Bus rapid transit improves property values, study says - Ohio State News
A new study reveals that while few cities in the U.S. have high-quality bus rapid transit systems, those that do see benefits to nearby property values.
Researchers investigated the impact of bus rapid transit (or BRT) systems on property values near 11 BRT systems in 10 U.S. cities, noting previous research found that traditional bus services generally have a minor negative impact on nearby land values and apartment rent prices.
While BRT didn’t have a negative impact in most of the cities studied, it did improve multi-family property values in some cities such as Cleveland, which may be a model that some other cities can follow, said Blake Acton, who led the study as a graduate student at The Ohio State University.
“What we saw in Cleveland is something that's new and desirable, and people really want to live near the BRT system there,” Acton said. “That demonstrates that it's possible to build premium BRT infrastructure and stimulate transit-oriented development in the United States.”
The study was published in the Journal of Transport Geography.
“Our results show that locations near BRT systems in congested, growing cities with high transit ridership can see property value increases,” said study co-author Harvey Miller, professor of geography and director of the Center for Urban and Regional Analysis at Ohio State. "But high quality BRT can have positive impacts in more cities.”
BRT is distinguished from traditional bus service by seeking to deliver faster and more efficient service through amenities such as dedicated lanes for buses, greater service frequency, traffic signal priority, off-board fare collection, elevated platforms and enhanced stations.