Richmond Association of REALTORS supports BRT

In a statement submitted to GRTC, the City of Richmond's Urban Design Committee and the Planning Commission, the Richmond Association of REALTORS publicly supports the GRTC Pulse (Bus Rapid Transit) project.

Elizabeth Hancock Greenfield, Vice President of Government Affairs & Member Services, released the letter from the Richmond Association of REALTORS®:

"On behalf of the Richmond Association of REALTORS®, I would like to offer comments on GRTC’s Pulse line because REALTORS have a vested interest in their communities, not only today, but also 20 years from now. This is because their clients aren’t simply buying a house. They’re buying into a community. That said, we are in support of the proposed bus rapid transit line for several reasons.

First, study after study has shown that all types of property values increase when a BRT line is created. Residential, commercial, and industrial values all have statistically significant increase in value, based on their proximity to the line. The closer the property, the more significant the increase. In addition, businesses report increased patronage when adjacent to BRT.

Second, when done correctly, a BRT system can reap an enormous economic benefit for the region and there are numerous success stories. Cleveland, Pittsburgh, Las Vegas, Ottawa, and Eugene have all received returns on their investments into BRT. However, it’s important to note that government support for transit oriented development is the strongest predictor of success.

And lastly, it’s important to view the Pulse as a transportation option for everyone, not just those who rely on public transportation as their primary mode of getting around. The two largest age demographics, the millennials and the baby boomers, have made their preference for accessibility and public transport clear. In fact, the ridership of people who don’t depend on public transportation has proven to be critical to the success of BRT systems.

In conclusion, when done correctly and with the affected localities’ full commitment to transit oriented development, the Pulse will put the Richmond region on par with its competitor regions. It has the full support of the Richmond Association of REALTORS. Thank you for your work on the BRT system and for the opportunity to offer comments."