The Nexus between Number of Bedrooms and Residential Property Rental Values in Ebute-Metta, Lagos

Abstract

Within the Nigerian context, rent determination has remained unregulated over the years, with tenants and landlords viewing the process differently. Focusing on the Ebute-Metta area of Lagos, this study assesses the nexus between the number of bedrooms and the rental value of residential properties. The study utilised a quantitative approach that surveys two population categories: Estate Surveyors/Valuers and Residents of Ebute Metta. The study identified the predominant type of residential properties based on number of bedrooms, ascertained the rental values of the properties, and explored tenants' preferences for determining rent, especially concerning the number of bedrooms. The findings show that blocks of flats, multi-tenanted apartments and tenement buildings, containing mainly one-bedroom, room-self, single rooms and, occasionally, three-bedrooms, were the predominant type of residential properties in the area. The rental values of each were determined in different ranges. The number of bedrooms was considered extremely significant in improving rental value and was highly prioritised by property owners and developers. However, tenants viewed variables such as security and amenities as more important than number of bedrooms, although the latter factor mattered to them when they needed accommodation for extended family members and guests or when they required extra storage space.