, however only 380 questionnaire were correctly filled and returned for analysis, representing 95% response rate. The collated data were further analyzed with the aid of both descriptive and inferential analytical techniques. The study among other things revealed that, properties with better conditions in terms of infrastructures and physical soundness command higher rental values. It recommends the need for the provision of essential basic infrastructure by government and its agencies and schedule sustainable maintenance programmes for the infrastructure facilities provided. The study therefore concludes that developers should ensures that all basic infrastructural facilities that will attract higher values to their property be provided, government should make implementable policies and established housing quality standard and supervisory agency that will be responsible for monitoring of housing standards. Keywords: Residential housing, Infrastructural development, Rental values. Introduction Urban infrastructure, apart from being an indicator for measuring environmental quality, is a catalyst for political, social and economic development as well as the back bone of any economy as all sectors need it to effectively function. It is a physical framework of facilities through which goods and services are provided to the public. 29

30 Residential Housing Rental Values and... This sector covers a wide range of services such as telecommunication, sewage disposal, roads, energy, water supply, agricultural, medical, educational and other facilities, etc. Most of these services have a direct impact on man s life from his health, safety and wellbeing. From the societal point of view, they form the bedrock of all socio- economic development in a country, and are a key indicator of a nation s developmental status as well as the wellbeing of her citizens (Dabara, Okorie, Ankeli, & Alabi, 2012, Patunola-Ajayi, 2013 and Bello 2013). The basic challenges facing most African cities today apart from housing inadequacy and fluctuating property rentals are the problems of the provision and management of the few available infrastructural facilities. In Nigeria for instance, the influx of rural dwellers to the urban centers in search of white collar jobs has resulted in the increasing urban growth thereby putting much pressure on the few available urban infrastructural facilities with the resultant consequences of overuse and deterioration of these facilities. Hence, the public outcry in recent time is the fluctuating property rental values due to shortage in the supply of housing, inadequate infrastructural facilities and the complete neglect of the few available ones by government and its agencies charged with the responsibility of infrastructure management and maintenance. Ankeli, Dabara, Oyeleke, Guyimu and Oladimeji (2015) opined that where infrastructures are adequately provided and prudently managed, it often serves as a magnet to other productive and profitable land uses which fast track development and in turn lead to increase property rental values. Their finding however revealed that an improved infrastructural facility enhances the rental value of residential properties. Regrettably, findings from previous studies have shown that reasonable numbers of urban housing in most cities in Nigeria have no basic infrastructural facilities but property rentals in these areas are on the increase (Onibokun, 1982, Agbola, 2005, Adeniji, 2007 and Olujimi, 2010). This, some school of thought have attributed to the slow response of housing supply to meet the ever increasing demand from the teeming population due to the unprecedented rate of urbanization (see Agbola and Adegoke 2010. Toyobo, Muili, Ige 2011). Notable international organizations and researchers have expressed concern on the rate of the unprecedented urbanization, population growth, inadequate infrastructure and the alarming nature of urban housing deficit resulting in fluctuating property rentals in large cities of the developing nations. Adeleye and Ogunshakin (2005) asserted that the highly recognised among the most crucial corollaries of unplanned and dependant urbanisation is the urban housing crisis pervading the primary and large regional secondary cities of the fast and medium developing categories of the third world nations (Lagos, Rio de Janeiro, Sao Paolo, Mexico City, Cairo, New Delhi, Karachi etc.). Housing goes beyond mere shelter to include the facilities and other things in the environment that makes living comfortable for man; hence Olujimi (2010) opined that for housing to produce these impacts, it must be adequately provided with functional infrastructure. The ever rising prices in the Nigerian housing markets have attracted wide spread criticism and the attention of all classes of Nigerians, as well as the interest of most state governments and its rent regulators. An attempt by government at all levels to regulate rent and restore normalcy to the property rental market subsector has resulted in the adoption of series of policy interventions over the past few years. Despite the vital roles infrastructure plays in real property values enhancement, nation building and development, the Nigerian government both at federal and state level have continued to pay lip service to infrastructure provision and development. In an attempt to determine the influence or the relationship between residential housing rental values and infrastructural provision based on the perception that improved infrastructural facilities enhances rental value of residential properties from which the capital invested could be recouped, it thus becomes pertinent to provide answers to the following questions: (a) what are the various types of residential properties in Osogbo? (b) What are the existing infrastructural facilities in the residential properties in Osogbo? (c) Does the available infrastructural have any influence on residential properties rental values in the study area? (d) what is the level of satisfaction of the respondents in relation to the infrastructure provided and the rent paid for the residential property?

