Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

COMMISSION ON HIGHER EDUCATION

Guagua Community College
Sta. Filomena, Guagua, Pampanga

ANALYZING OCCUPANCY RATES AND RENTAL YIELDS OF BOARDING HOUSES/APARTMENTS IN GUAGUA,

PAMPANGA

__________________________________

In Partial Fulfillment of the

Requirements for the degree of

Bachelor of Science in Accounting Information System

_________________________

Kim Lyka Banal

Niña Elizabeth Galan Bato

Franz Lyn Ibanez Blanco

Jocel Osmeña

Patricia Pusung

Researchers

Mrs. Maria Corazon S. Guintu CPA, MBA

Research Adviser
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

TABLE OF CONTENTS

Chapter 1: Background and Its Problem

Background of the study ……………………………………………………………………………....

Research Gap …………………………………………………………………………………………....

Objective of the Study ……………………………………………………………………………........

Review of Related Literature ………………………………………………………………………….

Statement of the Problem ……………………………………………………………………………..

Conceptual Framework …………………………………………………………………………….......

Significance of the Study …………………………………………………………………………….....

Scope and Limitation ……………………………………………………………………………...........

Definitions of Terms ……………………………………………………………………………............

Chapter 2: Methods

Research Design ……………………………………………………………………………..................

Participants and Settings …………………………………………………………………………….....

Research Instruments …………………………………………………………………………….........

Data Gathering Procedure ……………………………………………………………………………...

Data Analysis …………………………………………………………………………….......................

Ethical Considerations …………………………………………………………………………….........

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Chapter 3: Results

Chapter 4: Summary of Findings, Conclusions and Recommendation

Summary of Findings ……………………………………………………………………………..........

Conclusions …………………………………………………………………………….......................

Recommendation ……………………………………………………………………………..............

References ……………………………………………………………………………........................

Appendices ……………………………………………………………………………........................

Curriculum Vitae……………………………………………………………………………..................
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

CHAPTER I: The Problem and It’s Background

BACKGROUND OF THE STUDY

“Sleep Tight, Earn Right: The Hidden Goldmine of Boarding Houses"

The demand for residential

rental properties, including boarding houses and apartments, has been steadily increasing in the Philippines,

particularly in developing areas such as Guagua, Pampanga. As a growing municipality with a strategic location

in Central Luzon, Guagua is experiencing rapid urbanization, driven by its proximity to major cities and

economic centers. This growth has led to an increased demand for rental housing to accommodate the influx of

students, professionals, and migrant workers (Colliers International Philippines, 2023; Philippine Statistics

Authority, 2020).

Occupancy rates and rental yields are two critical indicators that determine the profitability and

sustainability of rental properties (Geltner et al., 2006). Occupancy rates reflect the proportion of available

rental units that are currently occupied, providing insight into market demand and tenant preferences. On the

other hand, rental yield, defined as the annual rental income expressed as a percentage of the property's value, is

a key measure of an investor's return on investment (ROI) (Geltner et al., 2006). Together, these metrics offer

valuable information for assessing the performance of rental properties and making informed decisions

regarding property development, investment, and management.

Despite the importance of these metrics, there is a limited body of research focused on the occupancy

rates and rental yields of boarding houses and apartments in smaller municipalities like Guagua, Pampanga.
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Most existing studies have concentrated on highly urbanized cities such as Manila, Cebu, and Davao, where

market conditions differ significantly from those in emerging towns (National Economic and Development

Authority, 2021; Yap, 2020). The lack of localized data hinders investors' ability to make data-driven decisions

and optimize their investment strategies in this area.

RESEARCH GAP

The research gap focuses on analyzing the occupancy rates and rental yields of boarding houses and

apartments in Guagua, Pampanga (David & Balisacan, 2021; Lamudi Philippines, 2023). The research will

explore factors affecting occupancy, such as location, amenities, pricing, and tenant demographics, and will

assess the rental yield potential in the context of the local real estate market (Atienza & Andres, 2020; Urban

Land Institute, 2022). By providing a comprehensive analysis, the study will contribute valuable insights into

the rental property market in Guagua, helping property owners, investors, and developers better understand the

opportunities and challenges within this growing municipality.

This is the result of the literature review. Based on the review, what is lacking is a focus on specific

locations, particularly Guagua. We did not find studies specific to this area. There are no research studies or

articles analyzing occupancy rates and rental yields of boarding houses or apartments specifically in Guagua,

Pampanga. This is the gap we address.

The study aims to analyze the occupancy rates of boarding houses/apartments, analyzing how rental

prices, vacancy rates, and economic conditions affect property performance (Bautista & Tan, 2022; International

Monetary Fund, 2021). By evaluating the rental income generated relative to property value, property
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

management strategies and their influence on tenant satisfaction and retention (Singer & Friedlander, 2020;

Philippine Association of Real Estate Boards, 2022).

REVIEW OF RELATED LITERATURE

According to Moore et. al.

(2019). The right amount of privacy and control over passive interactions in college and university residence

halls is crucial for students' overall health, sense of self-worth, academic success, community involvement, and

social interaction skills. According to the report "Not Your Parents' Dorm Room: Changes in Universities'

Residential Housing Privacy Levels and Impacts on Student Success," there is an increasing trend in North

America toward the creation of privatized apartments on university campuses. The private kitchens, toilets,

lounges, and dormitories in these apartments add to the greater variety of social settings and degrees of privacy.

