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
Modular Building | Mar 31, 2022
Rick Murdock’s dream multifamily housing factory
Modular housing leader Rick Murdock had a vision: Why not use robotic systems to automate the production of affordable modular housing? Now that vision is a reality.
Multifamily Housing | Mar 31, 2022
Mixed-use affordable housing project aims for zero waste
The Peninsula in the Bronx, N.Y., a mixed-use affordable housing campus, just opened its first phase.
Multifamily Housing | Mar 29, 2022
Ken McCarren to succeed Craig Jones as president of MBK Rental Living
Ken McCarren to succeed Craig Jones as president of MBK Rental Living
Multifamily Housing | Mar 29, 2022
Here’s why the U.S. needs more ‘TOD’ housing
Transit-oriented developments help address the housing affordability issue that many cities and suburbs are facing.
Multifamily Housing | Mar 28, 2022
Singapore’s new Irwell Hill residences will be built around heritage rain trees
The recently unveiled design of Irwell Hill, twin 36-story residence towers, calls for the development to be situated among copious greenery including preserved heritage rain trees.
Codes and Standards | Mar 23, 2022
High office vacancies have cities rethinking downtown zoning
As record-high office vacancies persist in U.S. urban areas, cities are rethinking zoning policy.
Multifamily Housing | Mar 23, 2022
Cadence McShane's Broadway Chapter Apartments earns 2022 TEXO Distinguished Building Award
Cadence McShane Construction Company received first place in the 2022 TEXO Distinguished Building Award in the General Contractor – Residential Multifamily 1 ($0 - $150M) category for the Broadway Chapter Apartments project.
Projects | Mar 22, 2022
Fast-growing Austin adds a $3 billion community
The nation’s fastest-growing large metro area is getting even bigger, with the addition of a $3 billion, 66-acre community.
Projects | Mar 22, 2022
Austin multifamily project to feature 60 micro-housing apartments
A new 34,364 sf multifamily project, Sixth and Chicon, in Austin, Texas, will feature 60 micro-housing apartments designed for “the urban minimalist.”
Projects | Mar 18, 2022
Former department store transformed into 1 million sf mixed-use complex
Sibley Square, a giant mixed-use complex project that transformed a nearly derelict former department store was recently completed in Rochester, N.Y.