Ikpeme Anthony Ankeli et al. 31 Justification for the Study The factors that interplay or combine to enhance real Property rental values varies and are numerous, some of these factors includes religious, cultural, socio-political, institutional, economic, environmental, physical and such other factors which could enhance the values positively or negatively (Ankeli, 2007). Olujimi, (2010) is of the view that those factors that negatively affect the value of real property injure ownership motives and goals and as well damage the investor s interest and discourage subsequent investment. As imperfect and inefficient as real property rental is in the Nigeria property market subsector, it determination and adoption in property valuation exercise is an important task. However, for the purpose of this study, residential property rent is the rent paid for the use of land and structure thereon only for the purpose of inhabitation. Ankeli, Daniel, Guyimu, Oyeleke and Oladimeji (2015) affirmed that one of the complex and challenging task facing both practitioners and intellectuals in the real estate profession in the country today is the determination of accurate rental value of residential properties as it involves the collection and analysis of comprehensive and accurate data on the property characteristics, neighborhood characteristics, landlord and tenant characteristics and the market conditions which most often are not readily available. This has made the recent dramatic rise in the Nigeria housing property market prices to become an issue of national discuss as most states are now reawaking their long abandoned Rent Control Edict/ Tenancy Laws. However, it is obvious that there is but a scanty literature in this important area of study. The few existing but relevant studies conducted in this area in the country are Olujimi, (2009), Ibrahim (2011) Ankeli, Daniel, Guyimu, Oyeleke and Oladimeji (2015a) and Bello, Adeniji and Arowosegbe (2015) each of these studies was conducted strictly covering small areas and ignoring the larger parts of the property markets thereby creating a gap that needs to be filled. Other similar studies conducted have focused on community-led infrastructure provision, infrastructure financing and urban development and maintenance of urban infrastructure with no particular attention to residential property rentals and infrastructural development, such studies are found in Ibem (2009), Ankeli et al (2015b) and Nwuba and Salawu (2010). Hence, this study is justified by extending the coverage area to include the major areas of a state capital city in southwestern Nigeria thereby enriching the existing stock of literature in this field. Literature Review Urban Infrastructure and Property Rental Values Nubi (2002) also described infrastructure as the aggregate of all facilities that allow a city function effectively. Infrastructure is a key element in the generation of economic growth and development and the main driver of urban activities. It is the economic and social underpinnings of a society and the life wire of the urban system (Nwuba and Salawu, 2010). Patunola (2013) see infrastructure as the sectors of transport, water and sanitation, power, telecommunication and others which represents a large portfolio of expenditure in all countries, ranging from a third to one-half of the public investment (equivalent is roughly 3-6 percent of GDP). According to Bello, Adeniji, Arowosegbe, (2013) infrastructure covers a wide range of economic and social facility crucial to creating an enabling environment for economic growth and enhances quality of life which include housing, electricity, pipe-borne water, drainage, roads sewage, health, education, telecommunication and institutional structures like police station, fire fighting station, banks and post office. It is simply the engine that drives the development of any city. Nwuba and Salawu (2010) however concluded that the state of urban infrastructure in Nigeria is deplorable and inefficient largely due to lack of effective maintenance resulting from the current reactive, remedial, task force approach to maintenance and inefficient infrastructure management system. However, as a conduit of trade and investment that integrates and plays a transformative role in the economic and social life of cities through the aggregation of all facilities that allows a city to grow and

