Effectiveness of rent recovery strategies on residential real estate in Ibadan, Nigeria

PurposeThe upward rise of the prolonged payback period and the inability of the project to generate estimated income that has been linked with the irregular rent payments has been a major problem confronting real estate investment. Given the fact that real estate investment is a risky investment venture with a highly uncertain future stream of income, this paper examines the effectiveness of rent recovery strategies in the emerging Nigeria residential real estate practice.Design/methodology/approachThe study employed an exploratory research design. The study identified the five recovery strategies adopted by the estate surveying and valuation firms in Ibadan Metropolis, Nigeria. The study adopts a purposive sampling method to select 52 registered estate firms in the study area and a questionnaire using a five-point Likert scale was used to elicit information. The data obtained were analyzed using descriptive and inferential statistics.FindingsThe result showed that the rent recovery strategies adopted by the respondents include email approach, rent reminder notice, adequate maintenance, eviction notice and dialogue approach. The perceived top-rated strategies that could influence estimated income were dialogue and rent reminder notice. Also, the findings showed the factors that influence the choice of strategy are property type, company policy and the proportion of rent to the tenant's income.Practical implicationsThe study has an implication for real estate investors and property practitioners regarding the willingness of the investors to invest in real estate investment.Originality/valueThis paper is relevant given the fact that the rental property market is prone to risk that could impede the regular streamflow of income. This serves as a need for examination of the effectiveness of adopted rent recovery strategies as it relates to real estate property management practice and investment viability.

Locked-out: generational inequalities of housing tenure and housing type

PurposeThe purpose of this paper is to first explore whether Australia and the main metropolitan areas demonstrate significant differences in tenure and property type between generational groups. Second, whether the millennial generation is more likely to rent rather than own. Third, if such variation in tenure and property type by millennials is one of individual choice and lifestyle or the impact of housing market inefficiencies.Design/methodology/approachThis paper employs a comparative research approach using secondary data from the Australian Bureau of Statistics (ABS) to consider housing tenure and type distributions across generations as well as through cross-city analysis.FindingsThe results show that home ownership is still the dominant tenure in Australia, but private rental is of increasing significance, becoming the tenure of choice for Millennials. Owner occupation is shown to remain and high and stable levels for older generations and while lower in percentage terms for Generation X; this generation exhibits the highest growth rate for ownership. Significant differences are shown in tenure patterns across Australia.Originality/valueThe significance of this paper is the focus on the analysis of generational differences in housing tenure and type, initially for Australia and subsequently by major metropolitan areas over three inter-census periods (2006, 2011 and 2016). It enhances the understanding of how policies favouring ageing in place can contradict other policies on housing affordability with specific impact on Millennials as different generations are respectively unequally locked-out and locked-in to housing wealth.

Overview on built environment planning: Residential overhang factors in malaysia affordable housing

Affordable housing remains a prevalent issue in the country. The definition suggests affordable housing as adequate housing in quality, location, and known as not so costly that prevents its occupants from meeting other essential living needs. In the effort of providing sufficient affordable housing, various affordable housing programs, namely Residensi Wilayah and PR1MA, are currently in the market with the aims to develop and deliver new affordable housing, which targeted the middle-and low-income group. Although the lacking of affordable housing persists, the severe glut in the property market has also records to reach an all-time high. The overhang crisis in the country became an infamous issue in the country with the slow market, which led to the increase in the overhang unit’s statistics year over a year which partially in affordable housing segmentation. It is highlighted that the overhang in affordable housing has shown significant rising despites of its strong demand. This paper attempts to examine the overhang issue in affordable housing in Malaysia and related factors. This research will add up some points of discussion as regards the impact of the Covid-19 Pandemic towards the issue of affordable housing and the strategies in reducing the overhang issue during the pandemic. A review of the past literature related to the topics was carried out and data derived from journals, reports, and websites were gathered and examined to establish the framework on this issue and to identify the overhang factors in affordable housing. The developers are urged to build houses that can cater to the demand of buyers in terms of the property type, location, and also price range. The overhang units did not attract the target market while the product mismatch is one of the contributing factors. Other related factors are affordability, high living costs, and stagnant income growth, cooling measures, financing, unsuitable location, accessibility, the lack of timely and accurate data of buyer’s preference including the shift in demand towards the better-quality project. A study on the overhang factors of affordable housing is needed to resolve the issue, or else, the overhang issue will be worsened and will create a lot of negative impacts in the future. At the end of the research, the list of the property overhang factors and its framework able to be identified and to be used as guidelines and references to the public.

