People are willing to pay about 4 percent more a month to rent an apartment within a quarter-mile of a light-rail stop.
That's pushing vacancy rates down in those communities, and the cost of land near transit is going up, according to a recent analysis of the apartment market by Grubb & Ellis.
"We do have a really young, educated work force that will pay a premium to be near light rail," said Tom Wanberg, senior vice president of investment services at Grubb & Ellis.
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