THE IMPACT OF STUDENT POPULATION ON RENTAL VALUE AROUND THE POLYTECHNIC NEIGHBORHOOD (CASE STUDY OF RUFUS GIWA POLYTECHNIC OWO)
1.1. BACKGROUND TO THE STUDY
Tertiary institution is viewed as a magnet in the metropolitan area that attracts people and economic activity towards it(O‟Flaherty,2005). In recent time the
Nigeria government has shown strong commitment to growth in higher education sector by the establishment of more institutions especially polytechnics
and the liberalization of its ownership. While this is the focus of the government little or no attention is given to the provision of accommodation in the
polytechnic to meet the rising student population. As a result of this majority of the student population take solace in the rental market for alternative
accommodation. The demand has resulted in the establishment of niche market because student’s market especially appears to be robust. Hence, Peacocke
(1999) opined that the major characteristics of students demand is that it monopolizes the market thereby reducing supply to other tenant groups. For
instance, close to 80% of students’ populations of the Rufus Giwa polytechnic, Owo, Ondo State are living in privately rented accommodation. The result of
this is a sharp increase in rent since the available housing accommodation even in the rental market is not enough to meet the demand. In the past, houses
were completed by landlords or property investors, but today, students struggle to make payment even when such accommodation are yet to be completed.
The landlords andinvestors exploit this situation and rents are arbitrary fixed and outrageous. Therefore, this study aims at investigating the impact of
student population on the rental values around the polytechnic neighborhood.
Polytechnic as a social institution is seen as a great system concerned with imparting knowledge and skills, which help an individual to participate in the
society (Ramon-Yusuf, 2003). Babalola and Okediran (1997) views Polytechnic education as that which facilitates creation of knowledge and innovation for
the overall socio-economic empowerment of the individual and community development. Historically in Nigeria, majority of the Polytechnics were located at
the community outskirts so as to create conducive environment for learning; less diiculty
in getting required land size and the minimum financial
implication attached. However, these polytechnics including the Rufus Giwa Polytechnic, Owo have enjoyed circumferential expansion in their neighborhoods primarily because of the functions they perform. A polytechnic may generate different
sort of impacts in a neighborhood. The presence of a polytechnic in a derelict area may initiate the transformation of the entire neighbor hood through the action of development, regenerating houses in order to attract students, stand those providing support services to
live nearby (Perry and Wiewel, 2005). More also, polytechnic can also function completely apart from the surrounding neighborhoods, ignoring social problems (Anamaria and Melchior, 2007).