An In-Depth Understanding of the Residential Property Value Premium of a Bikesharing Service in Portland, Oregon

Abstract

Bikesharing (BSS) is an emerging alternative mode of transportation with various benefits, such as reducing reliance on single-occupancy automobiles, boosting public health, lowering pollution levels, and enhancing accessibility. Accordingly, proximity to BSS stations can be factored into residential property values. Thus, this research attempts to explore whether (1) proximity to BSS was positively associated with residential property prices in Portland, Oregon, (2) proximity to BSS and public transportation modes showed synergistic effects on the values, and (3) the magnitude of the BSS premium intensified over time. The findings of spatial hedonic models indicate (1) a premium for proximity to BSS in both single-family and multi-family housing markets with varying magnitudes, (2) synergetic effects between BSS and public transportation modes, including light rail transit, streetcar, and bus, and (3) an unchanged premium for BSS between 2016 and 2019 with a few exceptions. The findings expand discussions around transportation-induced property value premium and offer policy implications.

Keywords

• bikesharing service
• real estate
• premium
• economic impact
• spatial analysis