Trends in The Residential and Commercial Property Rental Values in Ikeja Metropolis of Lagos State, Nigeria: A Comparative Analysis

Abstract

Both residential and commercial properties are germane and basic needs of man. While residential properties are needed for man’s occupation and resident, commercial properties are needed for business and commercial purposes. This study is basically set out to compare the developments in leasing or rental values of housing and profitable assets in Ikeja metropolitan axis of Lagos State, Nigeria. The study examined the trends in the rental values of residential and commercial properties in Ikeja from 2009 to 2018 with a view to comparing the trends of the two purposes of property use. The study used questionnaires to collect information from respondents in the area of study while some residents/landlords were selected for the purposes of personal interview. Information retrieved was evaluated via simple percentage and revealed general upward movement in the development of rent payment values of both residential and commercial properties in Ikeja metropolis even though the rate of increase is higher with the commercial properties