Considerable literature reports the price effects of light rail transit accessibility on residential properties built principally for owner–occupants. Few studies show the relationship between light rail transit and rental apartment building values; those that have done so have evaluated outcomes within narrow bands of distance from light rail transit stations. The present study closes some of this gap in the research. The association between TRAX, the light rail system operated by the Utah Transit Authority serving Salt Lake County, Utah, and the value of rental apartment buildings in bands a distance from light rail stations of 0.25 mi out to 1.5 mi was estimated. When structural, neighborhood, and location characteristics were controlled for, a positive relationship between TRAX station proximity and rental apartment building values was found to 1.25 mi but not beyond. The implications of these findings are offered.