Using the Real Estate Market to Establish Light Rail Station Catchment Areas Case Study of Attached Residential Property Values in Salt Lake County with respect to Light Rail Station Distance

摘要

Considerable literature reports the price effects of light rail transit accessibility on residentialproperties built principally for owner-occupants. Few show the relationship between light railtransit and rental apartment building values and those that do evaluated outcomes within narrowdistance bands from light rail transit stations. Our paper closes some of this gap in research. Weestimate the association between TRAX, the light rail system operated by the Utah TransitAuthority serving Salt Lake County, Utah, and the value of rental apartment buildings in one45quarter mile distance-bands from light rail stations out to one and one-half miles. Controlling forstructural, neighborhood and location characteristics, we find a positive relationship betweenTRAX station proximity and rental apartment building values to one and one-quarter miles but notbeyond. Implications are offered.