TY - CHAP
T1 - (Overlooked) association between express bus station/stop proximity and multifamily rents with a surprise about transit mode synergism and implications for transit and land use planning
AU - Nelson, Arthur C.
AU - Hibberd, Robert
N1 - Funding Information: The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: This manuscript was prepared as part of the project sponsored by the National Institute of Transportation and Communities (Project Numbers 1103 and 1253) with match provided by the City of Tucson, Regional Transportation Commission of Southern Nevada, Mid-America Regional Council, Wasatch Front Regional Council, Portland Metro, and the University of Arizona. Publisher Copyright: © National Academy of Sciences: Transportation Research Board 2021.
PY - 2021
Y1 - 2021
N2 - Despite hundreds of studies into the association between real estate value and proximity to fixed-route transit (FRT) systems, none has assessed the association with respect to express bus transit (XBT) stations/stops. Ours is the first to do so. Using a static, cross-section quasi-experimental research design, we evaluate CoStar multifamily (MF) rent per square foot to estimate the difference in rent with respect to proximity to XBT stations/stops. However, we are also interested in knowing whether there are synergistic price effects at the intersection of XBT and other FRT systems such as light rail transit (LRT). In this article, we estimate the MF rent premium with respect to XBT and LRT (XBT+LRT) station/stop proximity separately, rent premiums for combined XBT and LRT stations/stops and for those MF cases that are more than 1.0 mi beyond the nearest LRT station. In all cases, whether separately or combined with LRT stations or away from LRT stations, we find positive associations between MF rent and proximity to XBT stations/stops. However, we also find evidence of negative externalities at or near XBT, LRT, and XBT+LRT stations/stops. Express bus transit and land-use planning implications are offered.
AB - Despite hundreds of studies into the association between real estate value and proximity to fixed-route transit (FRT) systems, none has assessed the association with respect to express bus transit (XBT) stations/stops. Ours is the first to do so. Using a static, cross-section quasi-experimental research design, we evaluate CoStar multifamily (MF) rent per square foot to estimate the difference in rent with respect to proximity to XBT stations/stops. However, we are also interested in knowing whether there are synergistic price effects at the intersection of XBT and other FRT systems such as light rail transit (LRT). In this article, we estimate the MF rent premium with respect to XBT and LRT (XBT+LRT) station/stop proximity separately, rent premiums for combined XBT and LRT stations/stops and for those MF cases that are more than 1.0 mi beyond the nearest LRT station. In all cases, whether separately or combined with LRT stations or away from LRT stations, we find positive associations between MF rent and proximity to XBT stations/stops. However, we also find evidence of negative externalities at or near XBT, LRT, and XBT+LRT stations/stops. Express bus transit and land-use planning implications are offered.
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U2 - https://doi.org/10.1177/03611981211005457
DO - https://doi.org/10.1177/03611981211005457
M3 - Chapter
T3 - Transportation Research Record
SP - 247
EP - 260
BT - Transportation Research Record
PB - SAGE Publications Ltd
ER -