Building a Happier Future: How Urban Design Can Increase Real Estate Returns

As real estate investors, we often focus on the bottom line - building profitable properties that will yield high returns. However, what if we told you that building happier cities can actually increase our returns while also benefiting the community? This is the idea explored in Charles Montgomery's book "Happy City," which examines the relationship between urban design and human happiness.

Montgomery's book offers a fresh perspective on urban planning, arguing that the design of our cities can have a significant impact on the well-being of their citizens. He cites numerous examples of what makes a city and its citizens happy, from walkable neighborhoods to green spaces to vibrant public spaces.

One example Montgomery explores is the city of Bogotá, Colombia. In the 1990s, Bogotá was notorious for its high crime rates and chaotic traffic. However, the city's mayor at the time, Antanas Mockus, implemented a number of innovative programs to improve the city's livability. One of his most successful initiatives was the implementation of Ciclovía, a weekly event where major roads were closed to cars and opened to cyclists and pedestrians. This simple yet effective program has since become a staple of the city, promoting physical activity, social interaction, and a sense of community.

Another example Montgomery highlights is the High Line in New York City. The High Line is a public park built on an abandoned elevated railway line in Manhattan. Since its opening in 2009, the High Line has become a beloved public space, attracting millions of visitors each year. The park's success can be attributed to its innovative design, which incorporates green spaces, public art, and stunning views of the city.

Montgomery's book also examines the impact of urban design on social connections. He argues that cities should be designed to promote social interaction and foster a sense of community. One example he cites is the cohousing movement, which involves intentional communities where residents share resources and collaborate on daily tasks. Cohousing communities have been shown to increase social connections and reduce feelings of loneliness, improving overall well-being.

So, what actions can we take to improve our real estate and city designs to promote happiness? One key takeaway from "Happy City" is the importance of walkable neighborhoods. Walkable neighborhoods are not only better for the environment and public health, but they also promote social connections and a sense of community. Investing in infrastructure to make our neighborhoods more walkable, such as pedestrian-friendly streets and bike lanes, can have a significant impact on the well-being of our communities.

Another action we can take is to prioritize green spaces in our city designs. Green spaces have been shown to reduce stress and promote physical activity, contributing to overall well-being. Investing in public parks and green spaces can also increase property values, making it a win-win for real estate investors and the community.

In conclusion, "Happy City" provides a compelling argument for the importance of urban design in promoting happiness and well-being. As real estate investors, we have a unique opportunity to contribute to the creation of happier cities. By prioritizing walkable neighborhoods, green spaces, and social connections in our real estate and city designs, we can not only improve the well-being of our communities but also increase our returns. Follow for more content like this as we explore the intersection of urban design and real estate investment.