The commute time impacts rent in Boston. The shorter the commute the higher the rent will be. Proximity to the T is key.
Because of the recent snowstorms you might have found your morning commute quite long and frustrating. Well, you are not alone.
But would you be willing to pay more for rent to spend less time commuting?
According to a new study from Hotpads, Boston tenants are willing to pay more in rent to shorten their commute times. More precisely they would be willing to pay $61,75 more to commute 6,9 minutes less.
The main transportation option for Bostonians are often the T lines running through the city and suburbs. Another study led by Hotpads showed a strong correlation between the monthly rent asked and the proximity to a T-Station, as you can see on the graph below.
Good news if you are a landlord and own a place by the T! On the other hand, if you are looking for an apartment, it could save you a decent amount of money to add as little as 0.01 miles to your commute. Indeed, according to Hotpads, living 0.01 miles farther from the T would save you about $43 per month.
Once again time is money! What do you think is more important?