Effects of Economic Recession on Residential Property Rental Values in Awka Metropolis

Nigeria, as a developing nation, has been significantly impacted by the global economic recession, particularly following the COVID-19 pandemic. The country had already been experiencing a notable economic downturn from the second quarter of 2016 through 2020 before the global health crisis exacerbated the situation. This economic decline has adversely affected the nation's economy, as well as the real estate sector. This study investigates the effects of economic recession on residential property rental values in Awka Metropolis, Nigeria. Economic depression typically led to shifts in demand and supply dynamics within the real estate sector, resulting in fluctuations in rental prices. Using a combination of self-administered questionnaires and interviews, this study examines how the economic downturns, including rising inflation, reduced household income, and devaluation of the national currency, have influenced the rental market in Awka. Using a survey research design, the study primarily collects data via questionnaires distributed to Estate Surveying and Valuation firms in Awka, selected through purposive sampling. The collected data is analyzed using Descriptive Statistics, including Weighted Mean Scores and Frequency Tables. The findings indicate that economic depression has led to higher rental prices, reduced construction activities, delayed rent payments, and extended letting periods. While the rental values of residential properties have steadily increased over the past several years, fewer people are able to afford rents, leading to decreased demand. The study suggests that government intervention through policy reforms, investment in affordable housing, flexible rental payment options, and infrastructure development are necessary to stabilize the housing market. It concludes by recommending proactive measures from both the public and private sectors to mitigate the adverse effects of economic recessions on residential rental values in Awka Metropolis.