Examination of Rental Default by Commercial Property Occupiers in Minna, Niger State, Nigeria

Abstract

The effect of rental defaults by commercial property occupiers cannot be overemphasised, as the rate of default is increasing at an alarming rate. Rental default arises when occupiers of commercial properties fail to carry out their obligation of fulfilling the financial requirements as when due. This phenomenon has led to several issues on the part of the property managers and property owners, including delays in mortgage payments, poor maintenance, and a host of other problems. This study investigates the prevalence of rent defaults among owners of commercial property in Minna, Niger state, to stop this unsightly occurrence of rental default and related attendance concerns in commercial buildings. This is done to give property owners in the study region more authority over their decisions. The study used a survey methodology in which 311 residents of 38 purpose-built retail complexes (PBSC) received questionnaires via simple random distribution. The received data was examined using percentage and frequency distribution. The results depicts that 52% of the respondent pay their rents as at when do and 48% defaults in the in payment, this shows that the rent default amongst tenants of PBSC in study area is fair.