The contemporary furnishings, features, and variety of housing options might make inhabitants happier.

Because of this, it's critical to establish a healthy balance in college between control and privacy.

According to Muhammad Akram Hamzah, et al., 2022, the need for boarding houses has grown

significantly; particularly for students studying abroad who prefer to stay there temporarily and for students

whose homes may be quite far from the university where they study who rent boarding houses close to the

campus to save time and energy on travel. Users looking for the closest boarding house can benefit from a

number of advantages offered by the boarding house route search information system, including the ability to

see comprehensive boarding house information and identify boarding house routes. Information may be updated

on a constant basis since boarding house owners can easily control their data. The purpose of this project is to

develop a house location information system that runs on an Android platform. The design of a system that has
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

been constructed using a Use Case Diagram with three actors- the administrator, the owner of the boarding

home, and the tenant/user is where the research phase begins. These actors each have distinct roles and levels of

access. The Black Box method is used to test the system during the implementation stage of the system creation

process using the Android Studio program. According to the outcomes of the system tests that were conducted,

the system can function as predicted, or in other words, the findings are good.

According to Johnson & Scutella, 2023, Tenancy acquisition and maintenance costs have an impact on

rental yields as well. Additionally, if there are consistent variations in these prices according to the kind and

characteristics of households, this may affect the financial viability of Community Housing Organizations

(CHOs) and could sway tenant selection in favor of higher-income and lower-cost tenants. In both the private

and social housing rental markets, the rate of tenant turnover among singles is higher than that of other

household configurations. While the private market situation probably reflects a variety of factors, such as

lifestyle preferences, high turnover rates among single tenants in social housing frequently indicate a complex

web of interconnected vulnerabilities that raise the chance of tenancy breakdown.

According to the Philippine Property Network (2020) as more Filipinos move to cities in search of

opportunity, employment, or education, the need for respectable and reasonably priced housing has increased.

The increasing demand led to the proliferation of boardinghouse establishments in key locations. The majorities

of them are situated close to public transportation hubs, big building projects, educational institutions, and

densely populated business areas.

According to the University of Eastern Philippines Laoang Campus (2023) student boarding home status

was ascertained by this study. Using universal sample, the respondents were students living in boarding houses.
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Utilizing a survey questionnaire and a descriptive study methodology, the statistical methods include frequency

counts, percentages, and means. The bulks of the respondents had a household income of $5,000 or less, were

BSEd, were mostly still unmarried, were in their late teens, and were more likely to be female. Only a small

number of them met the requirements, were located one kilometer below the school, had four to five rooms, and

paid between $401 and $500 per month for their rental. Additionally, students living on campus were permitted

to use charcoal for cooking; they also had access to an open well for water; nearly all of them used manual

toilets in their comfort rooms; some were not permitted to use the appliances that were available; and the waste

was picked up by a disposal team. According to certain characteristics, the respondents expressed happiness

with their homes, but they also reported issues with hazardous and non-existent water supplies, as well as

unfulfilled contracts and no-abode laws.

According to Mwau Baraka & Severdlik Alice (2020) Informal rental housing remains a significant part

of low-cost shelter markets in the global South, as seen in Nairobi's Mathare Valley. The rise of tenements and

metal shacks in Nairobi's informal settlements highlights the changing dynamics of these markets. The case

study highlights the impact of multiple exclusions on access to rental housing and the politics of shelter

delivery. It recommends inclusive, multi-pronged interventions that include support for rental housing, land

governance, and infrastructure delivery. By understanding the dynamics of informal rental housing, strategies

can be developed to serve low-income tenants who often have no other viable option.

According to Fontoura, João Martins Rebelo (October 2019) Home holiday rentals in Lisbon are

experiencing growth due to increased tourism volume, but there is a lack of research on the industry. This study

aims to identify new patterns in guest and host behavior to maximize profits by increasing monthly occupancy

rates. Data mining techniques were used to analyze properties information and reservations from January 2017
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

to May 2019. The relationship between monthly average rate per night and occupancy rate was studied to

understand if they affect each other. Variables that better explain and predict occupancy rates were identified. A

predictive model was obtained for occupancy rates by interpreting patterns in properties' occupancy. Properties

with high and low occupancy profiles were identified, and coefficients of rate change were proposed. These

models provided valuable knowledge for FLH and industry professionals, enabling them to develop marketing

strategies to improve profits.

According to Erlinda Gilberta Wibawa & Parama Kartika Dewa 2024. State that the purpose of this

study is to help boarding house investors learn more about the traits, connections, and impacts of boarding

house amenities on the rental rates established in order to stay competitive in the market.

According to CZERNIAK and RUBASZEK (2016), highlight that the ratio of rented to owned

apartments, depending on the country's housing policy, is determined by a number of factors, including

economic ones (population income and property prices), institutional, demographic, and housing policy. The

higher value of the proprietary right also plays a significant role. They also noticed that, because immigrants

have lower incomes and a limited ability to inherit property, their propensity to rent rises with mobility and falls

with age. As income rises, so does the tendency to acquire property rights; however, this requires an increase in

stable income, as the growth of current income has little bearing on the demand for property.

