Monday, May 22, 2023

An Analysis of U.S. Multi-Family Housing, Eco-Certifications, & Walkability

This paper examines the persistence of differentiated pricing in the multi-family housing related to eco-certification. In examining a sample of market rents for non-specialty, multi-family properties both across the U.S., as well as those areas that enjoy the highest concentrations of LEED certified apartments, Jeremy Gabe, Karen McGrath, Spenser Robinson and Andrew Sanderford find rental premiums of 10.2% and 14.7%, respectively for those properties with LEED certification. The addition of the continuous Walk Score, to control for variations in urban form, results in premiums of 7.4% and 9.6%, respectively. These findings are directionally consistent with those found in earlier studies, and demonstrate a persistence in rental premiums for certified properties over time, and with increased LEED adoption.

by Jeremy Gabe,Karen McGrath,Spenser Robinson &Andrew Sanderford
Article: 2162515; Published online: 17 Jan 2023

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