32 Residential Housing Rental Values and... function effectively, adequate provision of infrastructure help in boosting the quality and status of housing, changing resources into outputs, enhances business by removing barriers and bringing an increase in the land and housing values, either sales or rentals (Harvey, 1993, Ajibola, Awodiran and Salu-Kosoko 2013). Most cities in the world including those in Nigeria are expanding at an alarming rate, this burgeoning expansion of cities most often result in colossal environmental problems of mismatch between available urban infrastructure and the level of demand. Logically, increase in human capital (labour) in any given area leads to increase in production output which definitely will lead to economic growth. But an increase in human capital without corresponding increase in the available infrastructure often results in the overuse of facilities. Thus, the increase in economic growth will gives birth to the desire to invest in real estate as a result of the expected rental or capital value appreciation. Researchers in the academia have traced the causes of the rise in the market price to those factors that positively or negatively affect and injure ownership motives and goals. Firstly real estate is seen as a bundle of unique characteristics and secondly as factors that interplay to create it values. These factors do not only reflect on its location, but equally affects other amenities such as the quality of neighbourhood and infrastructure services, economic and institutional framework, as well as physical and environmental factors. This has led to the current rebirth the long abandoned rent control edict and tenancy laws by most states in Nigeria. Ankeli el tal (2015a) are of the opinion that the determination of residential property rental values is a complex and a major challenging task facing both practitioners and intellectuals in the real estate profession in Nigeria as the exercise involves the collection and analysis of comprehensive and accurate data on the property characteristics, neighborhood characteristics, landlord and tenant characteristics and the market conditions which are not readily available. Although their study revealed that, properties with better conditions in terms of infrastructures and physical soundness command higher rental values. The findings of their study may not form a good conclusive opinion as their study focused more on housing condition in a small area of Osun state. Olujimi (2009) in his study of the relationships of infrastructural facilities in the determination of rental values of residential properties in Akure, Nigeria, concluded that the most significant property rental determinants of the eleven infrastructural facilities identified are burglary proof and wall fence. This may not be true opinion of respondents in other parts of western Nigeria. His analysis denotes a very weak relationship between infrastructure and rent and the selection and adoption of the opinions of only one hundred and ninety respondents to represent the opinions of entire Akure may not be good enough. Harvey (1993) opined that the willingness of a residential property user to pay a high rent for a property may to a large extent depend on his consideration for basic facilities such as accessibility, water electricity and others. Infrastructure is a basic determinant of property value as the provision of good and adequate infrastructure is central to property values and it leads to appreciation in property values and its absence affects neigbourhood properties adversely (Hammer, Booth, and Love 2000, Johnson, Davies and Shapiro 2005). All over the world, infrastructural development is adopted as the engine for economic and technological enhancement. Hence, the provision, operation, management and maintenance of infrastructures are strong employers of labour, a veritable property value determinant in the property market and the broad base upon which other economic activities rely and thrive. Ibrahim (2011) undertook a survey of infrastructural facilities and their effects on rental values of residential properties in Ilorin metropolis. The study revealed that the presence of facilities generates high preference, keen competition for properties and high rental values, while the absence of facilities results in low patronage, disincentive to people, attraction of poor tenants and consequently low renal values. The study also revealed that the discriminating rent charged by landlords in different locations within the city among similar properties is as a result of uneven distribution of infrastructures within the city which may eventually lead to gentrification. However, the focus of that research was Taiwo, Sabo-Oke and Oloje areas which are a fraction of Ilorin thus it cannot be a perfect representation of Ilorin and the south western Nigeria as a whole. On the contrary, Udo and Egbenta (2007) examined the effects of domestic waste dumpsites on rental values of residential properties in Enugu, Nigeria and affirmed that contrary to popular belief,

