Stubbornly high gas prices and gridlocked freeways have compelled younger workers and retiring Baby Boomers to rethink the suburbs as a place to live and work. As the apartment pipeline again fills to pre-recession levels, recent construction data shows that cities and forward-thinking multifamily developers are getting the message.
A CoStar analysis of apartment construction data since 2000 shows a significant shift over the last couple of years toward new multifamily projects located within walking distance of rail and bus lines. It also found that landlords such apartments collect higher rents and have higher occupancies than non-transit-oriented properties. These communities are often part of larger, pedestrian friendly transit-oriented developments (TODs) featuring a mix of office, shopping and entertainment districts encouraged by municipal planners as a key strategy to lure businesses, residents and visitors to revitalize urban and outer-ring neighborhoods.
Read more...Rent Perks for Landlords: Transit-Oriented Apt. Developers Reap Occupancy, Income Premiums - CoStar Group
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