IMPACTS OF STRUCTURAL ATTRIBUTES ON RENTAL VALUES OF COMMERCIAL PROPERTIES IN UKANAFUN, LOCAL GOVERNMENT AREA OF AKWA IBOM STATE, NIGERIA

Abstract

Structural attributes and rental values of commercial properties are very vital in the economic growth of any nation and profitability to lessors and investors of the properties. The aim of this study was to evaluate the effects of structural attributes on rental values of commercial properties in Ukanafun, Akwa Ibom State. In order to attain the stated aim, the following objectives were set; to assess the different types of structural attributes of commercial properties in the study area; to examine the average rental values of sampled commercial properties across the study area and to establish the relationship between the structural attributes and rental values of commercial properties in the study area. The research employed the survey design. The independent variable were the structural attributes measured using parking space and internal floor area while the dependent variable was rental values. Both descriptive and inferential statistics were employed in the analysis of the data, with the help of the SPSS and Excel software. The research revealed the rental values of 33 selected commercial properties in the study area during field survey and low rental values was noticed in properties with poor structural attributes and vice versa with the highest mean rental value of ₦151,134 and lowest mean rental value of ₦42,989. The study revealed a 99.63% significant relationship between the dependent and the independent variables, with a Durbin-Watson statistics of 2.499 and F-ratio of 1086.086. The study concluded that there was a statistically significant relationship between structural attributes and rental values of commercial properties in Ukanafun Local Government Area, Akwa Ibom State. However, the study recommended that since high rental values were seen to be profitable to investors in commercial properties in the study area, developers should put the structural attributes into consideration as poor structural attributes were noticed to bring about lower rental values.