Cities in the South and Southwest have eased zoning rules with parking space mandates in recent years to allow developers to build new housing with less parking.
Building large-scale residential developments that reduce or eliminate parking yields walkable neighborhoods that appeal to a significantly sized cohort of renters, according to a report by Bloomberg. Not having to build parking structures greatly reduces the cost of such projects. An estimate of the median cost of a parking structure in the U.S. in 2021 was $25,700 per space.
Some developers say they have passed the cost savings on to renters. One told Bloomberg that they are offering apartments at $100 to $200 below the cost of comparable units offered by competitors.
New transportation options like ride-hailing services and electric bikes and e-scooters along with cities’ embrace of paths and bike lanes have made car-free living more feasible even in cities designed with widespread car ownership in mind. Higher sticker prices on cars and the high cost of car ownership generally have also steered renters away from automobile ownership.
Grubb Properties has noted a marked decline in car usage among their renters. In its Link sub-brand of multifamily projects launched in 2013, the number of car spots utilized per bedroom has dropped from 1.4 to 0.7 over the last 10 years.
Related Stories
| Aug 11, 2010
REDD and Corcoran Group Real Estate developing eco-friendly boutique condos in Brooklyn's Vinegar Hill
REDD and Corcoran Group Real Estate are developing 100 Gold, a 10-unit boutique condominium complex in Brooklyn's Vinegar Hill that consists of (6) one bedrooms, (2) duplex studios—one with a private yard, and (2) penthouses—duplex apartments with one bedroom and loft, and private terraces.
| Aug 11, 2010
AECOM, Arup, Gensler most active in commercial building design, according to BD+C's Giants 300 report
A ranking of the Top 100 Commercial Design Firms based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Turner Building Cost Index dips nearly 4% in second quarter 2009
Turner Construction Company announced that the second quarter 2009 Turner Building Cost Index, which measures nonresidential building construction costs in the U.S., has decreased 3.35% from the first quarter 2009 and is 8.92% lower than its peak in the second quarter of 2008. The Turner Building Cost Index number for second quarter 2009 is 837.
| Aug 11, 2010
AGC unveils comprehensive plan to revive the construction industry
The Associated General Contractors of America unveiled a new plan today designed to revive the nation’s construction industry. The plan, “Build Now for the Future: A Blueprint for Economic Growth,” is designed to reverse predictions that construction activity will continue to shrink through 2010, crippling broader economic growth.
| Aug 11, 2010
PCL Construction, HITT Contracting among nation's largest commercial building contractors, according to BD+C's Giants 300 report
A ranking of the Top 50 Commercial Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Webcor, Hunt Construction lead the way in mixed-use construction, according to BD+C's Giants 300 report
A ranking of the Top 30 Mixed-Use Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Report: Fraud levels fall for construction industry, but companies still losing $6.4 million on average
The global construction, engineering and infrastructure industry saw a significant decline in fraud activity with companies losing an average of $6.4 million over the last three years, according to the latest edition of the Kroll Annual Global Fraud Report, released today at the Association of Corporate Counsel’s 2009 Annual Meeting in Boston. This new figure represents less than half of last year’s amount of $14.2 million.
| Aug 11, 2010
First CityCenter projects earn LEED Gold
CityCenter announced today that it has received three Leadership in Energy and Environmental Design LEED Gold certifications from the U.S. Green Building Council for: 1) ARIA Resort's hotel tower; 2) ARIA Resort's convention center and theater; 3) Vdara Hotel. ARIA and Vdara will open in December on the Las Vegas Strip and are the first of CityCenter's developments to be LEED certified.
| Aug 11, 2010
Oldcastle Precast Building Systems wins PCI 2009 Sustainable Design Award
Oldcastle Precast Building Systems was part of the award winning team behind the affordable housing development Melrose Commons Site 5 situated in the South Bronx. PCI (Precast Concrete Institute) recently selected Melrose 5 for the “2009 PCI Design Award for Best Sustainable Project”.
