The presence of a higher institution in a derelict area may initiate the transformation of the entire neighbourhood through the action of development, regenerating houses that may attract students, staff, and those providing support services. The paper therefore posits to examine the impact of the Owo Polytechnic on residential property values around the higher institution. Structured questionnaire were administered on tenants of 251 residential houses of which 176 were retrieved for analysis. Also, records of students\u201f population and those living on campus were gotten from the students\u201f affairs division of the institution. The data collected were analyzed using descriptive statistics and simple regression analysis. The result reveals that greater number of the student population lives off campus and this impacted greatly on rental value of residential properties occupied by them. The study therefore, recommends that government should build more hostel accommodation in the higher institutions and renovate old ones. If this is done, many of the student population will be accommodated and this will reduce the pressure of student in the housing market thereby reducing rental value of residential properties.<\/p>\n\n\n\n

CHAPTER ONE<\/strong><\/p>\n\n\n\n

1.0 INTRODUCTION<\/strong><\/p>\n\n\n\n

1.1 BACKGROUND OF THE STUDY<\/strong><\/p>\n\n\n\n

        <\/strong>Higher institution in cotemporary society is viewed as a magnet that attracts people and economic activity towards it (O\u201fFlaherty, 2005). In recent time the Nigeria government have shown strong commitment to growth in higher education sector by the establishment of more institutions especially higher institutions 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 higher institution 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.<\/p>\n\n\n\n

         The demand has resulted in the establishment of niche market because student\u2019s 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\u201f populations of the Owo Polytechnic 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 the location of the Owo Polytechnic on the rental values of neighbouring residential properties over the years.<\/p>\n\n\n\n

          The sitting and expansion of the Owo Polytechnic has attracted academic and non-academic staff, students, parents and those providing support services to live close to their<\/p>\n\n\n\n

employment centers resulting in increased economic activities. This however has led to increased demand for residential accommodation within the neighbourhood of the Owo Polytechnic, which used to be cocoa plantation in its early year of existence. Though there are various classes of people that demand for accommodation within the neighbourhood of Owo Polytechnic, the effect of students\u2019 demand pressure is more significant compared to others. This development is expected as Owo Polytechnic is not solely an on-campus institution where students are all accommodated within the institution. Therefore, with the burgeoning population admitted each year and increase in staff intake to meet the learning population, rental values of residential properties kept rising astronomically.<\/p>\n\n\n\n

          In the last few decades, successive governments have shown a strong commitment to growth in higher education sector by establishing more institutions and the liberalization of its ownership. However, there has been little or no attention given to housing the increasing students\u2019 and staff population. Although, Rug, Willington and Rhodes (1995) noted that there has been growth in the provision of accommodation by higher educational institutions, specifically for students, but this has not kept pace with the rapidly increasing population.<\/p>\n\n\n\n

          According to Asaju and Olanrewaju (2002), one of the major problems of higher education management in Nigeria today is accommodation. Government has indeed regarded meeting student and staff housing needs as the responsibility of the institution management. It is this shortfall in staff and students\u2019 Jhousing in higher institutions that has resulted in an increasing reliance on private sector by both staff and students for accommodations. This is exacerbated by the fact that students and workers of the institution tend to look for accommodation in the same geographical area close to their school of study and employment center.<\/p>\n\n\n\n

          However, increased demand for residential accommodation around the campus by the students has resulted in the establishment of niche market because student\u2019s market appears to be robust. Peacocke (1999) opined that one of the major characteristics of students demand is that it monopolizes the market thereby reducing supply to other<\/p>\n\n\n\n

tenant groups. Observation shows that a large proportion of students\u2019 populations of the Owo Polytechnic is living in privately rented accommodation. This has resulted in sharp increase in rents whereby students in particular may resolve to squat with friends irrespective of the quality of accommodation.<\/p>\n\n\n\n

          With the rate at which population is growing around the Owo Polytechnic and the<\/p>\n\n\n\n

relative supply of housing, there seems to be an imbalance. The landlords and investors exploit this situation and rents are arbitrary fixed, which is often outrageous. It is against this background that the study is undertaken to examine the rental values within the neighbourhood of the Owo Polytechnic.<\/p>\n\n\n\n

