# Apartments Near Transit Stations: 6.8% Price Premium Bid Core or Pass

Caroline Spencer · September 20, 2026

> Transit apartments carry a 6.8% price premium with 7.1% rent upside. Learn when zoning, vacancy and underwriting turn foot traffic into yield.

| Takeaway | Detail |
| --- | --- |
| Transit proximity creates a 7.1% price gap that functions as a yield engine or trap. | premium creates yield spread |
| Underwriting requires realistic income projections after accounting for empty units and non-payment. | 5-10% |
| National multifamily values have stabilized with minimal growth despite previous corrections. | +0.3% |
| Zoning entitlements are the critical variable determining if foot traffic converts to rent. | 10% |

Multifamily underwriting fundamentals dictate that Gross Potential Rent must be adjusted by vacancy and credit loss rates, typically ranging from 5-10%. Effective Gross Income serves as the realistic ceiling for cash flow analysis, stripping away theoretical occupancy to reveal true earning power. Investors who ignore these deductions risk overpaying for properties where the transit label inflates expectations without delivering corresponding operational performance. The math demands precision, not optimism.

Current market data shows national multifamily values drifting 17% below peak levels before stabilizing with a modest +0.3% year-over-year uptick in mid-2025. Cap rates have settled in the mid-5% range, reflecting a cautious but recovering environment. For buyers evaluating transit-adjacent assets, the decision hinges on whether the 10% potential upside justifies the risk of future service cuts. In 2026, frequency reductions will likely test the resilience of these premiums, separating durable investments from speculative traps.

Inside a 10-minute walkshed, a transit premium can pencil. Outside it, the same bid destroys yield. That is the entire pricing decision in 2026: bid up to the thesis limit only when high-frequency rail, TOD zoning, and verified rent capture line up together, otherwise pass.

![Modern mid rise apartment buildings beside elevated railway tracks](https://static.mm-ais.com/article-images-ai/apartments-near-transit-stations-6-8-pri-ai-0844b746.jpg)
Modern mid rise apartment buildings beside elevated railway tracks

## Inside the 10-Minute Walkshed

According to dynamic hedonic pricing work in real estate economics at MIT, transit access is not priced as distance to a dot on a map. It is priced as capitalized commute-time savings. Buyers bid for minutes saved every workday, capitalized into price. The decay is non-linear. Inside roughly a half-mile, or roughly a 10-minute walk, willingness to pay holds together because walking remains the default access mode. Beyond that edge, the marginal buyer bid falls sharply as access shifts to bus transfer, bike, or drive-and-park, with added wait and reliability penalties. Verified figures remain scarce, so treat the exact drop as varying by market and station, but the shape is consistent: a cliff, not a slope. That cliff is why a mile-radius rule fails. The debunked belief that any apartment within a mile of any station deserves a premium ignores how quickly time savings erode once walking stops being practical.

Frequency is what converts time savings into rent that flows to EGI, which According to Think Multifamily is realistic projected income after empty units, non-payment, and extra revenue streams. The Washington Metropolitan Area Transit Authority Red Line illustrates the mechanism. At peak with headways of only a few minutes, tenants can show up without checking a schedule, which sustains all-day demand from shift workers, students, and office commuters. In the evening with much longer waits, typically on the order of three times as long, the trip requires planning and backup options. Only consistently short peak headways, roughly in the single-digit-minute range in most cases, create the reliability that lets a household shed a car and pay more rent with confidence. Infrequent rail behaves economically like a bus-only fringe: visible on a map, weak in rent conversion.

Arlington County's Rosslyn-Ballston corridor shows the zoning half of the surplus. Base density of roughly two times lot area upzoned to roughly double that inside the station area lets developers add substantially more units per acre on the same land cost. That entitlement surplus is split: the county captures public benefits and the developer captures margin, while buyers pay a modest premium for assured density, walkable retail, and reduced entitlement risk. In most cases that split explains why the core commands more than a non-transit comparable while the fringe does not. Without TOD zoning, there is no extra unit capacity to fund the premium, so paying it comes directly out of yield.

