Examination of the Trend of Rental Values of Bungalows in Selected Areas of Benin City (Published)
Bungalows are types of residential properties that provide a detached single unit of accommodation basically for family units and provide rental value returns to investors who develop them. However, studying the trend of rental values from such investments is of concern to the investors as it would help them appreciate its viability. The aim of this study is to analyze the trend of rental values of Bungalows in selected areas of Benin City comprising; GRA, Sapele road, Airport road, Ekenwan, Siluko, Ugbowo, Sakponba road, Ikpoba Hill and Aduwawa, in order to determine the growth model and statistical significance of their variations within each area between 2011 and 2020. The research methodology employed was the survey research design. Responses were retrieved from Estate Surveying and Valuation Firms involved in property management in Benin. Data retrieved were analyzed using Tables, Graph, Trend analysis and One-way ANOVA. The study revealed that the trend of rental values of Bungalows indicates a steady increase over a period of time and that there is significant variation of rental values of Bungalows in the selected locations. It was therefore concluded that the trends and variations could be attributed to the size of the property, facilities available, neighbourhood characteristics, etc, and recommended that intending investors should consider such factors before delving into investing in Bungalow residential property investment in Benin City in order to enjoy maximum rental return.
Keywords: Benin City, Trend, areas, bungalows, rental values