According to AUGUST and WAKS 2018. The rental market is frequently pushed as an

alternative to home ownership by housing policies in various nations. As it offers housing to those who cannot

afford to buy a property and contributes to increased mobility, the growth of the rental market should have

several macroeconomic advantages. Poland's commercial Rented Accommodation Fund and Apartment Plus
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

initiative, which plan to build reasonably priced rental flats that their tenants may eventually buy out for full

ownership, are two ways that the country supports the growth of the rental sector. Presently, the majority of

rental units are held by natural individuals, also known as "mom and pop owners."

Different authors and studies have come to different conclusions about the relationship between financial

conditions and the financial viability of boardinghouses. As per the findings of Ms. AnaHelena R. Lovitos

(2019), the student-boarders' preferences are as follows: a) safety (they need to dispose of their waste properly

to prevent flooding and diseases); b) location (they can easily access transportation); c) security (regular checks

of electrical connections to prevent fire incidents); d) amenities (enough and safe water supply); e) contract

(house rules that promote order, silence, and sanitation); f) type (Php500 monthly).

Her study's results support Leung's (2015) investigation of college boarders' living standards, which

found a favorable correlation between living standards and houses' coziness, usefulness, and aesthetic appeal.

STATEMENT OF THE PROBLEM

The study aims to analyze the current occupancy rates of boarding houses and apartments in Guagua,

Pampanga. It seeks to evaluate the rental yields of these properties, providing insights into their profitability and

financial viability for owners. Specifically, it seeks to answer the following questions.

1. What is the demographic profile of the apartment owners in terms of:

1.a Years of operation

1.b Location

1.c Number of units

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

1.d Rates of boarding house/apartment

2. What is the current occupancy rates of boarding house/apartments?

2.a How much is the rental yields of the apartment for I year?

3. What factors contribute to variations in rental prices?

3.a Maintenance costs

3.b Location

3.c Property condition

CONCEPTUAL FRAMEWORK

The conceptual model utilized in this research study is the Input-Process-Output (IPO) model, which

illustrates a series of interconnected components

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

OUTPUT:
Occupancy Rates: Assessment
INPUT: of the occupancy levels of
Demographic Profile of Property boarding houses and apartments.
Owners: Age, experience, and
background of property owners.
PROCESS: Rental Yields: Evaluation of
Property Characteristics: Type of Data Collection: Gather data rental income generated relative
property (boarding through survey questionnaires to property value.
houses/apartments), location, targeting property owners.
size, and amenities.
Data Analysis: Analyse collected Impact of Market Factors:
Market Factors: Rental prices, data to evaluate occupancy rates Analysis of how rental prices,
vacancy rates, and economic and rental yields. Employ vacancy rates, and economic
conditions. statistical methods to interpret conditions affect property
the relationship between inputs performance.
Management Practices: Property and outputs.
management strategies and
tenant relations. Effectiveness of Management
Practices: Evaluation of property
management strategies and their
influence on tenant satisfaction
and retention.

Figure 1:

This framework diagram shows the outlines a method for understanding property ownership dynamics

by examining the demographic profiles of property owners, the characteristics of their properties, market factors

like rental prices and vacancy rates, and management practices. It involves collecting data through surveys of

property owners and tenants, followed by statistical analysis to assess occupancy rates and rental yields. The

findings provide insights into the factors affecting occupancy, yield calculations, and actionable
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

recommendations for property owners to enhance performance. Additionally, the framework includes an impact

assessment of how rental prices and management practices influence occupancy and yield outcomes.

SIGNIFICANCE OF THE STUDY

This study focused on the profitability and utilization of rental properties in the Guagua, Pampanga.

Occupancy rates indicate how often properties are rented out, which can reflect the demand for housing in the

area. Rental yields, the ratio of rental income to property value, are key to understanding the return on

investment for property owners.

Landlords: They can make informed decisions about property investments based on market trends, maximizing

their returns and minimizing risks.

Tenants: Tenants who learn about rental yields may be able to make better decisions and have greater ability to

negotiate since they will have knowledge about the availability and affordability of housing options in the

neighborhood.

Future Researcher: Researchers and students can use the findings to expand knowledge in the fields of real

estate, urban development, and housing economics.

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

SCOPE AND LIMITATION

This study analyzes the occupancy rates and rental yields of boarding houses and apartments in Guagua,

Pampanga. It involves collecting and analyzing data on various factors that influence these rates, including

rental prices, vacancy rates, and property management practices. The research will calculate gross and net rental

yields and assess the return on investment (ROI) for these properties, aiming to provide actionable insights for

property owners to enhance their decision-making in the local real estate market.

The scope is limited to residential properties that have a business permit in Guagua, excluding those in

other regions and other types of real estate, such as commercial or industrial properties. While the study seeks to

offer a comprehensive understanding of the local rental market, it does not consider broader economic

conditions, national market trends, or specific government regulations that may also affect rental yields and

occupancy rates. Additionally, the research is time-bound to the data collected during the study period, meaning

the findings reflect the conditions at that time and do not predict future market trends.

DEFINITION OF TERMS

The following terms were defined to give the readers an understanding of the concepts in this

research study.

Occupancy Rates – The ratio of rented or used space to the total amount of available space, it indicates how

often properties are rented out, helping landlords assess property performance.

Rental Yields – The amount paid or collected as rent, it represents the ratio of rental income to property value,

providing insights into the profitability of a rental property.

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Return on Investment (ROI) – A measure that quantifies the gains or losses relative to the initial cost of an

investment. Used to evaluate the efficiency of an investment, helping investors assess their returns.