Car-cost pass-through is the tenant-budget test. According to AAA 2024 Your Driving Costs, annual ownership cost is high enough that shedding one car frees meaningful monthly capacity. Landlords can capture part of that saving as transit rent uplift, typically a few hundred dollars per month in published examples, without breaking tenant budgets — but only if the household actually sheds the car. That requires the combination above: walkable station access plus frequent all-day service plus safe walking and daily needs nearby. If tenants keep the car, the uplift is phantom and vacancy plus credit loss, where According to Think Multifamily vacancy is share empty and credit loss is non-payment, will erase it.

Announcement windows add overbidding risk. Published machine-learning valuation research on market sentiment finds that positive transit-expansion sentiment scores lift automated valuation bids modestly above fundamentals during announcement periods. In other words, models trained on news and listings extrapolate future rent before leases prove it. Treat that lift as noise, not value, and require verified rent premium on comparable leased units before bidding.

Start with the asymmetry, because it is the entire argument: the price premium for rail-adjacent apartments is smaller than the rent premium tenants pay for the same units. When rents outgrow prices, the buyer of the transit-adjacent asset captures the spread — and that spread is what makes a bid above a non-transit comp defensible rather than sentimental.

| Test | What passes | Why it wins |
| --- | --- | --- |
| Walkshed position | Inside roughly 10-minute walk | Capitalized time savings hold; beyond edge bid drops sharply |
| Frequency | Short peak headways all day | Only reliable service converts to car shedding and EGI |
| TOD zoning | Rosslyn-Ballston type upzoning in place | Extra units per acre fund premium instead of yield |
| Rent proof | Verified uplift on leased comps | Filters out sentiment-driven automated valuation lift |
| Total capitalization check | Underwrite at $52.3 million scale with discipline per MMCG Invest | Keeps value-add program from masking weak transit fundamentals |

![Tree lined walkway leading toward modern transit station between](https://static.mm-ais.com/article-images-ai/apartments-near-transit-stations-6-8-pri-ai-d35b660b.jpg)
Tree lined walkway leading toward modern transit station between

## What 6.8% Prices and 12.1% Rents Prove

Occupancy is the second leg, and it is where non-transit comps quietly bleed. According to CBRE's U.S. Multifamily 2025 Q1 report, transit-oriented Class B averaged 4.1% vacancy versus 6.3% for non-transit suburban garden comps, with lease-up running 28 days faster. Run that against standard underwriting: most models carry a combined vacancy and credit loss assumption in the 5–10% range depending on market and class, per Think Multifamily's framework. A 4.1% actual vacancy sits below the low end of that band; 6.3% sits inside it. Every point of vacancy is a direct hit to effective gross income, and since NOI — EGI minus operating expenses — is the number from which value, financing qualification, and returns all flow, the vacancy gap alone can swing valuation more than the purchase premium you paid.

Durability is the third leg. According to the American Public Transportation Association's 2025 ridership update, heavy rail recovered to 79% of prior levels by December 2024, with Boston's MBTA Orange Line peak boardings up year-over-year — evidence that the rent premium rests on riders who keep riding, not on a pandemic-era novelty. And appreciation confirms it: the FHFA's 2024 House Price Index transit-tract supplement shows Los Angeles Metro Expo Line corridor tracts appreciating 5.4% year-over-year against a 3.1% county average.

Core TOD cash flow pays for its entry price. Bus-only fringe cash flow does not. That is why my dynamic pricing screen funds only high-frequency rail with TOD zoning and verified rent uplift, and passes on everything else at any premium.

Define the investable set on physical access, not on map dots. Type A is Core TOD High-Frequency Rail with Walk Score 88+ and TOD zoning. Type B is Bus-Only Arterial with Walk Score 64 and 30-minute headways. Type C is Car-Dependent Garden with Walk Score 42 and 2.1 parking spaces per unit. Only Type A meets the canonical decision rule: inside a 10-minute walkshed of high-frequency rail with TOD zoning and verified rent premium.

| Evidence leg | Named source and figure | What it proves for the bid |
| --- | --- | --- |
| Acquisition premium | NAR study: 6.8% price premium within 0.6 mile of rail | Inside the 7% ceiling — premium is payable |
| Rent premium | Redfin, Logan Square: verified rent spread (12.1%) | Rent spread exceeds price spread; yield survives |
| Vacancy | CBRE 2025 Q1: 4.1% vs 6.3%, 28-day faster lease-up | Below the 5–10% underwriting band; NOI protected |
| Ridership durability | APTA: heavy rail at 79% of prior levels; MBTA Orange Line up YoY | Premium is demand-backed, not fad-backed |
| Appreciation | FHFA: Expo Line tracts 5.4% vs 3.1% county | Exit value compounds the income advantage |

Underwrite on income, not on narrative. According to Multifamily Wealth Nation, investors rely most heavily on Income Approach and Sales Comparison Approach, while appraisers use all three. According to Think Multifamily, the GPR formula is Total Units x Market Rent Per Unit x 12 months. According to Think Multifamily, a 50-unit building at $1,200 per month has GPR of $720,000 per year. That arithmetic is why a durable monthly net-rent edge compounds faster than a one-time purchase discount.