          The neighbourhood of the institution  has been built up to take care of the influx of the people (students, staff,  traders and artisans e.t.c.). However, it has been observed that increase in the population of staff, students and those providing support services to the institution has resulted in increased demand for residential properties that are in relative supply, leading to astronomical appreciation in residential properties\u2019 rental values, hence the need for the study. Investors have been diverting their funds into real property development especially in staff and student housing within the neighbourhood of the Owo Polytechnic due to the profitability and stability of the market.<\/p>\n\n\n\n

1.2 STATEMENT OF THE PROBLEM<\/strong><\/p>\n\n\n\n

          One the problems is research work is the patriarchal attitudes of men which sees a woman who moves out of her accepted family role in order to source for accommodation, as a \u201cloose woman\u201d. Men may fall back on societal expectations and treat the woman as sexually available. In some instances, the housing needs of women may force some of them to stay in a hostile relationship, as some may perceive that they are likely to be denied accommodation elsewhere or be sexually harassed by house-owners.<\/p>\n\n\n\n

          Globally, studies had shown this trend as regards women securing accommodations on their own merits. For instance, United States Department of Justice Civil Rights Division, Housing and Civil Enforcement Section  (2005) reports state that sexual harassment is more likely to occur in rental properties, and among poor women who could not afford to pay market rates in a competitive housing market. These women often choose between being harassed at home or end up living on the street. The report also revealed that many of these female-tenants sometimes were reluctant to report or challenge their landlords on their bahaviour. Instead, they move or simply put up with the harassment, as well as with poor maintenance and services rather than pursue fair treatment and justice.<\/p>\n\n\n\n

          Apart from this report, numbers of studies lend credence to the fact that female gender are usually discriminated against in various ways when seeking accommodation. Seager (1998), Novac (2005), Tester (2007) succinctly state that most migrant women who make up a larger proportion of international migrants are usually discriminated against especially in access to housing in foreign land. Most of these migrant women are also harassed by the landlords and their agents as a result of perceived traditional roles of women or girls.<\/p>\n\n\n\n

          What is certain from literature is that poor or low income women are likely to be subjected to harassment by the landlords. Likewise, female students who move out of the societal expectations of their perceived roles may equally experience sexual harassment from the landlords who may perceive them as being sexually available when trying to solve their accommodation problems.<\/p>\n\n\n\n

          The federal and state governments in Nigeria do not see students on-campus accommodation as a housing need, but rather an educational need. Each higher institution was, however, mandated to cover a wide catchment area (Dober, 1963). This implied that more students living far away from their homes were admitted yearly. The implication of this policy, Amole (1997) argued, further exacerbates students’ housing problems. Like off-campus accommodation, students’ on-campus housing is not free of criticism. Some studies have suggested that students’ housing is uneconomical. For example, Birks (1972) posited that halls of residence are relatively uneconomical building type, fitting out a large number of small spaces with furniture, fitting and ironmongery, which inevitably pushes the cost higher. If space and financial constraints are deter-mined from the outset, this does not leave much room to ma-noeuvre and building tend to design into cell-like study\/bedrooms linked by a long corridor.<\/p>\n\n\n\n

          The cube-like nature of students’ housing deprives the students of the right to choose the type of accommodation that suits them. This does not take into consideration the different preferences of the students and the ability of some students to pay for a little more space and luxury (Amole, 1997; Birks, 1972).<\/p>\n\n\n\n

          Some scholars have argued that laying too much emphasis on students accommodation has made some higher institutions to deviate from the goals for which the higher institution was established in the first place. Such unconscious deviations have turned Nige-rian higher institutions into welfare management systems rather than centres for the pursuit of knowledge (Adesina, 1988).<\/p>\n\n\n\n

          The population of students admitted into Nigerian higher institutions is more than the population of students accommo-dated in recent time from 55 in 1948 to 8,000 in 2010. This had led to overcrowding, poor health, poor academic performance, squatting in the halls of residence, which has forced some stu-dents to stay off-campus such as Higher institution of Lagos and Uni-versity of Ibadan (Omotayo, 2008). The students’ housing<\/p>\n\n\n\n

study conducted by Opayomi (2003) indicated that there is need for the government and higher institution authorities to look into the accommodation issues faced by the students as a result of shortage and poor quality of students’ housing in the universi-ties and how they affect the students.<\/p>\n\n\n\n