Ikpeme Anthony Ankeli et al. 33 waste dumpsite which is part of infrastructure does not necessarily affect property values negatively. This may not however be in all cases. Kee and Walt (1996) in an attempt to estimate rental value of residential properties using Abductive Learning Networks (ALN), an artificial intelligence condemned the use of regression analysis as adopted by Olujimi (2010) as a model for assessing property rental values due to it parametric nature that requires the user to specify the functional form of the solution. This makes the approach to be more of guess work and prone to inaccuracy. The Abductive Learning Networks (ALN) may also not be an appropriate model in this case due to the technicalities involved. The focus of this study is therefore to fill the gaps identified above by empirically evaluating the influence of infrastructural development on rental values of residential property in the study areas. Materials and Methods Questionnaire survey was adopted for the study in order to obtain information from the respondents. Osogbo Metropolis was divided into four residential zones- Oke onite zone, Odiolowo zone, Ogo-Oluwa zone and Okefia zone. A total of 450 questionnaires were administered on the respondents using systematic random sampling techniques, however only 80 of these questionnaires were correctly filled and returned for analysis from Oke onite zones, 100 from Odiolowo zones while 120 and 80 were returned from Okefia and Ogo-oluwa zones respectively totaling 380 questionnaire that were correctly filled and returned for analysis, representing 95% response rate. The collated data were further analyzed with the aid of both descriptive and inferential analytical techniques. Results and Discussion Residential Property Types in the Study Area: To answer research question one, the types of residential properties in the study are basically the face to face residential housing types, semi- detached and detached residential properties. The Face to Face residential properties are usually design and build in form of either bungalow or storey building with the rooms arranged on two opposite rolls (each room facing each other), separated with a long passage. Facilities such as toilet, kitchen and bathroom are shared in common by tenants. The Semi- detached flats are 2 flats combined on the same plot. It could be in bungalow form or storey building. The detached flat is a single flat inclusively built on a site and usually a bungalow building (Ankeli et al 2015). For the purpose of this study, all the flats used are three bedroom bungalows. Table 1. Types of Residential Properties in the Zones (% in parenthesis) Types Zones Total Okefia Okeonite Ogo-Oluwa Odi - Olowo Face to Face 25 (20.8) 10 (12.5) 15 (18.8) 85 (85.0) 135 (35.5) Semi detached 27 (22.5) 20 (25.0) 20 (25.0) 05 (05.0) 72 (19.0) Detached 68 (56.7) 50 (62.5) 45 (56.3) 10 (10.0) 173 (45.5) Total 120 (31.6) 80 (21.1) 80 (21.1) 100 (26.3) 380 (100) The table above shows that more of Face - to- Face types of residential properties (85%) exist in Odi - Olowo zone, the total percentage of Face to Face in the other three zones added together is 50% that is 50 numbers in all. Okefia, Okeonite and Ogo-oluwu zones have higher concentration of detached residential buildings with few Face to- Face building types. The reason for this could be that Odi olowo is one of the traditional core areas of the metropolis, with older building design and types.

34 Residential Housing Rental Values and... The Nature of Infrastructural Facilities in the Study Area To answer research question two, infrastructures, which is synonymous with public utilities, community facilities and services includes such variables as Water supply, Electricity supply, Gas supply, Sewerage, Storm water drainage and Telephone service (public utilities) while the Social or community facilities include Educational facilities, access road, Health facilities, Post Office and Postal agencies, shopping areas, Recreational areas and facilities, Religious buildings, Cultural facilities like Libraries, Art galleries, Museum and other environmental and neigbourhood variables whose provisions varies from area or zone to zone and have general and specific effect on rental values of properties. Hence, It is a common believe that the availability of these facilities and infrastructure in any environment improve the general condition of properties, comfort of the inhabitants and enhances the overall worth of housing. Findings from this study shows that in all the zones studied, public utilities and social or community facilities and services exist. For electricity, all the 380 properties sampled in the four zones are connected to the public mains. However there is no stable power supply in all the zones. This is a common or general problem in the country. Water supply in the zones is as shown in the table below. This is not based on the water supply from the public mains alone but on the provision of functional water supply either through hand dug well or boreholes. In all, only 48.7% of the residential properties sampled are provided with good water supply sources. Generally, the method of refuse collection and disposal in Osogbo is poor and fall below the acceptable world practices. Most of the residential areas are not provided with any form of refuse dump or collection points. Inhabitants