"Neighborhoods located within a half mile of public transit services outperformed those in areas farther from public transit based on a number of factors, according to a report released today by the American Public Transportation Association 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."
Residential properties within metropolitan areas that provide access to heavy rail, light rail, commuter rail and bus rapid transit had 4–24% higher median sale prices between 2012 and 2016, the report found. Commercial property near public transit also witnessed value gains in the studied cities, where four of the regions saw median sales prices per square foot increase between 5–42%.
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 in close proximity to transit do not own a vehicle, according to the study.
"Access to public transportation is an extremely 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 Vice President Charlie Oppler.
Neighborhoods with high-frequency public transportation are in high demand. While property values and rents have risen, contributing to healthy local economies, the rapidly increasing demand for housing near public transit has resulted in constrained housing supplies.
Real estate agents can showcase further value of their properties by promoting the building's proximity to public transportation. Train or Subway to Workplace Commuters can be targeted with both traditional and digital ads during their commute. According to AudienceSCAN, these consumers took action after seeing outdoor ads, hearing ads on both over-the-air and digital radio, either receiving ads via text or seeing ads on their mobile smartphone apps and receiving email ads. They're also 53% more likely than others to find advertisements on social media useful. Additionally, 42.9% of these commuters say that they enjoy reading local news and, last year, they took action after seeing ads in both print and online newspapers and magazines.
AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. In addition, AdMall contains industry profiles on real estate agents/agencies and apartment rental and management companies, as well as lead lists at the local level. Media companies, sales reps and agencies can access this data with a subscription to AdMall from SalesFuel.