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Rail News: Rail Industry Trends
Transit-rail, bus service boosts real estate values, report says
Public transit helps boost residential and commercial real estate values of neighborhoods where such service is available, according to a new report released yesterday by the American Public Transportation Association (APTA).
The report, based on a recent study jointly developed by APTA and the National Association of Realtors® (NAR), highlights the role public transportation plays in determining real estate values.
The study examined seven metropolitan regions — Boston; Eugene, Oregon; Hartford, Connecticut; Los Angeles; Minneapolis-St. Paul; Phoenix; and Seattle — that provide access to heavy rail, light rail, commuter rail and bus rapid transit.
Residential properties within the areas had a higher median sale price of 4 percent to 24 percent between 2012 and 2016, the study found.
Commercial property values also posted gains in the studied cities, where four regions reported median sales price per square foot rose between 5 to 42 percentage points in areas that are close to public transit, APTA officials said in a press release.
Data also indicated that residents of transit-oriented areas experience lower transportation costs, have higher access to jobs and are less likely to own cars.
"Public transit's benefits go beyond moving people from point A to point B," said APTA President and Chief Executive Officer Paul Skoutelas. "Public transportation gets people to jobs and educational opportunities, and helps businesses attract employees and customers."
NAR 2019 First Vice President Charlie Oppler said access to public transportation increases the "functionality and attractiveness of neighborhoods."
"The results of our report, conducted over multiple years alongside [APTA], should reiterate to policymakers at all levels of government the importance of investing in modern, efficient infrastructure," Oppler said.
APTA released the report, titled "The Real Estate Mantra — Locate Near Public Transportation," during the association's annual conference being held this week in New York City.
Contact Progressive Railroading editorial staff.