drop their refuse and other domestic indiscriminately along the major high ways thereby causing eye sore and health hazard. The table below shows that only 31.7%, 25%, 05% and 25% of the residential properties in Okefia, Oke onitea, Odi - Olowo and Ogo-Oluwa zones. The effort of the Osun State Waste Management Board and Local Health Inspectors has not yet achieved the desired result in this area. It is expected that every residential property should be provided with access road that ensure safe and free movement of goods and services. our findings shows that most of the residential properties in the study area meet up with this expectation only for residential properties in Odi - Olowo zone where only 09% of the houses in the zone are accessible by motorable road, while the remaining 91% of the residential property are not accessible by motorable road. For other facility as banks the worst hit zones are Oke Onitea and Odi - Olowo zones with 0% presence while the other zones have 96% and 93.8% respectively. Table 2 below shows the various available infrastructures that enhances or devalue the worth of properties in the zones under study in Osogbo Table 2. Available basic Infrastructural Facilities in the Zones ('% in parenthesis) Infrastructures Zones Okefia Okeonite Odi - Olowo Ogo-Oluwa Total Electricity 380 (100) 380 (100) 380 (100) 380 (100) 380 (100) Water 60 (50) 70 (87.5) 25 (25.0) 30 (38.0) 185 (48.7) Refuse disposal 38 (31.7) 20 (25.0) 05 (5.0) 20 (25.0) 83 (21.8) Drainage system 110 (92) 60 (75.0) 10 (10.0) 50 (62.5) 230 (60.5) Banks 115 (96) 0 (0.0) 0 (0.0) 75 (93.8) 190 (50.0) Schools 115 (96) 75 (93.6) 20 (20) 75 (93.8) 285 (75.0) Access road 90 (75) 70 (87.5) 09 (09) 65 (81.3) 234 (61.6)

Ikpeme Anthony Ankeli et al. 35 The Influence of Infrastructural Facilities on Rental Values in the Study Area In line with research question three, existing studies have shown that the presence of infrastructure as access road, proximity to rail, parks, market, historic designations, banks, schools, health facilities, provision of wall-fence round the building and the installation of burglary proof in all the windows nearness to worship centres and other environmental characteristics enhances rental values (Thibodeau,1990, Ball, Lizieri and MacGregor, 199; Tay, Lau and Leung, 1999; McCluskey, Deddis, Lamont, & Borst, 200; Jensen and Durham, 2003; Chau Wong, and Yiu, 2004, Anderson and West, 2005; Provencher, Sarakinos, and Meyer, 2006, Dehring, Depken, and Ward. 2007; Lee, 2008, Ijla 2008 Olujimi and Bello, 2009, Iroham, Oloyede and Oluwunmi, 2011). Leung, Chow and Han, (2008) in their study of Long-Term and Short-Term Determinants of Property Prices in Hong Kong affirmed that the impact of inflation and real construction cost could be a major reason for raising property price. While Ankeli et al (2015a) asserted that unprecedented urbanization is a major factor for rental raise in less developed countries of the world. The table below shows the major infrastructures that influence rental values in the study area. Roads with mean score of 7.5 and 6.4 ranked 1 st in Ogo Oluwa and 0ke Onitea, water ranked 1 st at Okefia and Odi Olowo zones. Electricity ranked second in all the zones and the presence of banks ranked 6 th in all the zones. The findings of these work shows that the infrastructures that influences rental growth in each of the zones varies. Table 3. Identification of Infrastructural Facilities that Influences Annual Rentals in the Study Area Locations/Zones Variables Okefia Okeonitea Odi Olowo Ogo-Oluwa Mean Rank Mean Rank Mean Rank Mean Rank Road (2100) 5.5 3 rd (2450) 6.4 1 st (1520) 4.0 5 th (2856) 7.5 1 st Water (2530) 6.7 1 st (1980) 5.2 3 rd (2790) 7.3 1 st (2590) 6.8 3 rd Banks (1275) 3.4 6 th (1050) 2.8 6 th (850) 2.2 6 th (780) 2.1 6 th Electricity (2200) 5.8 2 nd (2320) 6.1 2 nd (2658) 7.0 2 nd (2780) 7.3 2 nd Drainage (1760) 4.6 5 th (1650) 4.3 5 th (2340) 6.2 3 rd (2170) 5.7 5 th Refuse disposal (1950) 5.1 4 th (1780) 4.7 4 th (1980) 5.2 4 th (2340) 6.2 4 th Respondents Level of Satisfaction with the Available Infrastructures in the Study Area The satisfaction level of tenants in the zones was examined under three groups viz; satisfied, not satisfied and indifferent. This is in order to answer researcher question four. The indifference is a situation where respondent is undecided as to the indicated grouping. Table 4 below shows that 88.2% of the respondents were satisfied with the road network in their areas and affirmed that the presence of these road has contributed to the current values of their properties. 98.6% response rate obtained in the study area indicated that the respondents are satisfied with the process of water supply in the zones. For power supply in the zones studied, 94.7% of the respondents were satisfied with the electricity supply in the zones. About 52.6% of the respondents were not satisfied with the number of banks available in the study area.

