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January 23, 2016

Real Estate

real-estate

Urban forests provide subtle but real economic benefits to individuals via real estate values.

  • The value of houses on lots with trees is usually higher than those of comparable houses on lots without trees.
  • Each large front yard tree adds 1% to sales price. Large specimen trees can add 10%, or more, to property values(Greg McPherson, 2008).
  • Property values increase 5-15% when compared to properties without trees (depends on species, maturity, quantity and location).
  • A 1976 study that evaluated the effects of several different variables on homes in Manchester, Connecticut, found that street trees added about $2686 or 6% to the sale price of a home.
  • A more recent study indicated that trees added $9,500, or more than 18 percent, to the average sale price of a residence in a suburb of Rochester, New York (Colorado Tree Coalition).
  • Apartments and offices in wooded areas rent more quickly, have higher occupancy rates and tenants stay longer (The Morton Arboretum Press Releases Aug 12,2009).
  • Well placed trees substitute for fences and provide privacy. In some areas zoning ordinances restrict fences on property lines. Suitable trees may do the task.
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