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Thoroughfares and Apartment Values

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Author Info
Paul K. Asabere () (School of Business and Management Temple University Philadelphia, Pennsylvania 19122)
Forrest E. Huffman () (School of Business and Management Temple University Philadelphia, Pennsylvania 19122)
Abstract

While the monocentric urban models were once adequate for predicting the declining rent gradients for North American cities, the advent of a transportation system with major arteries such as turnpikes, thoroughfares and commuter rails has distorted the rent gradient for many cities. In this study we examine the rent (or value) gradient for the City of Philadelphia with special reference to the impact of two major urban thoroughfares on apartment values. We find that apartment values decline by approximately 2.2% and 3.8% per block from major thoroughfares, while holding distance to the CBD and standard variables constant. As to be expected, distance to the CBD still continues to exert a dominant influence on apartment values in spite of the impacts of the thoroughfares. The findings are consistent with Ôaxial growth theory.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol12n01/v12p009.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 12 (1996)
Issue (Month): 1 ()
Pages: 9-16
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Handle: RePEc:jre:issued:v:12:n:1:1996:p:9-16

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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. James R. Frew & G. Donald Jud & Daniel T. Winkler, 1990. "Atypicalities and Apartment Rent Concessions," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 195-202. [Downloadable!]
  2. Cropper, Maureen L. & Gordon, Patrice L., 1991. "Wasteful commuting: A re-examination," Journal of Urban Economics, Elsevier, vol. 29(1), pages 2-13, January. [Downloadable!] (restricted)
  3. Karl L. Guntermann & Stefan Norrbin, 1987. "Explaining the Variability of Apartment Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(4), pages 321-340. [Downloadable!] (restricted)
  4. Steen, Robert C., 1986. "Nonubiquitous transportation and urban population density gradients," Journal of Urban Economics, Elsevier, vol. 20(1), pages 97-106, July. [Downloadable!] (restricted)
  5. G. Stacy Sirmans & C.F. Sirmans & John D. Benjamin, 1994. "Apartment Rent, Concessions and Occupancy Rates," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 299-312. [Downloadable!]
  6. Gin, Alan & Sonstelie, Jon, 1992. "The streetcar and residential location in nineteenth century Philadelphia," Journal of Urban Economics, Elsevier, vol. 32(1), pages 92-107, July. [Downloadable!] (restricted)
  7. John Quigley, 2006. "Urban Economics," Berkeley Program on Housing and Urban Policy, Working Paper Series 1072, Berkeley Program on Housing and Urban Policy. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Beth Wilson & James Frew, 2007. "Apartment Rents and Locations in Portland, Oregon: 1992 – 2002," Journal of Real Estate Research, American Real Estate Society, vol. 29(2), pages 201-218. [Downloadable!]
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