Keywords
rental value
housing attributes
intra-building variation
Sapele
Nigeria
Abstract
This study examines intra-building rental price differentiation in Sapele, Delta State, Nigeria, using the hedonic pricing model to analyze the influence of housing attributes on rental values. The study adopts a quantitative research design and utilizes primary data collected from 120 residential rental units through structured questionnaires administered to tenants and property owners. Key variables considered include apartment size, number of bedrooms, building age, floor level, distance to the central business district (CBD), and availability of parking facilities. Descriptive statistics and Ordinary Least Squares (OLS) regression techniques were employed to analyze the data. The results reveal that apartment size, number of bedrooms, floor level, and parking availability have a positive and statistically significant effect on rental prices, while building age and distance to the CBD exert a negative influence. The model demonstrates a high explanatory power, indicating that the selected housing attributes effectively explain variations in rental values within buildings. The findings confirm the applicability of the hedonic pricing framework in explaining rental price differentials in the study area and highlight the importance of structural and locational characteristics in determining rental values. The study provides valuable insights for property developers, investors, and urban planners by emphasizing the need to incorporate desirable housing attributes and improve accessibility to enhance rental income and housing quality.
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