The Real Estate Mantra- Locate Near Public Transportation
mode - bus rapid transit, mode - rail, place - north america, place - urban, land use - transit oriented development, land use - impacts
Transit-Oriented Development, Public transit, property value
Since the Great Recession, many areas of the country are experiencing increased property values, especially near fixed-guideway public transit (rail and bus rapid transit). Easy access to destinations and activities is an important factor in household location. Businesses also recognize the benefits of locating near public transit to attract employees and customers, and to save on parking costs.
This report analyzed residential and commercial property sales between 2012 and 2016 in seven regions: 1) Boston, MA 2) Eugene, OR 3) Hartford, CT 4) Los Angeles, CA 5) Minneapolis-St. Paul, MN 6) Phoenix, AZ 7) Seattle, WA
This report details how public transit has increased value for properties, why developers should build near transit, why consumers that live near transit experience significant savings, and why policy makers need to work with communities on developing affordable housing near high-capacity transit.
Copyright remains with APTA & NAR.
Shankar, P., Young, L., Haas, P., & Esling, P. (2019). The Real Estate Mantra- Locate Near Public Transportation. American Public Transportation Association (APTA) & National Association of Realtors (NAR), pp. 56.