Analysis of Residential Rental Market Dynamics in Owerri, Imo State

This study analyses the dynamics of the residential rental market in Owerri, the capital of Imo State, South East Nigeria, examining rental value trends, tenant-landlord relationships, market transparency, and rental payment practices. Owerri is a fast-growing state capital with a predominantly renting population, and the structure of its residential rental market has significant implications for housing access and affordability for incoming students, civil servants, and private sector workers. The study adopts a descriptive survey design, collecting data from 150 tenants, 50 landlords, and 30 estate agents through structured questionnaires. Data gathered include property types, rental amounts, payment terms, lease duration, and the nature and frequency of tenancy disputes. Secondary data from NIESV Imo chapter market reports provide contextual benchmarking. Findings show that annual lump-sum advance payment of rent is almost universal in Owerri, requiring tenants to produce one to two years' rent at lease commencement, creating a substantial barrier to housing access for lower-income earners. Rental values have increased by an average of 35 percent in nominal terms over the past three years, driven by post-COVID economic inflation and increased demand from returnee diaspora property seekers. Market information is fragmented and primarily channelled through informal networks. Tenancy disputes relating to property condition, service charge misapplication, and security deposit non-refund are common. Recommendations include advocating for legislation mandating quarterly rental payment options and establishing an Imo State rental tribunal to resolve disputes efficiently. Keywords: residential rental market, Owerri, tenant-landlord, housing access, rental trends.