Juxtaposing the Implementation of Rent Review on Residential Properties with the Rent Gap Theory in Minna, Niger State

Abstract

In its bid to decongest the Minna Central Business District, the Niger State Government effected the mass relocation of the building materials market. This policy decision led to increase in rental values of land uses in the area, especially the adjoining residential and commercial properties. This study examined the process and challenges of implementing rent reviews on residential properties adjoining the new building materials market in Minna under the purview of the Rent gap theory. 84 tenants of residential properties in the area were selected using purposive sampling technique. Interface with them via interviews and meetings availed the study with relevant data. The data were analysed descriptively using explanations and narrations as well as reporting findings from the field. Challenges of implementing rent review after relocation include bad relationship, rent default for long periods of time, costly cum lengthy litigations, prejudicial nature of rent control edict, non-periodic review of rent control laws. The rent gap theory was discovered to be associated with the situation of rent review and rental values in the study area. This association centred on land highest and best use as well as levels of house demand and supply, house upgrades and improvements.  Recommendations towards solving the challenges of implementing rent review on residential properties are comprehensive lease agreements, comprehensive tenant selection, rent reviews designed to benefit both landlord and tenant, rent control laws be reviewed periodically to prevent injustice. Investors, tenants and public agencies would benefit if rent review crises are effectively ameliorated in the future.