Real Estate – The land along with any permanent structures, including homes and improvements, that are

attached to the land, whether natural or man-made. It provides actionable insights for property owners to

enhance their decision-making in the local real estate market.

Boarding House – A house or establishment where lodgers rent one or more rooms for accommodation,

typically on a nightly basis, and sometimes for extended periods. It offers temporary or long-term

accommodation for tenants, often at a lower cost than hotels.

Tenant – A person who occupies land or property rented from a landlord. Tenants contribute to the property’s

income and are essential for assessing occupancy rates and rental yields.

Landlord/Lady – A person who owns or manages a boarding house, apartment, or similar establishment.

Responsible for property management, setting rental prices, and maintaining the property to ensure tenant

satisfaction.

Vacancy Rate – The state or condition of being vacant or unoccupied; the percentage of unoccupied rental units

in a property or market. It indicates market demand and helps landlords gauge the competitiveness of their

rental offerings.
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Gross Rental Yields – The overall return on an investment in rental property before deducting taxes and

expenses. Provides an initial assessment of potential income from rental properties.

Net Rental Yields – The balance of gross income remaining after all allowable deductions and expenses are

accounted for. Offers a true measure of profitability for rental properties, assisting landlords in financial

assessments.

CHAPTER II: Methodology

The research design of the study, locations and participants to be used, the research instrument to be

used, methods for collecting data, data analysis, and ethical considerations are all covered in this chapter. The

concepts presented here will demonstrate how this study will be carried out using validated methods,

techniques, and guidelines in the most precise manner possible. As a result, this will inform readers about the

kind of research that the researchers undertake.

RESEARCH DESIGN

The study is a quantitative in nature. In quantitative research, a researchers will examine the various

variables while including numbers as well as statistics to analyze its findings. Cresswell (2012, p.13).

The researchers used a descriptive research design because it aims to accurately and systematically

describe a population, situation, or phenomenon. This design employs a wide variety of methods to investigate

one or more variables. The researchers do not control or manipulate variables but instead observe and measure
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

them. For example, in a study on the impact of continuous oil price hikes on micro and small businesses due to

rising international conflicts, a descriptive research design is appropriate because it allows for an in-depth

understanding of the current situation (McCombes, 2019, Scribbr).

Similarly, in this study on occupancy rates and rental yields, the descriptive research design is

particularly suitable. It enables researchers to describe the current state of occupancy rates and rental yields by

collecting data on the number of occupied versus available units, rental prices, and vacancy durations.

Furthermore, it allows for the collection of information about the characteristics of boarding houses or

apartments, such as their size and available amenities.

PARTICIPANTS AND SETTINGS

The total population of boarding house and apartment owners in Guagua, Pampanga, is 110. Based on

the Raosoft Sample Calculator, with a 95% confidence level and a 5% margin of error, the required sample size

is 89. To ensure reliable results within the study's timeframe, 89 owners will be randomly selected from the total

population to participate. Data collected from these selected business owners will be analyzed to provide

sufficient insights into occupancy rates and rental yields, meeting the study's objectives.

RESEARCH INSTRUMENTS

The data for this study was gathered using a self-constructed survey questionnaire, which was developed

specifically to address the objectives of this research. The questionnaire was carefully designed to ensure clarity,

relevance, and comprehensiveness. It was subsequently validated by a statistician to ensure its reliability and
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

appropriateness for data collection. Questions from this study were patterned to account for the context of the

study.

The questionnaire is divided into five sections, each addressing key components of the study:

SURVEY QUESTIONNAIRES

DIRECTION: Check (✓) the number that correspond your answer regarding the analyzing occupancy
rates and rental yields of boarding houses/apartments in Guagua, Pampanga.

Section 1: General Information

For each of the following statements in this section, on a scale of 4-1 where;

4 – Strongly Agree 2 – Disagree

3 – Agree 1 – Strongly Agree

General Information 4 3 2 1

1. I have a good understanding of the factors influencing

occupancy rates and rental yields in boarding houses.

2. I am actively involved in managing or studying boardi

ng houses.

3. I believe boarding houses are a profitable investment o

pportunity.

Direction: Put a check mark (✓) on the box provided that corresponds to your answer.

Section 2: Years of Operation

4. How long have you been involved in managing boarding houses?

☐ Less than 1 year
☐ 1 - 3 years
☐ 4 - 6 years
☐ 7 years or more
Section 3: Location
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

5. What type of area is your boarding house or apartment located in?

☐ Rural
☐ University/Campus
☐ Town center
☐ Residential neighborhood

Section 4: Number of units

6. How many units does your boarding house/apartment have?

☐ 1-5 units
☐ 6-10 units
☐ 11-20 units
☐ More than 20 units

7. What type of units is available in your boarding house/apartment?

☐ Single room units
☐ Double room units
☐ Studio apartments
☐ One-bedroom apartments

Section 5: Occupancy Rates

8. What is the average occupancy rate of boarding houses in your area?

☐ Less than 50%
☐ 50% - 69%
☐ 70% - 89%
☐ 90% or higher

9. What factors do you believe most influence occupancy rates in boarding houses?
☐ Reputation of the boarding
☐ Amenities offered
☐ Rental price
☐ Location

10. How often do occupancy rates fluctuate throughout the year?

☐ Monthly
☐ Quarterly
☐ Semi Anually
☐ Annually

Section 6: Rental Yields

11. What is the typical rental yield (%) expected from boarding houses in your locality?
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

