Tenants' Willingness to Pay for Landscaping Features in Alagbaka Government Reservation Area of Akure, Nigeria

Abstract: The growing awareness of the contributions of landscaping to real property and the eco-system in general has made real estate industry to integrate landscaping into property decisions. However, little is known about the individual's willingness to pay for the landscape features as consumers do not really have a clear understanding of the landscape value and its connection to property investment. Thus, this study examined the tenants' willingness to pay for landscape features, and the factors that determine their willingness to pay. Data was gotten from ninety three (93) tenants of residential properties within Alagbaka Government Reservation Area (G.R.A) through structured questionnaire. The retrieved data were analyzed using the Frequency Distribution tables to analyze the socio "“ economic characteristics of the respondents, and Binary Logistic Regression Model based on the Contingent Valuation Method to analyze the tenants' willingness to pay for the landscape features and the factors responsible for such choices. The study revealed that tenants are willing to pay bid amount of rent for the incorporation of landscape features into housing process. It further revealed that factors such as Length of stay, Fence and retaining walls, Income, Trees and Shrubs significantly influence tenants' willingness to pay for landscaping. Therefore, the study recommended that landscape be encouraged and properly managed to ensure that it fulfills the full potential of its lifespan and for optimum returns from the properties.