Few studies have estimated the effect of environmental amenities on the rental price of houses. We address this gap in the literature by quantifying the effect of urban trees on the rental price of single-family homes in Portland, Oregon. We found that an additional tree on a houses lot increased monthly rent by $5.62, and a tree in the public right of way increased rent by $21.00. These results are consistent with a previous hedonic analysis of the effects of trees on the sales price of homes in Portland, which suggests that homeowners and renters place similar values on urban trees.
Citation: Urban Forestry and Urban Greening
Pub Type: Journals