☐ Less than 5%
☐ 5% - 9%
☐ 10% - 14%
☐ 15% or higher

12. What factors do you think affect rental yields in boarding houses?
☐ Rental market trends
☐ Occupancy rates
☐ Economic conditions
☐ Maintenance costs

13. How frequently do rental yields change in your experience?

☐ Monthly
☐ Quarterly
☐ Semi Annually
☐ Seasonally

DATA GATHERING PROCEDURES

To conduct a study on the analyzing occupancy rates and rental yields of boarding houses and

apartments, the researcher provided a consent letter to the municipality of Guagua, Pampanga. We requested a

list of boarding house/apartments in Guagua, along with their locations and barangays. For our respondents,

who are the owners of these properties, we asked for their consent to participate in our survey. The researchers

ensured the confidentiality of the respondents' identities, which will be used solely for academic purposes.

Printed questionnaires were provided to the chosen respondents, and the researchers took time to explain the

purpose of the study to each participant. During the completion of the survey questionnaires, the researchers

were available to assist and clarify any questions. A statistics teacher and adviser also provided support with the

analysis and processing of the gathered data.

DATA ANALYSIS

The data collected for this study were organized and analyzed using descriptive statistics to provide a

clear and concise summary of the findings. Frequencies, percentages, means, and standard deviations were
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

calculated to describe the characteristics of occupancy rates and rental yields of boarding houses and apartments

in Guagua, Pampanga. Pie charts was the visual tool to utilized to effectively present the data.

The analysis of occupancy rates focused on determining the percentage of occupied units across the

different barangays, with the findings illustrated through graphs to show variations and distributions. Rental

yields were analyzed by computing the average monthly rental income and comparing it to property costs,

providing insights into profitability. Graphical representations, such as line graphs and histograms, were used to

highlight trends and differences in rental yields among the study participants.

All data analyses were conducted using appropriate tools like Microsoft Excel to ensure accuracy and

reliability. These methods provided a comprehensive understanding of the occupancy rates and rental yields in

the area, allowing for meaningful interpretations and conclusions.

The following tables are used to interpret data that were treated using the statistical tools:

Table 1: Mean Interpretation for the general information of the respondent about understanding, managing, and

how to handle boarding houses.

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

INTERPRETATION MEAN

Strongly Agree 4.00 – 3.00

Agree 2.99 – 2.00

Disagree 1.99 – 1.00

Strongly Disagree 1.00 – 0.99

The table 1 shows the interpretation along with the correspondence numerical ratings used. A four-point

Likert Scale were used, and ranging from 4-1 (4- Strongly Agree, 3- Agree, 2- Disagree, 1- Strongly Disagree),

where in: Strongly Agree= 4.00 – 3.00, Agree= 2.99 – 2.00, Disagree= 1.99 – 1.00, Strongly Disagree= 1.00 –

0.99.

Table 2: Mean interpretation for the years of operation of boarding houses/apartments.

INTERPRETATION MEAN

7 years or more 4.00 – 3.00

4 – 6 years 2.99 – 2.00

1 – 3 years 1.99 – 1.00

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Less than 1 year 1.00 – 0.99

The table 2 shows the interpretation along with the correspondence numerical ratings used. A four-point

Likert Scale were used, and ranging from 4-1 (4- 7 years or more, 3- 4 – 6 years, 21 – 3 years, 1- Less than 1

year), where in: 7 years or more = 4.00 – 3.00, 4 – 6 years = 2.99 – 2.00, 1 – 3 years = 1.99 – 1.00, Less than 1

year = 1.00 – 0.99.

Table 3: Mean interpretation for the location of boarding houses/apartments.

INTERPRETATION MEAN

Residential neighborhood 4.00 – 3.00

Town center 2.99 – 2.00

University/Campus 1.99 – 1.00

Rural 1.00 – 0.99

The table 3 shows the interpretation along with the correspondence numerical ratings used. A four-point
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Likert Scale were used, and ranging from 4-1 (4- Residential neighborhood, 3- Town center, 2-

University/Campus, 1- Rural), where in: Residential neighborhood = 4.00 – 3.00, Town center = 2.99 – 2.00,

University/Campus = 1.99 – 1.00, Rural = 1.00 – 0.99.

Table 4.1: Mean interpretation for the number of units of boarding houses/apartments.

INTERPRETATION MEAN

More than 20 units 4.00 – 3.00

11-20 units 2.99 – 2.00

6-10 units 1.99 – 1.00

1-5 units 1.00 – 0.99

The table 4.1 shows the interpretation along with the correspondence numerical ratings used. A four-point

Likert Scale were used, and ranging from 4-1 (4- More than 20 units, 3- 11-20 units, 2- 6-10 units, 1- 1-5 units),

where in: More than 20 units = 4.00 – 3.00, 11-20 units = 2.99 – 2.00, 6-10 units = 1.99 – 1.00, 1-5 units = 1.00

– 0.99.

Table 4.2 Mean interpretation for the number of units of boarding houses/apartments

INTERPRETATION MEAN

One-bedroom apartment 4.00 – 3.00

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Studio apartment 2.99 – 2.00

Double room units 1.99 – 1.00

Single room units 1.00 – 0.99

The table 4.2 shows the interpretation along with the correspondence numerical ratings used. A four-point

Likert Scale were used, and ranging from 4-1 (4- One-bedroom apartment, 3- Studio apartment, 2- Double

room units, 1- Single room units), where in: One-bedroom apartment = 4.00 – 3.00, Studio apartment = 2.99 –

2.00, Double room units = 1.99 – 1.00, Single room units = 1.00 – 0.99.

