EFFECT OF OBSOLESCENCE ON RENTAL VALUE OF RESIDENTIAL PROPERTIES (A CASE STUDY OF OMEGA LODGE, IKOT OSURUA)

This research study aims to investigate effect of Obsolescence on rental value of residential properties, a case study of Omega Lodge. The specific objectives include; identifying the causes of obsolescence on residential properties in the study area, identifying the rental value of the residential properties in the study area and to proffer solutions to obsolescence in residential properties. Employing a survey design, the study targeted a population of 128 individuals, with a sample size of 128 which was the entire population. Data was collected using structured questionnaires with closed-ended questions, drawing from both primary and secondary sources. Key findings indicate that Property obsolescence is strongly influenced by outdated designs and materials, which significantly diminish the functionality and appeal of residential properties over time. Additionally, the deterioration of neighborhoods contributes to this issue, as declining environments negatively affect property values and usability. A lack of regular maintenance further exacerbates the problem, highlighting the need for proactive upkeep to sustain property conditions. Based on these findings, recommendations include; Developers and property owners should invest in contemporary designs and durable materials during construction to minimize obsolescence. Community leaders and stakeholders should collaborate to address neighborhood deterioration by improving infrastructure, security, and aesthetics. Property owners should implement scheduled maintenance plans to extend the lifespan of their properties and preserve their value.