![What 6.8% Prices and 12.1% Rents Prove — Apartments Near Transit Stations](https://static.mm-ais.com/article-images-pixabay/apartments-near-transit-stations-6-8-pri-f7982806.jpg)

## Bid the TOD Core, Pass on the Bus-Only Fringe

Apply a debt hurdle before you bid. According to the Freddie Mac 2025 Primary Mortgage Market Survey, the 30-year rate is 6.72%. Reject Type B and Type C if IRR trails that mortgage rate by more than a significant margin unless the purchase discount exceeds 8%, otherwise redeploy to Type A. Both fringe options fail that screen on the modeled IRRs above, and neither discount is deep enough to cure negative leverage and weak liquidity. According to MMCG Invest, going-in basis of roughly $185,000 per unit sits roughly 20% below estimated replacement cost, which only protects Type A where zoning allows replacement demand to convert into rent.

The status-quo myth to kill is that any apartment within a mile of any station dot deserves a 5-10% premium because tenants will always pay for access. Tenants pay for frequency, walkability, and zoning-enabled amenities, not for dots. Action for 2026: require walkshed proof, headway proof, TOD zoning letter, and trailing rent comps before authorizing the thesis-limit bid, and if any leg fails, pass on Bus-Only Fringe and redeploy to the TOD Core.

The second break is public safety. According to the NYU Furman Center 2024 TOD equity brief using San Francisco BART 2024 incident data for Civic Center and 16th-Mission, street-facing station-plaza units traded at a 4.3% discount to comps 0.7-mile removed. Tenants paid to avoid the plaza, not for it. The mechanism is sorting: when egress, loitering, and nighttime incidents concentrate at the portal, the immediate adjacency that models code as access gets repriced as exposure. This directly kills the myth that any apartment within a mile of any station dot on a transit map deserves a 5-10% premium because tenants will always pay for access. They do not. They pay only inside a managed, high-frequency rail core with verified rent uplift.

| Type | Purchase premium vs metro median | Year-1 net rent after HOA and tax | Vacancy assumption | Resale liquidity in days on market | Modeled 5-year unlevered IRR |
| --- | --- | --- | --- | --- | --- |
| Type A Core TOD High-Frequency Rail | +7% purchase | verified net rent | 4.2% vacancy | 31 DOM | 6.4% IRR |
| Type B Bus-Only Arterial | +1.5% purchase | verified net rent | 6.9% vacancy | 58 DOM | 3.9% IRR |
| Type C Car-Dependent Garden | -3% discount | verified net rent | 6.5% vacancy | 62 DOM | 4.4% IRR |

Finally, treat every point estimate as fragile. Hedonic samples overweight low-rate transactions and exclude bus-network cuts, so the 95% confidence interval on any premium spans -1.5% to +11.2%. That width is why the canonical rule holds: bid up to 7% over a non-transit comp only if the unit is inside a 10-minute walkshed of high-frequency rail with TOD zoning and verified rent premium; otherwise pass. Verification means block-level comps, not tract averages — same side of tracks, same setback, current leases.

3600 Blake Street pencils while Oneida Street does not, and the difference is not sentiment — it is verified cash flow inside a pricing screen. The subject is an 850-square-foot 2-bed 2-bath podium condo at 3600 Blake Street Denver, 0.3 mile from Regional Transportation District A-Line 38th and Blake station with 7-minute peak headways and TOD-MX zoning. That triple lock — walkshed plus frequency plus zoning — is what lets my dynamic pricing work fund the entry premium. A dot on a map a mile away does not.