Table 5.1 Mean interpretation for the occupancy rates of boarding houses/apartments.

INTERPRETATION MEAN

90% or higher 4.00 – 3.00

70% - 89% 2.99 – 2.00

50% - 69% 1.99 – 1.00

Less than 50% 1.00 – 0.99

The table 5.1 shows the interpretation along with the correspondence numerical ratings used. A four-point

Likert Scale were used, and ranging from 4-1 (4- 90% or higher, 3- Studio apartment, 2- Double room units, 1-
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Single room units), where in: 90% or higher = 4.00 – 3.00, Studio apartment = 2.99 – 2.00, Double room units

= 1.99 – 1.00, Single room units = 1.00 – 0.99.

Table 5.2 Mean interpretation for the occupancy rates of boarding houses/apartments.

INTERPRETATION MEAN

Location 4.00 – 3.00

Rental price 2.99 – 2.00

Amenities offered 1.99 – 1.00

Reputation of the boarding 1.00 – 0.99

house

The table 5.2 shows the interpretation along with the correspondence numerical ratings used. A four-point

Likert Scale were used, and ranging from 4-1 (4- Location, 3- Rental price, 2- Amenities offered, 1- Reputation

of the boarding house), where in: Location = 4.00 – 3.00, Rental price = 2.99 – 2.00, Amenities offered = 1.99

– 1.00, Reputation of the boarding house = 1.00 – 0.99.

Table 5.3 Mean interpretation for the occupancy rates of boarding houses/apartments.

INTERPRETATION MEAN

Anually 4.00 – 3.00

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Semi Anually 2.99 – 2.00

Quarterly 1.99 – 1.00

Monthly 1.00 – 0.99

The table 5.3 shows the interpretation along with the correspondence numerical ratings used. A four-point

Likert Scale were used, and ranging from 4-1 (4- Anually, 3- Semi Anually, 2- Quarterly, 1- Monthly), where

in: Anually = 4.00 – 3.00, Semi Anually = 2.99 – 2.00, Quarterly = 1.99 – 1.00, Monthly = 1.00 – 0.99.

Table 6.1: Mean interpretation for the rental yields of boarding houses/apartments.

INTERPRETATION MEAN

15% or higher 4.00 – 3.00

10% - 14% 2.99 – 2.00

5% - 9% 1.99 – 1.00

Less than 5% 1.00 – 0.99

The table 6.1 shows the interpretation along with the correspondence numerical ratings used. A four-point

Likert Scale were used, and ranging from 4-1 (4- 15% or higher, 3- 10% - 14%, 2- 5% - 9%, 1- Less than 5%),
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

where in: 15% or higher = 4.00 – 3.00, 10% - 14%= 2.99 – 2.00, 5% - 9%= 1.99 – 1.00, Less than 5%= 1.00 –

0.99.

Table 6.2: Mean interpretation for the rental yields of boarding houses/apartments.

INTERPRETATION MEAN

Maintenance cost 4.00 – 3.00

Economic condition 2.99 – 2.00

Occupancy rates 1.99 – 1.00

Rental market trend 1.00 – 0.99

The table 6.2 shows the interpretation along with the correspondence numerical ratings used. A four-point

Likert Scale were used, and ranging from 4-1 (4- Maintenance cost, 3- Economic condition, 2- Occupancy

rates, 1- Rental market trend), where in: Maintenance cost = 4.00 – 3.00, Economic condition = 2.99 – 2.00, 5

Occupancy rates = 1.99 – 1.00, Rental market trend = 1.00 – 0.99.

Table 6.3: Mean interpretation for the rental yields of boarding houses/apartments.

INTERPRETATION MEAN
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Seasonally 4.00 – 3.00

Semi Anually 2.99 – 2.00

Quarterly 1.99 – 1.00

Monthly 1.00 – 0.99

The table 6.3 shows the interpretation along with the correspondence numerical ratings used. A four-point

Likert Scale were used, and ranging from 4-1 (4- Seasonally , 3- Semi Anually, 2- Quarterly, 1- Monthly),

where in: Seasonally = 4.00 – 3.00, Semi Anually = 2.99 – 2.00, Quarterly = 1.99 – 1.00, Monthly = 1.00 –

0.99.

ETHICAL CONSIDERATIONS

Before conducting an on-site survey, the researchers send a consent letter to the respondents and request

permission from the chosen business owners to participate in the study. Additionally, the researchers paid

additional attention to protecting the participants' privacy. To this aim, they asked them not to include their

names on the questionnaire and gave them assurances that the information they provided would be kept private.

CHAPTER III: Result

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

This figure below show the general i

nformation of the respondent about understanding, managing, and how to handle boarding houses.

Figure 1

Section 1: Mean Interpretation

1 I have a good understanding of the factors influencing 3.76 Strongly Agree
occupancy rates and rental yields in boarding houses.

2 I am actively involved in managing or studying boarding 3.78 Strongly Agree

houses.
3 I believe boarding houses are a profitable investment 3.88 Strongly Agree
opportunity.

