Management & Operations

Passenger rail, bus service boosts real estate values, report finds

Posted on October 15, 2019

The seven sample areas were examined by residential and commercial sales performance, rent, neighborhood characteristics, local government interventions, and housing affordability for properties near transit.
L.A. Metro
The seven sample areas were examined by residential and commercial sales performance, rent, neighborhood characteristics, local government interventions, and housing affordability for properties near transit.L.A. Metro
Neighborhoods located within one-half mile of public transit services outperformed those in areas farther from public transit based on several factors, according to a report released by the American Public Transportation Association (APTA) and the National Association of Realtors®.

“The Real Estate Mantra – Locate Near Public Transportation” highlighted the critical role public transportation plays in determining real estate values, revealing that commercial and residential real estate market sales thrive when residents have mobility options close by.

The report explored seven metropolitan regions, including Boston, Los Angeles, and Seattle, that provide access to heavy rail, light rail, commuter rail, and bus rapid transit. Residential properties within these areas had a higher median sale price of 4% to 24% between 2012 and 2016, the report found. Commercial property values also experienced gains in the studied cities, where four of the regions saw median sales price per square foot increase between five and 42 percentage points in areas close to public transit.

Data also showed that residents of transit-oriented areas experience lower transportation costs, have higher access to jobs and are less likely to own cars. Transportation costs in transit-oriented areas are significantly lower than other regions, with an average annual savings of $2,500 to $4,400 for the typical household. One in four households near transit do not own a vehicle, according to the study.

The seven sample areas were examined by residential and commercial sales performance, rent, neighborhood characteristics, local government interventions, and housing affordability for properties near transit.

“Access to public transportation is a hugely valuable community amenity that increases the functionality and attractiveness of neighborhoods, making nearby communities more desirable places to live, work, and raise a family,” said NAR 2019 First VP Charlie Oppler, who spoke at a press conference held during APTA’s TRANSform Conference in New York. “The results of our report, conducted over multiple years alongside the American Public Transportation Association, should reiterate to policymakers at all levels of government the importance of investing in modern, efficient infrastructure that facilitates growth and helps our nation keep pace in a rapidly evolving world.”

To read the full study, click here.

View comments or post a comment on this story. (0 Comments)

More News

MARTA names chief customer experience officer, forms rider council

Rhonda Allen has worked closely with all departments across the authority, most recently coordinating plans for Super Bowl LIII.

WMATA unveils current and future HQ redevelopment plans

Proposed plan for the agency’s future office building at New Carrollton will be integrated into an urbanized town center.

Denver RTD board approves contract for interim GM Ballard

Board is seeking an executive search firm to oversee the national search for a permanent GM/CEO.

Chicago Transit contract enables SBEs to bid directly on projects

This is first time the agency will set aside opportunities for SBEs to work directly as prime contractors for engineering services.

San Diego's MTS continues bus, rail ridership gains

The last time MTS saw this level of ridership gains was in FY 2015, when the agency recorded back-to-back years of record ridership.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation