EXAMINATION OF METHODOLOGY FOR RENT RECOVERY ON OUTSTANDING RENT IN RESIDENTIAL PROPERTIES IN WITHIN IBADAN

The process of rent arrears recovery in residential properties as been identified has a major setback in property management. Previous study revealed that reasons for rent arrears are change in government policy, abnormal increase in rent, temporal losses of income and economic recession. The aims of this study examine the ways of recovering rent arrears in residential properties in ibadan with a view to reduce the rent loss on properties. The objectives of this study identify the incident and length of default in rent, and assess the methods adopted for recovery rent arrears in residential property. The study population for this study are estate surveyors and valuers in Ibadan, the sample frame include total estate surveyors and valuers Ibadan based firm, sample size for this study is 95 (ninety five) practicing estate surveyors and valuers firm in the study area. The method of data analysis used is percentage and frequency. Data gathered were analyzed using descriptive statistics. Findings from the study revealed that major reasons for rent default are economic recession and abnormal increase in rent, also from the findings respondents agreed that Arbitration and Litigation are method for rent recovery. Recommendation for this study are selection of tenant should be the first step to take before entering into a lease agreement with tenant and to take immediate action when discovered that tenant refuses to pay rent as at when due with either of the two method adopted for rent arrears recovery which is Arbitration or Litigation.