Factors Determining Residential Rental Prices

Due to the high demand for residential apartments, landlords take undue advantage of tenants and increase rent without adhering to rent regulations. A high proportion of the population in Ghana rents than own homes because many cannot afford to own. There is frequent movement of workers from one city to another, especially to urban areas, resulting in increases in demand and price of rented accommodation. This study explores the impact of location and apartment characteristics on rental prices, using a survey of the Accra Metropolitan Area. Data from three contrasting locations in Accra was analysed and the results show that location, number of bedrooms, availability of amenities and facilities, and sharing of facilities are significant in determining residential rental prices. The type of apartment people live in and the kinds of facilities they share with others have implications for health and the environment and require policy response with efforts to improve housing regulations in Ghana.