Renters usually have a laundry list of requirements when searching for their potential home. From access to retail and restaurant amenities, greenspaces and parks, schools or even the office – location is always one of the main driving factors in determining where to live. Rents have remained somewhat stable, even with the uptick in supply of high-end luxury apartments, but the multifamily sectors in many of the nation’s most buzzed about markets have continued to decline. Apartment sales have dropped a dramatic 42% in the first quarter of 2017, but there does seem to be a direct correlation between a property’s walkability and their ability to charge higher rents.
Residential properties with the highest Walk Scores have seen a 167% increase in the last 7 years. “Apartment buildings with Walk Scores more than 90, denoting a “walker’s paradise” based on an algorithm awarding points for proximity to businesses, parks, theaters, schools and other common destinations, recorded a 16% increase in price paid per unit year-over-year in the first quarter of 2017.”
People are fed up with commuting – and with Oregon’s booming population growth and subsequent dismal traffic conditions (Portlanders spent an average of 47 hours in traffic last year, and we are ranked 12th in the country for worst commute), easy access to work and play is high up on the list of home prerequisites, and it seems that people are willing to pay for it.