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Properties Analyzed
With Murals / Art
Raw Rent Premium
Hedonic Uplift
Core Findings
Two datasets. One consistent signal.
Finding 01 — Leasing
Raw Asking Rent Premium
Properties with identified murals or public art averaged $2.67/SF in asking rent. Non-art properties averaged $2.28/SF across the same multifamily leasing dataset of 2,438 records.
Finding 02 — Hedonic Model
Controlled Rent Uplift
After controlling for building size, year built, floors, vacancy, and property class, art presence is associated with a +4.3% asking rent uplift. Model R² ≈ 0.35. p ≈ 0.10 (marginally significant).
Finding 03 — Leasing Dataset
Multifamily Leasing Records
Primary leasing dataset including avg asking rent per SF, unit mix, vacancy rate, year built, building class, floor count, and art-identified flag. Distribution analysis confirms the premium is not driven by outliers.
Finding 04 — Sales Dataset
Transaction Records Analyzed
Sale price per SF shows no meaningful premium for art properties in this sample ($351.64 vs $356.20 / SF). The data indicates art's value accrues through income (rents) rather than immediate capitalized sale price in the current dataset.
Methodology
How the analysis was conducted.
Primary Method
Hedonic
Raw Asking Rent Premium
Log-linear regression on asking rent per SF. Controls include log(building SF), year built, floor count, vacancy rate, and building style/class dummies. Outliers removed at 3× SD.
Cluster Method
+ BIRCH
Controlled Rent Uplift
Six-variable clustering (asking $/SF, avg unit SF, floors, units, vacancy %, year built) to segment the leasing portfolio and identify art prevalence by property typology.
Data Vintage
Sectional
Multifamily Leasing Records
Snapshot analysis. Results show association; no randomized mural interventions were conducted. Unobserved confounders (neighborhood trends, install timing) may influence the data.