In Table 1 shows the mean of each question about the general information of the respondents. In terms

on item 1 “I have a good understanding of the factors influencing occupancy rates and rental yields in boardin

g houses” has a mean of 3.76 which is interpreted as strongly agree. While item 2 “I am actively involved in m

anaging or studying boarding houses” has a mean of 3.78 which interpreted as strongly agree. While item 3 “I

believe boarding houses are a profitable investment opportunity” has a mean of 3.88 which is interpreted as str

ongly agree.

DEMOGRAPHIC PROFILE OF THE APARTMENT OWNERS

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

The figure below show the demographic profile of the apartment owners, the current occupancy rates of

boarding house/apartments and the factors contribute to variations in rental prices.

Graph 1:

How long have you been involved in managing

boarding houses?

11.11%
20.83%
7 years or more
4-6 years
1-3 years
Less than 1 year
37.50%

30.56%

The pie graph provides a clear visualization of the duration of involvement in managing boarding houses

among the respondents. The data reveals that the highest respondents comprising 37.50% (27 out of 72

respondents), has been managing boarding houses or apartments for 1 to 3 years. This suggests that a

significant portion of the respondents are relatively new to the field but have gained some experience.
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Followed by, 30.56% (22 respondents) have been managing for 4 to 6 years. This indicates a substantial

number of respondents have a moderate level of experience, likely having navigated through various challenges

and gained a deeper understanding of the business.

Additionally, 20.83% (15 respondents) have been involved in managing boarding houses for 7 years or more.

This group represents the most experienced apartment owners, who have likely seen the evolution of the market

and have a wealth of knowledge and expertise.

And lastly, 11.11% (8 respondents) have been managing boarding houses for less than 1 year. This lowest

respondents indicates the newest entrants to the field, who are just beginning to learn the ropes and establish

their management practices.

Graph 2:

What type of area is your boarding

houses/apartment located in?
9.72%
Residential neighborhood
Town Center
41.67%
University/Campus
Rural

48.61%
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

The graph illustrates the distribution of respondents based on the type of area where their boarding house or

apartment is located. The data reveals that a significant portion, 48.61% (35 out of 72 respondents), indicated

that their accommodation is situated in the town center. This is followed by 41.67% (30 out of 72 respondents)

who reported living in residential neighborhoods. A smaller segment, 9.72% (7 out of 72 respondents), stated

that their boarding house or apartment is located in a university or campus area.

From this data, it is evident that the highest of respondents reside in the town center has 48.61%, making it the

most common location for boarding houses and apartments among the surveyed group. This could suggest that

the town center is a preferred area due to its proximity to amenities, transportation, and possibly employment

opportunities. On the other hand, the university or campus area has 9.72%, indicating it is the lowest location

for boarding houses and apartments in this survey. This might be due to a variety of factors such as limited

availability of housing in university areas or preferences for other locations.

Graph 3

How many units does your boarding

house/apartment have?

1.39% 2.78%

27.78% More than 20 units

11-20 units
6-10 units
1-5 units

68.06%
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

In this graph, it indicates the result of the number of units in boarding houses and apartments among the

respondents. The data reveals the highest respondents which is, 68.06% (49 out of 72 respondents), have

between 1 to 5 units in their boarding houses or apartments. This indicates that most property owners manage a

relatively small number of units, which could suggest a preference for maintaining a more manageable and

possibly more personalized rental operation.

Followed by, 27.78% (20 out of 72 respondents) having 6 to 10 units. This group represents a substantial

portion of the respondents, indicating a moderate scale of operations. Property owners in this category might be

balancing between small-scale and larger-scale management, potentially aiming for growth or maintaining a

steady mid-sized operation.

Additionally,, 2.78% (2 out of 72 respondents), have 11 to 20 units. This suggests that fewer property owners

are operating at this scale, which could be due to the increased complexity and resources required to manage a

larger number of units.

And lastly, the lowest respondents ,have 1.39% (1 out of 72 respondents) have more than 20 units. This is the

smallest group, indicating that very few property owners manage a large-scale operation. This could be due to

the significant investment and management challenges associated with operating a large number of units.
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Graph 4

What type of units are available in your barding

house/apartment?

19.44%
36.11% One-bedroom apartment
Studio Apartment
Double room units
Single room units
22.22%

22.22%

The graph illustrates the distribution of different types of units available in boarding houses and apartments.

The data reveals that 36.11% (26 out of 72 respondents) offer single-room units, making it the most common

type of unit available. This is followed by 22.22% (16 out of 72 respondents) who provide double-room units,

and an equal percentage of 22.22% (16 out of 72 respondents) who offer studio apartments. And lastly, 19.44%

(14 out of 72 respondents) have one-bedroom units.

Overall, the majority of respondents indicated that single-room units are the most prevalent in their boarding

houses and apartments. This suggests a higher demand or preference for single-room units among tenants,
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

possibly due to affordability or the need for private space. On the other hand, one-bedroom units are the least

common, representing only 19.44% of the total units available. This could imply a lower demand for larger

living spaces or a higher cost associated with one-bedroom units, making them less attractive to potential

tenants.

In summary, the data highlights a highest type of units significant preference for single-room units, which

dominate the market at 36.11%. The relatively lowest availability of one-bedroom units at 19.44% suggests that

these units might cater to a niche market or face less demand compared to smaller, more affordable options.

