Effect of private hostel development on surrounding residential property value case of Nkpolu Oroworoko Rivers State
The importance of housing covers all aspects of human life. Primarily, it involves physical protection from hazards which ordinarily may be regarded as shelter but also provide the setting for many of the basic biological and social processes necessary to sustain life, which permit healthy growth and development of the mind (Aluko, 2009). One form of housing is Students’ Housing (also known as Hostel) which is a vital component of institutions of learning in all cultures and climates. Although, hostel accommodation is not a direct action element in the learning environment of the education sector but is seen as an indirect or teaching support facility used to increase instructional effectiveness, improve the cleanness, orderliness and safety as well as increase the efficiency and effectiveness of the students in the learning environment (Alaka, 2007). In the past, students’ housing existed traditionally and almost exclusively on-campus in Nigeria. However, Akingbohungbe and Akinluyi (2012) stated that student population explosion and paradigm shift in university on-campus accommodation policy combined to give rise to spontaneous development of commercial Off-campus (Private) Students’ Hostel. Adebisi, Ezeokoli, Oletubo and Alade (2015) further corroborated this by stating that the siting and expansion of the Federal University of Technology, Akure (FUTA) have attracted academic and non-academic staff, students, parents and those providing support services to live close to their employment centers resulting in increased economic activities. This however has led to increased demand for residential accommodation within the neighbourhood of the FUTA which used to be a cocoa plantation in its early years of existence. Student hostel has been a major area of concern with increasing student population as a result of increasing interest in the higher institution of learning over the years. Globally, student enrolment in higher institutions has been increasing in recent times, and it is estimated that there has been about 160% increase in tertiary education globally (Sharma, 2012). Average growth rate of students’ population in FUTA is 9.5%; the average growth rate of the students living on the campus is 2.4% while that of the off-campus dwellers is 12.3% (Adebisi et al., 2015). Adebisi et al. (2015) further stated that the percentage of students residing offcampus out of the total students’ population increased from 62.74% in 2001/2002 session to 80.88% in 2011/2012 session.