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The Effect of Rail Transit on Property Values: A Summary of Studies
This paper provides a review of recent studies of rail transit's impact on property values and discusses the types of impacts rail transit can have on properties. It also outlines the reasons for contradictions between results of different studies.
"It is clear that in most cases access to rail systems is valued by property owners and there is little support for the suggestion that proximity to rail actually decreases property values."
Benefits in property value from (rapid or light) rail "depend on reliable, frequent, and speedy service to a large market area."
"Evidence for rail’s influence on residential property values has been demonstrated more clearly than for commercial uses. However, this is due more to data and analysis difficulties than to a lack of effect. More recent studies have attempted to correct earlier analysis problems and have found statistically significant and positive impacts of light rail and rapid rail on commercial properties. It is likely that the magnitude of the impact on commercial property values will vary according to: how much accessibility is improved, the relative attractiveness of the locations near the station area, and the real estate market in the region."
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