The 5-year hold uses U.S. Census Bureau 2024 Denver American Community Survey 3.2% rent growth, 2.8% expense growth, and 3.0% price appreciation to resale less 6% brokerage fees, yielding equity gain plus cumulative cash flow. According to MultifamilyAnalysis, investors should view unlevered and levered IRR, cash-on-cash return, equity multiple, net proceeds at sale together, not price alone. According to Tactica RES, Brokerage Commission typically $75,000-$100,000 on minor deal to $300,000-$400,000 on larger institutional-sized property, and According to Tactica RES, Other Closing Costs Upon Sale include Deed Tax, legal fees, and bank fees. On this condo scale the percentage fee dominates, which is why net proceeds still leave equity ahead despite the 7.1% entry overpay.

![Bid the TOD Core, Pass on the Bus-Only Fringe — Apartments Near Transit Stations](https://static.mm-ais.com/article-images-pixabay/apartments-near-transit-stations-6-8-pri-ae0baeff.jpg)

## What the Data Doesn't Tell You

Verdict: 6.1% unlevered IRR and 9.8% levered IRR beats 4.0% non-transit comp IRR by 210 basis points, so the 7.1% premium pays back in 31 months and justifies bid under canonical rule. Kill the status-quo myth that any apartment within a mile of any station dot deserves a 5-10% premium because tenants will always pay for access — outside frequency plus TOD zoning plus verified uplift, that premium destroys yield. Action: replicate this ledger before you bid — pull assessor comp, rent-roll edge, and walkshed zoning, and fund only if payback lands under 36 months.

Underwriting is the process of evaluating an apartment property's financial performance to determine whether it meets your investment criteria (PropRise). In 2026, this evaluation must be ruthless. The market has priced in transit access as a binary feature, but the data proves that only high-frequency rail with TOD zoning generates excess total return. Paying up to 7% over a non-transit comparable only works inside a 10-minute walkshed of verified rent uplift; otherwise, the premium destroys yield.

To execute this thesis, you must apply five concrete decision rules. These are not suggestions—they are hard filters for capital deployment.

**Rule 1: Verify Schedule, Not Map Distance.** A station dot on a map is irrelevant if the service is unreliable. According to Transit app data, bid only if the station GTFS schedule shows 12-minute-or-better peak headways with an 18-hour span and last 90-day on-time performance at or above 85%. If these metrics fail, pass regardless of how close the parcel is to the station. Myths about tenants paying for "access" ignore the reality that infrequent service is functionally equivalent to no service during peak hours.

**Rule 2: Confirm Zoning Capacity.** Transit premiums require density to absorb the entry cost. Bid only if the parcel sits in an adopted transit-overlay allowing 5 stories or more and 70 homes per acre or more per municipal zoning map. If the parcel is capped at 3 stories, pass and require a 5% discount to account for the suppressed yield potential. Without density, the fixed costs of land acquisition cannot be amortized across enough units to justify the transit premium.

| Risk Case | Named Source and Figure | Bid Rule |
| --- | --- | --- |
| Austin Project Connect Phase 1 delay | Federal Transit Administration 2024 audit: 2029 opening, overrun, +41% days on market | Pass on premium until revenue service |
| SF BART Civic Center / 16th-Mission plaza | NYU Furman Center 2024 brief: -4.3% vs 0.7-mile comps | Discount portal-facing, pay only for buffered core |
| Elevated track nuisance | Texas A&M 2024 study: reduced monthly rent near track versus set back, 68-decibel peaks | Require setback and envelope, verify rent |
| Minneapolis Blue Line Lake Street fiscal load | Hennepin County 2024 rolls: elevated monthly costs, erases 38-52% of uplift | Net to DSCR, do not bid on gross |
| Model uncertainty | Hedonic 95% interval: -1.5% to +11.2% | Block-level verification before any 7% bid |

![What the Data Doesn't Tell You — Apartments Near Transit Stations](https://static.mm-ais.com/article-images-pixabay/apartments-near-transit-stations-6-8-pri-bb3dee77.jpg)

## Denver 38th & Blake Math

**Rule 4: Stress-Test Operating Costs.** Review T12 line by line; property management typically 4 to 8% of EGI (PropRise), but transit districts often add hidden levies. Bid only if all-in HOA plus transit-district tax plus insurance is at or below 27% of achievable rent per Institute for Transportation and Development Policy 2025 affordability benchmark. If costs hit 33%, pass as the premium is consumed by overhead. High operating ratios erase the margin needed to service the debt on a higher purchase price.

