9. UR B A N T R E E S B O O ST PRO PERTY VA L UE S Trees have been shown to increase residential property and commercial rental values by an average of 7% (Wolf 2007). This is beneficial to both the property owner and the city budget’s bottom lines. As property values increase, city revenue also increases. Additionally, properties can sell faster, as communities with trees are typically considered more desirable places to live.
Property Values in Syracuse In Syracuse, street and park trees increase total property values by almost $1.5 million/year (City of Syracuse 2016). This directly works toward Syracuse’s Comprehensive Plan goals related to expanding economic opportunities for all Syracuse residents.
10. UR BA N T R E E S C R E ATE MO RE SUCCE S S F U L B U S I N E S S DISTRICTS Studies have shown that tree-covered commercial shopping districts are more successful than those without canopy. In multiple studies, consumers showed a willingness to pay 11% more for goods and shopped for a longer period of time in shaded and landscaped business districts (Wolf 1998b, 1999, and 2003). Consumers also felt that the quality of products was better in business districts surrounded by trees and were willing to pay more (Wolf 1998a).
Boosting Business District Prosperity in Syracuse This benefit from the urban forest directly works toward achieving Syracuse’s Comprehensive Plan guiding policy of encouraging business in the city: “As the heart of the regional economy, it is the policy of the City of Syracuse to encourage, promote, and support a business-friendly environment that provides for sustainable urban economic growth and economic opportunities for Syracuse residents.” And more specifically, this benefit connects to Goal C.3 in the Comprehensive Plan, “to facilitate revitalization of Syracuse’s neighborhood business corridors.”
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