A syntactically-driven approach to indefiniteness, specificity and anti-specificity in Romance

In this paper we present an original approach to analyze the compositionality of indefinite expressions in Romance by investigating the relevance of their syntactic distribution in relation to their meaning. This approach has the advantage of allowing us to explore the question of how syntactic structure can determine the meaning of different forms of indefiniteness. To that end, we postulate a common derivation for bare plurals, bare mass and de phrases, whereby an abstract operator de is adjoined to definite determiners and shifts entities into property-type expressions. Quantificational specificity is proposed to be derived from a syntactic structure in which weak quantifiers select for indefinite de-phrases, no matter whether de is overt at Spell-Out or not; these quantifiers turn properties into generalized quantifiers. The anti-specificity meaning of some indefinites is derived by adjoining in the syntactic structure an abstract operator alg that encodes the speaker’s epistemic state of ignorance to a quantifier encoded for specificity, and it turns a generalized quantifier into a modified generalized quantifier. The paper also brings some general predictions on how indefiniteness is expressed in Romance, as it provides extensive support from five Romance languages: Brazilian Portuguese, Catalan, French, Italian and Spanish.

Modeling of Passenger Transport Logistics Based on Intelligent Computational Techniques

The paper describes the analysis of the application of classic and optimized triangular norms in the hierarchical structure of weighted fuzzy Petri nets on the example of passenger transport logistics. The research is presented in a scheme with several levels of tasks. Each task includes some knowledge sets which were previously given by the experts and set into tables of “Object–property” type. It leads to the creation of a hierarchical structure of weighted fuzzy Petri net model which includes 125 possible combinations of triples of functions for calculation processing. A classic triple of functions (ZtN, GtN, ZsN) is tested and compared with an optimized triple (ZtN, ZtN, LsN). Additional verification methods are applied to confirm the practical usefulness of these triples. These techniques imply the use of additional triples which can be associated with each other along with practically efficient mathematical calculations.

The price-rent dynamics and linkage of urban housing: evidence from Singapore

Purpose The aim of this paper is to examine dynamic linkages between price and rent and between property types. Intuition suggests that housing market segments experience different market cycles in response to macroeconomic shocks. However, they may be dynamically interlinked in urban areas because of substitutability. The linkage may even change, if preference weakens for multiple occupancies. A sudden reduction in apartment demand may create repercussions to other housing segments. Past analyses, despite their contributions, are static and do not consider possible linkages between property types. To fill this void, this paper investigates the price-rent dynamics for urban homes by adopting the case of Singapore. Design/methodology/approach This paper applies a methodology from Phillips et al. (2015) to Singaporean housing (price and rent) data. Phillips et al. (2015) recently proposed a test for an explosive root in time series data and has spurred several empirical applications in the bubble literature. Findings This paper finds for Singapore that the markets were subjected to explosive growth (where rents grew at a higher rate than prices did) during the Global Financial Crisis. Also, the results suggest that rent drives price and that non-landed housing (offices in central areas) leads to other residential housing (non-residential housing) in both price and rent. Practical implications Overall, the present findings suggest that rent drives price, while property types are interlinked. Non-landed homes and offices in central areas are the sources of repercussions. Under normal circumstances, rental shocks may be propagated positively from nonlanded housing (central offices) to the other residential (non-residential) property types as the present findings suggest, which enables us to infer that a decrease in non-landed housing (central offices) rent may lead to an increase in rent on other property types because pandemic shocks only shift demand fromone property type to another, unlike typical macroeconomic shocks. Originality/value Urban homes are faced with uncertainty arising from the COVID-19 outbreak for which city residents have a stronger incentive to exile to suburbs. Urban life may no longer be attractive because of social distancing and work from home policy. This has implications for urban home demands that are closely linked to urban house price and rent. In the present study, the paper set out to investigate the price-rent and property-type dynamics for urban homes in Singapore.