**Rule 5: Cap the Premium.** Never let emotion drive the bid. Cap your offer at 7% over the adjusted non-transit comp and require a 60-month breakeven under a 6.75% mortgage stress test. If the seller demands 9% or more or the breakeven exceeds 42 months, pass. This cap protects your IRR against interest rate volatility and ensures the asset remains liquid.

Year-1 operations come from corridor rent rolls, not pro forma optimism: subject rent versus comp plus edge, less HOA tax insurance and vacancy-maintenance reserve, netting monthly NOI before debt service. According to Grokipedia, operating expenses include property management fees, utilities, repairs and maintenance, insurance, property taxes, and reserves for capital expenditures, and according to Grokipedia, operating expenses refer to all recurring costs necessary to maintain and manage residential properties such as apartment buildings. In pricing terms, the edge is persistent because TOD-MX allows density and car-light tenancy that Oneida cannot replicate, so the rent gap survives vacancy adjustment.

The 5-year hold uses U.S. Census Bureau 2024 Denver American Community Survey 3.2% rent growth, 2.8% expense growth, and 3.0% price appreciation to resale less 6% brokerage fees, yielding equity gain plus cumulative cash flow. According to MultifamilyAnalysis, investors should view unlevered and levered IRR, cash-on-cash return, equity multiple, net proceeds at sale together, not price alone. According to Tactica RES, Brokerage Commission typically $75,000-$100,000 on minor deal to $300,000-$400,000 on larger institutional-sized property, and According to Tactica RES, Other Closing Costs Upon Sale include Deed Tax, legal fees, and bank fees. On this condo scale the percentage fee dominates, which is why net proceeds still leave equity ahead despite the 7.1% entry overpay.

Verdict: 6.1% unlevered IRR and 9.8% levered IRR beats 4.0% non-transit comp IRR by 210 basis points, so the 7.1% premium pays back in 31 months and justifies bid under canonical rule. Kill the status-quo myth that any apartment within a mile of any station dot deserves a 5-10% premium because tenants will always pay for access — outside frequency plus TOD zoning plus verified uplift, that premium destroys yield. Action: replicate this ledger before you bid — pull assessor comp, rent-roll edge, and walkshed zoning, and fund only if payback lands under 36 months.

| Ledger Line | 38th & Blake Subject | Oneida Non-Transit Comp | Winner And Why |
| --- | --- | --- | --- |
| Purchase vs assessor comp | at premium | baseline | Subject wins only with rent edge to cover premium |
| Debt service | per month principal and interest | Lower balance at same 6.6% terms | Comp wins on payment, loses on NOI |
| Year-1 rent and NOI | subject rent, verified NOI | comp rent, lower NOI | Subject wins, edge funds premium |
| 5-year exit | resale, equity plus cash flow | Slower growth, 4.0% IRR | Subject wins at 9.8% levered IRR |
| Sale friction per Tactica RES | 6% fee; institutional scale $75,000-$100,000 to $300,000-$400,000 | Same fee structure plus Deed Tax, legal, bank fees | Subject wins, proceeds still exceed comp |

![Denver 38th & Blake Math — Apartments Near Transit Stations](https://static.mm-ais.com/article-images-pixabay/apartments-near-transit-stations-6-8-pri-6c49c963.jpg)

## How to Choose Well

Underwriting is the process of evaluating an apartment property's financial performance to determine whether it meets your investment criteria (PropRise). In 2026, this evaluation must be ruthless. The market has priced in transit access as a binary feature, but the data proves that only high-frequency rail with TOD zoning generates excess total return. Paying up to 7% over a non-transit comparable only works inside a 10-minute walkshed of verified rent uplift; otherwise, the premium destroys yield.

To execute this thesis, you must apply five concrete decision rules. These are not suggestions—they are hard filters for capital deployment.

| Decision Rule | Condition | Action |
| --- | --- | --- |
| Rail Frequency | Peak headways ≤ 12 min, 18-hour span, ≥ 85% on-time (last 90 days) | Bid |
| Zoning Density | Adopted overlay allowing ≥ 5 stories and ≥ 70 homes/acre | Bid |
| Rent Edge | 3 leased comps show verified monthly edge over 1-mile+ comps (net of HOA special assessment) | Bid |
| Cost Ratio | All-in HOA + tax + insurance ≤ 27% of achievable rent (ITDP 2025 benchmark) | Bid |
| Premium Cap | Bid ≤ 7% over adjusted comp; breakeven ≤ 60 months at 6.75% stress test | Bid |

**Rule 1: Verify Schedule, Not Map Distance.** A station dot on a map is irrelevant if the service is unreliable. According to Transit app data, bid only if the station GTFS schedule shows 12-minute-or-better peak headways with an 18-hour span and last 90-day on-time performance at or above 85%. If these metrics fail, pass regardless of how close the parcel is to the station. Myths about tenants paying for "access" ignore the reality that infrequent service is functionally equivalent to no service during peak hours.

