IMPACT OF STUDENT POPULATION ON RENTAL VALUE AROUND THE POLYTECHNIC NEIGHBOUHOOD
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IMPACT OF STUDENT POPULATION ON RENTAL VALUE AROUND THE POLYTECHNIC NEIGHBOUHOOD
Chapter One:
Introduction
1.1 Background of the Study
According to O’Flaherty (2005), tertiary institutions serve as a magnet for economic activity in urban areas. The Nigerian government has recently demonstrated a strong commitment to growth in the higher education sector by establishing more institutions, particularly polytechnics, and liberalising their ownership.
While this is the government’s primary concern, little or no attention is paid to providing accommodation in polytechnics to suit the growing student population.
As a result, the majority of students seek refuge in the rental market for alternate living arrangements. Because of the strong demand, speciality markets have emerged, particularly among students.
As a result, Peacocke (1999) concluded that one of the most important aspects of student demand is that it monopolises the market, restricting supply to other renter groups. For example, about 80% of students at the Rufus Giwa Polytechnic in Owo, Ondo State, live in privately rented housing.
As a result, rents have risen sharply since there is insufficient housing available, even in the rental market, to fulfil demand. Houses were once built by landlords or property investors, but today’s students struggle to make payments even while such accommodations are still incomplete.
Landlords and investors take advantage of this position, and rents are arbitrary, fixed, and excessive. As a result, the purpose of this study is to look into how the student population affects rental values in the polytechnic neighbourhood.
As a social institution, polytechnics are seen as an excellent system for teaching knowledge and skills that enable individuals to engage in society (Ramon-Yusuf 2003). Babalola and Okediran (1997) define polytechnic education as the facilitation of knowledge creation and innovation for the overall socioeconomic empowerment of individuals and communities.
Historically, in Nigeria, the majority of polytechnics were built on the outskirts of communities to establish a conducive learning atmosphere, as well as to make it easier to obtain the necessary land size and to minimise the financial implications.
However, some polytechnics, notably the Rufus Giwa Polytechnic in Owo, have experienced circumferential growth in their communities, owing to the functions they provide.
A polytechnic can have a variety of effects on the surrounding community. The existence of a polytechnic in a dilapidated area has the potential to transform the entire neighbourhood through development, rehabilitating properties in order to entice students, workers, and those providing support services to reside nearby (Perry and Wiewel, 2005).
Furthermore, polytechnics can function independently of the surrounding neighbourhoods, neglecting socioeconomic issues (Anamaria and Melchior, 2007).
Anamaria and Melchior (2007) employed two ideas to analyse the effects of a postsecondary institution’s presence in a certain area: magnets and enclave.
The “magnet” is the first notion used to characterise the impacts of major landowners, such as the polytechnic. In urban parlance, a magnet is a concept or metaphor for a territory in a metropolitan area that draws people and economic activity to it.
Polytechnics can be considered magnets because they have the ability to draw a large number of students, schools/faculties, and staff, as well as corporate and institutional activity, to a specific area of a town.
Polytechnics, when serving as a magnet, attracts not only uses that support urban and economic progress, but also activities that are seen negatively by certain segments in society. The second phrase used to describe the impact of major landowners such as polytechnics is the “enclave”.
A new enclave is a self-contained area or sector of the city with uses or morphology distinct from that of the surrounding neighbourhood (Anamaria and Melchior, 2007).
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