The impact of Hurricanes on the value of commercial real estate

Commercial real estate investors prefer coastal, gateway, markets for liquidity, demand density, and durable returns. Yet, these areas are more vulnerable to the effects of climate change from more intense and frequent weather events such as hurricanes and typhoons as well as to gradual changes such as sea-level rise. Recognition is growing of the risks that these events pose to investment performance, but little is known about how this risk has impacted property values and returns when an event such as a hurricane occurs. This is the first study to analyze the impact on property values and returns from hurricanes causing the most significant damage by value over the past 30-plus years throughout the nation. Using individual property data from the National Council of Real Estate Investment Fiduciaries database, we find a significant impact on the value and rates of return, after accounting for any additional capital expenditures for repairs, for properties that are in areas impacted by a hurricane, relative to areas that were not impacted by a hurricane. These impacts vary by property type and can last for several years after the hurricane hit land in the area.

Perceptual difficulty differences predict asymmetry in redundant modification with color and material adjectives

When referring to objects, speakers are often more specific than necessary for the purpose of establishing unique reference, e.g., by producing redundant modifiers. A computational model of referring expression production that accounts for many of the key patterns in redundant adjectival modification assumes that adjectives differ in how noisy (reliable), and consequently, how useful they are for reference. Here we investigate one hypothesis about the source of the assumed adjectival noise: that it reflects the perceptual difficulty of establishing whether the property denoted by the adjective holds of the contextually relevant objects. In Exp.1, we collect perceptual difficulty norms for items that vary in color and material. In Exp. 2, we test the highest (material) and lowest (color) perceptual difficulty items in a reference game and find that material is indeed less likely to be mentioned redundantly, replicating previous work. In Exp. 3, we obtain norms for the tested items in a second perceptual difficulty measure with the aim of testing the effect of perceptual difficulty within property type. The overall results provide preliminary support for the hypothesis that the propensity to redundantly use color over material adjectives may be driven by the relative ease of assessing an object’s color, compared to the relative difficulty of assessing its material.

Nationwide context and evaluation methodology for farmstead and ranch historic sites and historic archaeological sites on DoD property

The Army is tasked with managing the cultural resources on its lands. For installations that contain large numbers of historic farmsteads, meeting these requirements through traditional archaeological approaches entails large investments of personnel, time and organization capital. Through two previous projects, Engineer Research and Development Center, Construction Engineering Research Laboratory (ERDC-CERL) cultural resource management personnel developed a methodology for efficiently identifying the best examples of historic farmstead sites, and also those sites that are least likely to be deemed eligible for listing on the National Register of Historic Places. This report details testing the applicability of the methodology to regions across the country. Regional historic contexts were created to assist in the determination of “typical” farmsteads. The Farmstead/Ranch Eligibility Evaluation Form created by ERDC-CERL researchers was revised to reflect the broader geographic scope and the inclusion of ranches as a property type. The form was then used to test 29 sites at five military installations. The results of the fieldwork show this approach is applicable nationwide, and it can be used to quickly identify basic information about historic farmstead sites that can expedite determinations of eligibility to the National Register.

A Multi-State Approach to Modelling Intermediate Events and Multiple Mortgage Loan Outcomes

This paper proposes a novel system-wide multi-state framework to model state occupations and the transitions among current, delinquency, default, prepayment, repurchase, short sale and foreclosure on mortgage loans. The approach allows for the modelling of the progression of borrowers from one state to another to fully understand the risks of a cohort of borrowers over time. We use a multi-state Markov model to model the transitions to and from various states. The key factors affecting the transition into various loan outcomes are the ability to pay as measured by debt-to-income ratio, equity as marked by loan-to-value ratio, interest rates and the property type. Our findings have broader policy implications for better decision-making on granting loans and the design of debt relief and mortgage modification policies.