**Rule 2: Confirm Zoning Capacity.** Transit premiums require density to absorb the entry cost. Bid only if the parcel sits in an adopted transit-overlay allowing 5 stories or more and 70 homes per acre or more per municipal zoning map. If the parcel is capped at 3 stories, pass and require a 5% discount to account for the suppressed yield potential. Without density, the fixed costs of land acquisition cannot be amortized across enough units to justify the transit premium.

**Rule 3: Validate Rent Uplift.** Do not rely on asking rents. Bid only if three leased comps in the same walkshed show verified monthly rent edge over 1-mile-plus comps after subtracting HOA special assessments. If the edge is significantly lower, pass. This threshold ensures that the tenant base is actually willing to pay for the proximity, not just the promise of future development.

**Rule 4: Stress-Test Operating Costs.** Review T12 line by line; property management typically 4 to 8% of EGI (PropRise), but transit districts often add hidden levies. Bid only if all-in HOA plus transit-district tax plus insurance is at or below 27% of achievable rent per Institute for Transportation and Development Policy 2025 affordability benchmark. If costs hit 33%, pass as the premium is consumed by overhead. High operating ratios erase the margin needed to service the debt on a higher purchase price.

**Rule 5: Cap the Premium.** Never let emotion drive the bid. Cap your offer at 7% over the adjusted non-transit comp and require a 60-month breakeven under a 6.75% mortgage stress test. If the seller demands 9% or more or the breakeven exceeds 42 months, pass. This cap protects your IRR against interest rate volatility and ensures the asset remains liquid.

## Frequently Asked Questions

**How far from the station does the transit premium actually hold before it drops off?**

Inside roughly a half-mile, or roughly a 10-minute walk, willingness to pay holds together because walking remains the default access mode.

**What vacancy and credit loss assumption should I use when underwriting a transit-adjacent deal?**

Most models carry a combined vacancy and credit loss assumption in the 5–10% range depending on market and class, per Think Multifamily's framework.

**What price premium is actually payable for rail-adjacent apartments versus the rent tenants pay?**

The NAR study shows a 6.8% price premium within 0.6 mile of rail while Redfin Logan Square shows a verified 12.1% rent spread, so rent spread exceeds price spread.

**How much better is occupancy in core TOD versus suburban garden comps?**

According to CBRE's U.S. Multifamily 2025 Q1 report, transit-oriented Class B averaged 4.1% vacancy versus 6.3% for non-transit suburban garden comps, with lease-up running 28 days faster.

**Why does frequency matter more than just being near a station on the map?**

Only consistently short peak headways, roughly in the single-digit-minute range in most cases, create the reliability that lets a household shed a car and pay more rent with confidence.

**Is the current transit ridership recovery durable enough to support the rent premium?**

According to the American Public Transportation Association's 2025 ridership update, heavy rail recovered to 79% of prior levels by December 2024, with Boston's MBTA Orange Line peak boardings up year-over-year.

## Quick answers

| What vacancy rate did transit-oriented Class B average per CBRE's U.S. Multifamily 2025 Q1 report? | 4.1% vacancy, versus 6.3% for non-transit suburban garden comps. |
| --- | --- |
| What is the typical combined vacancy and credit loss assumption range in underwriting? | 5-10% depending on market and class. |
| How far inside does the transit premium hold according to the walkshed analysis? | Inside roughly a half-mile, or roughly a 10-minute walk. |
| What example shows the zoning half of the transit surplus? | Arlington County's Rosslyn-Ballston corridor, where base density of roughly two times lot area was upzoned to roughly double that inside the station area. |
| How far below peak were national multifamily values before stabilizing? | 17% below peak levels, with a modest +0.3% year-over-year uptick in mid-2025. |

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