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
Multifamily Housing | Mar 15, 2017
Amenity-packed residential building is Zaha Hadid’s only NYC project
The building sits adjacent to New York’s popular High Line park and includes a $50 million penthouse.
Sponsored | Multifamily Housing | Mar 10, 2017
Bathroom ergonomics and design for a shifting demographic
Multifamily Housing | Feb 24, 2017
121 East 22nd Street will be the first OMA-designed residential building in NYC
The building will offer 133 units across its 18 stories.
Multifamily Housing | Jan 15, 2017
Multifamily sector expected to stay strong in 2017
Market watchers expect some moderation from record highs, but not much.
Game Changers | Jan 13, 2017
Building from the neighborhood up
EcoDistricts is helping cities visualize a bigger picture that connects their communities.
Multifamily Housing | Jan 11, 2017
Istanbul’s Valens Archway could be rejuvenated with “floating” housing concept
Superspace’s proposal would create a natural promenade atop the ancient stone structure.
University Buildings | Jan 9, 2017
Massive student housing project in Texas will be ready this Fall
Developers hope the early opening of some units sets the tone for the community and future rentals.
Multifamily Housing | Dec 22, 2016
Multifamily green financing programs grew rapidly in 2016
Multifamily green financing programs boomed in 2016, and are likely to continue to grow in 2017, according to the president of Partner Energy.
Market Data | Dec 21, 2016
Will housing adjust to an aging population?
New Joint Center report projects 66% increase in senior heads of households by 2035.