          Students’ housing has been a challenge to the higher institution authorities. The issue of students’ housing cannot be ignored in the overall development process and master plan of the ivory tower of learning. Macintyre (2003) x-ray students’ housing as a contributory factor to the students all round development in the nation’s tertiary institutions and to provide panacea to solving the contemporary students’ housing problem. Students of tertiary institutions constitute a sizeable proportion of the total active population of the society and conscious efforts to meet their housing needs must be effected in various policy decisions in order to produce qualified graduates (Omotayo, 2008). <\/p>\n\n\n\n

          The off-campus housing students are subjected to dis-turbances ranging from undue interference to gossip from co-tenants, unbearable loud noises and deafening music from par-ties, incessant and epileptic power supply which may have negative effects on their academic performance, while their counterparts in on-campus housing are also facing similar problems in terms of poor management of facilities and moti-vation which have effects on their academic performance re-sulting in low grades (Opayomi, 2003).<\/p>\n\n\n\n

1.3 OBJECTIVE OF THE STUDY<\/strong><\/p>\n\n\n\n

1. To examine the relationship between students population and rental property values.<\/p>\n\n\n\n

2. To find out whether students in higher education have access to housing.<\/p>\n\n\n\n

3. To determine whether higher institution location  influence neighbouring residential property rental values.<\/p>\n\n\n\n

1.4 RESEARCH QUESTION<\/strong><\/p>\n\n\n\n

1. Is there any relationship between students population and rental property values?<\/p>\n\n\n\n

2. Do students in higher education have access to housing?<\/p>\n\n\n\n

3. Does higher institution location influence neighbouring residential property rental values?<\/p>\n\n\n\n

1.5  RESEARCH HYPOTHESES<\/strong><\/p>\n\n\n\n

H0: There is no significant relationship between students population and rental property values.<\/p>\n\n\n\n

H1: There is significant relationship between students population and rental property values.<\/p>\n\n\n\n

 H0: Students in higher education have no access to housing.<\/p>\n\n\n\n

H1: Students in higher education have access to housing.<\/p>\n\n\n\n

H0: Higher institution location does not influence neighbouring residential property rental values.<\/strong><\/p>\n\n\n\n

H1: Higher institution location influence neighbouring residential property rental values.<\/strong><\/p>\n\n\n\n

1.6 SIGNIFICANCE OF THE STUDY<\/strong><\/p>\n\n\n\n

This research work is significant with the following ways.<\/p>\n\n\n\n

The work serves as basis for further research in this one of study.<\/p>\n\n\n\n

It is on contribution to knowledge in this area of impact problems and prospects of property development  is on property development  and development generally to improve development  through problems and prospects of property development . The qualification necessary to do improve property development . The work will throw height or how to plan strategically in other to improve property development  for easy actualization of winter suite  objective at the end.<\/p>\n\n\n\n

1. 7 SCOPE OF THE STUDY<\/strong><\/p>\n\n\n\n

The scope of this study is the <\/strong>impact of students population on residential  values  around polytechnic neighbourhood using Owo Polytechnic a case study.<\/p>\n\n\n\n

.<\/strong>1.8 LIMITATION OF THE STUDY<\/strong><\/p>\n\n\n\n

         As the case usually is, there are certain limitations the researcher will be faced with in the cause of this work. One is in the area of finance which might have a direct consequence on the quality of suitable materials. Apart from finance, also considering the fact that research work of this nature are often done within a time frame. The study therefore can not be exhaustive in it\u2019s entirety.<\/p>\n\n\n\n

    However, it is hoped that these constraints so named, will be checked mated by making the best use of the materials we have and spending more than the necessary time in the research work, therefore, we strongly believe that despite these constraint, it\u2019s effect on this research report will be minimal.<\/p>\n\n\n\n

1.9 DEFINITION OF TERMS<\/strong><\/p>\n\n\n\n

Rental value:<\/strong> 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 (landlord) under a license to real property.<\/p>\n\n\n\n

Neighbourhood<\/strong>: A neighbourhood (Commonwealth English<\/a>), or neighborhood (American English<\/a>), is a geographically localized community<\/a> within a larger city<\/a>, town<\/a>, suburb<\/a> or rural area<\/a>. Neighbourhoods are often social communities with considerable face-to-face interaction among members.<\/p>\n\n\n\n

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