Background of the Study
Rental property management is a key component of the real estate sector that directly affects the financial performance and sustainability of rental properties. In Kwara State, a region with both urban and rural dynamics, rental properties range from residential houses to commercial buildings, each requiring tailored management strategies. Effective property management ensures the proper maintenance of properties, maximizes rental income, and fosters tenant satisfaction (Okafor & Aliyu, 2024). However, many rental property owners in Kwara State face significant challenges, including insufficient management knowledge, inadequate maintenance, tenant management issues, and financial mismanagement (Adewale & Ibraheem, 2023).
The demand for rental properties in Kwara has been growing due to the expanding population, rapid urbanization, and increasing business activities, particularly in Ilorin, the state capital. Consequently, property owners and managers must implement effective strategies to remain competitive in the market. Rental property management encompasses a range of responsibilities such as setting appropriate rent levels, ensuring timely maintenance and repairs, enforcing lease agreements, and managing tenant relations (Owolabi & Salami, 2023). However, despite the growing demand for rental spaces, many property owners in Kwara State lack the necessary expertise to optimize their management practices, which leads to underperformance in the property market.
This study aims to appraise the current rental property management strategies in Kwara State, evaluate their effectiveness, and propose recommendations for improvement in order to enhance rental income and tenant satisfaction.
Statement of the Problem
In Kwara State, the management of rental properties often suffers from inconsistent practices, lack of professionalism, and inadequate maintenance, which negatively impacts the rental income and tenant satisfaction. Property owners and managers frequently face challenges in maintaining rental properties, enforcing lease agreements, and resolving tenant disputes. These management deficiencies result in reduced profitability, high vacancy rates, and tenant dissatisfaction. This study seeks to appraise rental property management strategies in Kwara State and offer insights into improving the management of rental properties.
Objectives of the Study
Research Questions
Research Hypotheses
Scope and Limitations of the Study
This study will focus on rental properties in Kwara State, including both residential and commercial properties. Data will be collected from property owners, managers, and tenants to assess the current management strategies and their effectiveness. Limitations may include access to property owners who may not be willing to disclose detailed management information, as well as potential biases in self-reported tenant satisfaction data.
Definitions of Terms
Property Maintenance: The upkeep and repair of a rental property to ensure its safety, functionality, and appeal to tenants.
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