{"id":10837,"date":"2018-11-16T15:15:58","date_gmt":"2018-11-16T23:15:58","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10837"},"modified":"2018-11-12T09:52:10","modified_gmt":"2018-11-12T17:52:10","slug":"transportation-formula-measures-premium-rent","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/transportation-formula-measures-premium-rent\/","title":{"rendered":"Transportation Formula Measures Premium Rent"},"content":{"rendered":"<p style=\"text-align: justify;\">A report analyzing the impact of augmented transportation on Greater Vancouver housing could help real estate investors find shrewd deals.<\/p>\n<p style=\"text-align: justify;\">Specifically, the report by the Real Estate Intelligence Network, uses a precise formula to determine where valuation increases lie.<\/p>\n<p style=\"text-align: justify;\">\u201cThe formula is fantastic because it\u2019s an added layer of security for your investment,\u201d said Jennifer Hunt, REIN\u2019s vice president of research. \u201cThe transportation formula goes right down to the metre, so we\u2019re largely looking at accessibility to highways, LRTs, the SkyTrain or some sort of commuter train, and that can increase value. Infrastructure affects different property types differently. For example, multi-family residential gets a bigger lift in rents and value than single-family homes closer to the SkyTrain, but all property types get a lift of about 15% in rent and value if they\u2019re within around 800 metres of a SkyTrain.\u201d<\/p>\n<p style=\"text-align: justify;\">The report uses peer-reviewed research, which Hunt says builds upon itself, from cities across the world and applied it to case studies.<\/p>\n<p style=\"text-align: justify;\">\u201cIf you want to know right down to when an announcement about major infrastructure development is made, you\u2019ll see an increase, then a decrease during construction, and then there\u2019s an overall net benefit when it\u2019s complete,\u201d she said. \u201cBy knowing this, you\u2019ll know even when to purchase real estate around transportation. Not only that, but you\u2019ll know which property type.\u201d<\/p>\n<p style=\"text-align: justify;\">The formula can even ascertain how much value amelioration a station upgrade can have on surrounding homes.<\/p>\n<p style=\"text-align: justify;\">Interestingly, the report determined, through the \u201ccompensation principle,\u201d that commuters who live closer to the SkyTrain generally save about $1,200 a year in transportation costs.<\/p>\n<p style=\"text-align: justify;\">\u201cTherefore,\u201d said Hunt, \u201cin relation to other research on transportation\u2019s effect, the rent will be higher. There\u2019s a premium on rent, and if tenants want to live closer to transportation and can afford those higher rents, they may benefit from transit savings of about $1,200.\u201d<\/p>\n<p style=\"text-align: justify;\">The same principle appears to hold true in Canada\u2019s largest city, as well. According to Christine Cowern, a sales representative and team lead at Keller Williams Reffered Urban Realty, rent in downtown Toronto\u2014which has the highest concentration of subway stations in the city\u2014easily trumps every other geographical location in the region.<\/p>\n<p style=\"text-align: justify;\">\u201cMost people looking for rentals in Toronto are looking in the downtown core,\u201d she said. \u201cTake a downtown unit and compare it to a similar one on Queen St. W., which is without easy subway access, and you\u2019d easily pay $400 to $500 more in the core for that luxury.\u201d<\/p>\n<p style=\"text-align: justify;\">Midtown is the second-most expensive rental market in Toronto, and Cowern notes that, like downtown, it is sufficiently serviced by below-grade transit.<\/p>\n<p style=\"text-align: justify;\">\u201cEven a streetcar doesn\u2019t hold the same value as a subway,\u201d Cowern continued. \u201cOne-hundred percent, tenants will pay a premium to live downtown. Not only do you have subway access, which is crucial because people need to be able to travel easily within the city, and especially with traffic being as bad as it is, it\u2019s fantastic for them to hop on the subway.\u201d<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/transportation-formula-measures-rent-250440.aspx\" target=\"_blank\" rel=\"noopener\">Transportation Formula Measures Rent<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A report analyzing the impact of augmented transportation on Greater Vancouver housing could help real estate investors find shrewd deals. Specifically, the report by the Real Estate Intelligence Network, uses &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/transportation-formula-measures-premium-rent\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-10837","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Transportation Formula Measures Premium Rent &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/transportation-formula-measures-premium-rent\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Transportation Formula Measures Premium Rent &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A report analyzing the impact of augmented transportation on Greater Vancouver housing could help real estate investors find shrewd deals. 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