Residential Property Rental Trends During Economic Recession in Awka Metropolis

Economic recessions often exert considerable pressure on various sectors of the economy, with the real estate sector being particularly vulnerable. In Nigeria, periods of economic downturn have historically altered the demand and supply dynamics of residential properties, thereby influencing rental values. This study examines the effects of economic recession on residential property rental values in Awka Metropolis. The study highlights how macroeconomic factors such as declining household income, high inflation rates, unemployment, and reduced purchasing power contribute to fluctuations in rental values. The 2020 economic contraction in Nigeria, largely driven by the COVID-19 pandemic, further intensified existing economic challenges including capital outflows, low oil prices, declining foreign remittances, and exchange rate instability. These conditions significantly affected both landlords and tenants, resulting in adjustments in rental pricing, renegotiation of lease agreements, and reduced affordability of residential housing. Despite claims of economic recovery, the real estate sector continues to experience slow growth due to persistent inflationary pressures and currency devaluation. The study therefore emphasizes the need for sustainable economic policies and housing strategies that can stabilize rental markets during periods of economic instability and ensure affordability of residential properties for urban residents.