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How new transit options are affecting apartment rents
A new analysis tracking the relationship between transit access and apartment rent seeks to put some numbers behind the dramatic shifts in urban mobility. The new study by RCLCO, a real estate consultancy, and TransitScreen, a company that provides real-time arrival and departure info, analyzed 40,000 apartment developments nationwide, which contained roughly 9 million units, to determine how access impacts costs in different cities and neighborhoods. Results found that improvements in access to bike-sharing and ride-hailing made a more significant difference nationally than access to traditional transit or carshare services.
Locational access to ridesharing and bikeshare made a larger difference than traditional transit.
Areas with great access to transit had a higher premium and are located in downtown commercial areas.
Data shows there is more room for transit-oriented development.
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