36 Residential Housing Rental Values and... Table 4. Respondents Level Satisfaction with the Available Infrastructure Satisfaction Level Variables Satisfied Not Satisfied Indifferent Total Road 335 (88.2) 40 (10.5) 05 (1.3) 380 (100) Water 375 (98.6) 02 (0.5) 03 (0.9) 380 (100) Banks 150 (39.5) 200 (52.6) 30 (7.9) 380 (100) Electricity 360 (94.7) 15 (3.9) 0 5 (1.4) 380 (100) Drainage 230 (60.5) 140 (36.9) 10 (2.6) 380 (100) Refuse disposal 220 (57.9) 140 (36.8) 20 (5.3) 380 (100) Trend in the Annual Rental Values of Residential Properties in the Study Area Rental trend is a general term often used to explain the movement of rent or the steady change in the market price of real property over a given period of time, this change in price could be ascending or descending in the market which could be due to speculation, change in taste and fashion, improve living standard and other economic factors or reasons. A trend can be downward or upward, horizontal or vertical depending on the series of related changes that are identified and projected into a plausible future. When such trends are based on rental values then the observation will be confined to any evident changes in rent patterns. Rents passing on properties are bound to be influenced variedly due to the heterogeneity of real estate (Iroham, Oluwunmi, Simon and Akerele 2014). Tables 5, 6, 7 and 8 shows the average annual rental trend of Face to Face, Semi detached and detached three bedroom bungalows in the study area. Table 5. Average Annual Rental Values in Okefia Zone (all amount in Naira) YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Face toface 600 600 800 800 800 1200 1200 1700 1700 2000 Semi detach 30000 30000 45000 60000 60000 80000 120000 150000 180000 210000 Detached 30000 30000 45000 60000 60000 80000 100000 130000 170000 210000

Ikpeme Anthony Ankeli et al. 37 Table 6. Average Annual Rental Values in Oke onitea Zone ( all amount in Naira) YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Face toface 400 400 400 400 700 700 1200 1200 1700 1800 Semi detach 25000 25000 35000 35000 55000 65000 65000 80000 120000 150000 Detached 25000 25000 35000 35000 55000 55000 70000 80000 130000 170000 Table 7. Average Annual Rental Values in Odi - Olowo Zone (all amount in Naira) YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Face toface 200 200 200 500 500 800 800 1400 1400 2000 Semi detach 15000 15000 25000 25000 45000 60000 60000 80000 100000 130000 Detached 15000 15000 20000 20000 45000 70000 70000 80000 100000 140000

38 Residential Housing Rental Values and... Table 8. Average Annual Rental Values in Ogo-Oluwa Zone (all amount in Naira) YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Face toface 500 500 800 800 800 1200 1400 1800 2200 2200 Semi detach 40000 40000 40000 60000 60000 80000 80000 120000 160000 180000 Detached 40000 40000 40000 60000 60000 80000 80000 120000 160000 180000 All the property types shows a consistent upward trend from 2005 to 2014. The observable margin in the rental growth rate of Face to Face on the one side and semi-detached and detached bungalows are wide, the growth rate between semi-detached and detached bungalows is marginal. The analysis indicates that investment in detached and semi-detached properties could be a wise and a better option than investing in Face to Face residential properties. Again forecast of rental values of residential properties in the areas under study for the next three years from 2014 was made. The analysis revealed a continuous growth in the rental values of all the properties types understudy for the next three years with detached bungalows exhibiting a better rental growth rate throughout the prediction period. Summary of Findings, Implication and Conclusion The study has evaluated the residential housing rental values and the provision of infrastructure development in the study area. The study among other things revealed that, properties with better conditions in terms of infrastructures and physical soundness command higher rental values, that investment in residential property development will in the next few years continue to enjoy and maintain an upward growth rate. Again that reasonable number of the tenants was not satisfied with the location and services of the banks in the zones, thus there is need for the ministry in charge of land allocation for infrastructural development and plan approval to revisit the situation on ground. It recommends the need for the provision of essential basic infrastructure by government and its agencies and schedule sustainable maintenance programmes for the infrastructure facilities provided. The study therefore concludes that developers should ensures that all basic infrastructural facilities that will attract higher values to their property be provided, government should make implementable policies and established housing quality standard and supervisory agency that will be responsible for monitoring of housing standards.

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