Graph 5

What is the average occupancy rate of board-

ing houses in your area?
9.72%
19.44%
90% or higher
70% - 89%
50% - 69%
33.33% Less than 50%

37.50%

The graph illustrates the average occupancy rates of boarding houses and apartments in the specified area. The

data reveals that 37.50% of the respondents, which translates to 27 out of 72, reported occupancy rates between
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

50% and 69%. This category represents the largest proportion of respondents, indicating that a significant

number of boarding houses and apartments operate at a moderate occupancy level.

Followed by, 33.33% of the respondents, or 24 out of 72, have occupancy rates ranging from 70% to 89%. This

suggests that a considerable portion of the properties are performing well, with high occupancy rates, though

not fully maximized.

Additionally, 19.44% of the respondents, equivalent to 14 out of 72, reported occupancy rates of less than 50%.

This indicates that nearly one-fifth of the properties are struggling with low occupancy, which could be due to

various factors such as location, amenities, or competition.

And lastly, 9.72% of the respondents, or 7 out of 72, have occupancy rates of 90% or higher. This small

percentage highlights the few properties that are highly successful in maintaining near-full occupancy.

Overall, the data shows that the highest occupancy rate range is 50% to 69%, with 37.50% of respondents

falling into this category. On the other hand, the least common occupancy rate is 90% or higher, with only

9.72% of respondents reporting such high occupancy. This distribution suggests that while a majority of

properties maintain moderate to high occupancy rates, only a few achieve near-full occupancy, highlighting

potential areas for improvement or investment opportunities.

 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

Graph 6

What factors do you believe most influence

occupancy rates in boarding houses?

11.11%
Location
Rental price
19.44%
Amenities offered
Reputation of the boarding
house

69.44%

This graph shows the result about the factors do you believe most influence occupancy rates in boarding

houses. The data revealed that 69.44% 50 out of 72 respondents believe that location is the key factor

influencing occupancy rates of boarding houses/apartments. Followed by, 19.44% or 14 out of 72 believe that

rental price is the key factor influencing occupancy rates of boarding houses/apartments. Then, 11.11% or 8 out

of 72 believe that amenities offered is the key factor influencing occupancy rates of boarding

houses/apartments. In general, the highest factors most influence occupancy rates in boarding houses is location
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

with 69.44%, while the lowest factors most influence occupancy rates in boarding houses is reputation of

boarding house with 0%.

Graph 7

How often do occupancy rates fluctuate

throughout the year?
2.78%
19.44%
31.94%
Anually
Semi Anually
Quarterly
Monthly

45.83%

In this graph, it shows the result about how often do occupancy rates fluctuate throughout the year? The data

revealed that 45.83% or 33 out of 72 respondents said that their occupancy rates fluctuate semi-anually.

Followed by, 31.94% or 23 out of 72 said that their occupancy rates fluctuate anually. Then, 19.44% or 14 out

of 72 said that their occupancy rates fluctuate quarterly. And, 2.78% or 2 out of 72 said that their occupancy
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

rates fluctuate monthly. In general, majority of the respondents said that their occupancy rates fluctuate semi-

anually throughout the year.

Graph 8

What is the typical rental yield (%) expected

from boarding houses/apartment in your local-
ity?
11.11%
12.50%
15% or higher
10% - 14%
5% - 9%
Less than 5%
31.94%

44.44%

In this graph, it indicates the results about the typical rental yield (%) expected from boarding houses/apartment

in your locality. The data revealed that 44.44% or 32 out of 72 respondents have a 10% - 14% expected rental

yield in their locality. Followed by, 31.94% or 23 out of 72 have a 5% - 9% expected rental yield in their

locality. Then, 12.50% or 9 out of 72 have a less than 5% expected rental yield in their locality. And, 11.11% or
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

8 out of 72 have a 15% higher expected rental yield in their locality. In general, majority of the respondents

have a 10% - 14% expected rental yield in their locality.

Graph 9

What factors do you think affect rental yields in

boarding houses/apartments?

30.56%
36.11% Maintenance cost
Economic condition
Occupancy rates
Rental market trend

33.33%

This graph shows the result about the factors do you think affect rental yields in boarding houses/apartments.

The data revealed the 36.11% or 26 out of 72 respondents believe that maintenance cost affect rental yield in

boarding houses/apartment. Followed by, 33.33% or 24 out of 72 believe that economic condition affect rental

yield in boarding houses/apartment. Then, 30.56% 22 out of 72 believe that occupancy rates affect rental yield
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

in boarding houses/apartment. In general, majority of the respondents believe that maintenance cost affect

rental yield in boarding houses/apartment.

Graph 10

How frequently do rental yields change in your

experience?
1.39%
9.72%

Seasonally
Semi Anually
50% Quarterly
Monthly

38.89%

This graph shows the result about how frequently do rental yields change in your experience. The data revealed

that 50% or 36 out of 72 respondents said that rental yields frequently change seasonally. Followed by, 38.89%

or 28 out of 72 said that rental yields frequently change semi anually. Then, 9.72 or 7 out of 72 said that rental
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

yields frequently change quarterly. And, 1.39% or 1 out of 72 said that rental yields frequently change monthly.

In general, majority of the respondents said that rental yields frequently change seasonally.

CHAPTER IV: Discussion

SUMMARY AND FINDINGS

CONCLUSIONS

RECOMMENDATION

REFERENCES

APPENDICES

CURRICULUM VITAE
 Analyzing Occupancy Rates and Rental Yields of Boarding Houses/Apartments in Guagua, Pampanga

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