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How close to public mass transit for it to affect a rental's value?

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  • How close to public mass transit for it to affect a rental's value?

    By the end of the decade, a light rail is supposed to be operational near my rentals. The distance will be 2 miles from the stop. Theoretically this a walkable distance but maybe 1/1000 people would do that walk, 1/50 might bike it. There's supposed to be 500 parking spots, I don't see where they'd get the space. I think people conceptually like having public transit nearby. But except for maybe a dozen specific cities in the US, people drive.

  • #2
    I don't know the real answer to your question but having lived in areas with mass transit, I'd say you really need to be within 1 mile of it (and yet not too close because of noise) for it to really drive up rents/property values. It depends on what the typical weather is in your area and like you suggest, walking a mile takes 10 minutes or less while 2 miles seems like more of a chore for people, rightly or not.

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    • #3
      Originally posted by burritos View Post
      By the end of the decade, a light rail is supposed to be operational near my rentals. The distance will be 2 miles from the stop. Theoretically this a walkable distance but maybe 1/1000 people would do that walk, 1/50 might bike it. There's supposed to be 500 parking spots, I don't see where they'd get the space. I think people conceptually like having public transit nearby. But except for maybe a dozen specific cities in the US, people drive.
      we lived <0.5m from a light rail stop in a HCOL area....used it once.
      it was not a factor in the price of rentals in the area.

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      • #4
        1. Agree with JBME on the under 1 mile but not too close thing
        2. The end of the decade is still 9 years away. Attitudes towards driving are rapidly changing especially amongst younger generations
        3. People often choose a rental (or place to buy)based on a vision of what they want their life to be rather than what it really will be. Often that vision includes walking/ taking a light rail etc for their commute even when in reality they just end up driving everywhere

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        • #5
          Also do not know the answer.
          Boston, NY, and Chicago has a weather issue that greatly shortens the desired walking distance. Light rail is not really a noise issue.
          I have a property in Houston right next to the light rail line that is perfect for the commute downtown and to the Med Center on the south side. The only problem is the area. Not going to get premium rents regardless what you put on it. Best option seems to be condos or apartments. Light rail has increase gentrification in that area. Mostly rehabs and resale. Not so much rentals.

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          • #6
            Originally posted by JBME View Post
            I don't know the real answer to your question but having lived in areas with mass transit, I'd say you really need to be within 1 mile of it (and yet not too close because of noise) for it to really drive up rents/property values. It depends on what the typical weather is in your area and like you suggest, walking a mile takes 10 minutes or less while 2 miles seems like more of a chore for people, rightly or not.
            I am highly impressed if you are "walking" a mile in 10 minutes or less!

            I don't know the answer to your question, OP, but I highly doubt that it would be an absolute financial difference for you. Might help with occupancy rate or a longer applicant list.

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            • #7
              Lol. I admit being from New York originally I’m naturally a speed walker. It’s my natural form of exercise

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              • #8
                Originally posted by JBME View Post
                Lol. I admit being from New York originally I’m naturally a speed walker. It’s my natural form of exercise
                granted, most of the measured distances that I walk are on a trail with a backpack, but I can barely run 10 min miles these days!

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                • #9
                  Well, impossible to say how much it will help, but I doubt it will hurt in any way. Who knows? I do think people will envision themselves walking to the light rail and taking it to work on nice summer mornings but I guess they will likely not do it as often as they imagine. I second the idea that the noise is not really an issue most of the time. lived right next to a train and we could hear it but you get so used to it that you no longer notice it. I would not even wake up nor notice it when taking a nap but friends at my house would comment and I would go, "oh yeah, that is the train". If the windows were open it was more obvious but not too bothersome. People adapt and it was nice to be able to jump on the train and go downtown without driving and looking for parking (or paying for parking!). I think the train might end up with some Mr Money Mustache type riding his bike to the station and taking it to work every day! or more likely thinking they will after they rent it.

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