An Assessment of the Impact of Property Maintenance on Property Rental Values in D-Line Port Harcourt, Nigeria

Abstract

The study investigates the impact of property maintenance on property rental values in Port Harcourt: A case study of D/line Housing. The population of the study consists of 119 firms of estate surveyors and valuers practicing in Rivers State and 230 tenants occupying blocks of 2 and 3 bedroom flats in the study area. This was selected through purposive sampling techniques with sample size of 238 respondents using the Taro Yamane formular. Three research questions were answered. Data were collected through the administration of a questionnaire. A total of 238 questionnaires were distributed to the sample groups, out of which 210 were retrieved representing 89% response which was found useful for the analysis. Data obtained were analyzed using percentage, mean, and chart. The result from the analysis showed that preventive maintenance practices are adopted in property maintenance to enhance its value. The study further revealed that lack of sufficient funds is the most prevalent factor that affects property maintenance. The mean from the study also revealed that roof is the most significant element that will impact on property rental values. The study also revealed that rental values of well-maintained properties are higher than the poorly maintained properties. The study concludes that maintenance of property requires attention at the highest level. Therefore, maintenance of properties should not be neglected by owners and users. The study recommends that preventive maintenance practices should be adopted by property managers to ensure adequate preservation of the building and its elements to enhance its values. Some percentage of rent should be set aside annually to prevent lack of sufficient fund to carryout maintenance.