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

Jeremy Gabe, Karen McGrath, Spenser Robinson and Andrew Sanderford

Journal of Sustainable Real Estate, 2023, vol. 15, issue 1, 2162515

Abstract: 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, we 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.

Date: 2023
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DOI: 10.1080/19498276.2022.2162515

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