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
Market Data | Jul 20, 2021
Multifamily proposal activity maintains sizzling pace in Q2
Condos hit record high as all multifamily properties benefit from recovery.
Multifamily Housing | Jul 19, 2021
HAL Architects designs 'swimmable bridge' that connects two residential buildings
The project has been dubbed Sky Pool.
Multifamily Housing | Jul 19, 2021
Artesa at Menifee Town Center provides urban-style living in a small-town setting
MBK Rental Living is the project’s developer.
Multifamily Housing | Jul 15, 2021
Greystar’s The Pullman is a new mixed-use apartment community in Denver
The Mulhern Group designed the project.
Multifamily Housing | Jul 15, 2021
Economic rebound leads to record increase in multifamily asking rents
Across the country, multifamily rents have skyrocketed. Year-over-year rents are up by double digits in nine of the top 30 markets, while national YoY rent growth is up 6.3%. Emerging from the pandemic, a perfect storm of migration, enhanced government stimulus and a hot housing market, among other factors, has enabled this extremely strong growth.
Multifamily Housing | Jul 13, 2021
489-unit multifamily community completes redevelopment in Missouri
The community is located in Chesterfield, Mo.
Multifamily Housing | Jul 11, 2021
New fixed-wood closet system for multifamily developments introduced
VUE is a new high-quality, economical fixed-wood shelving system from Organized Living.
Multifamily Housing | Jul 11, 2021
Aluminum railing systems offer ‘versatile styling, easy installation’
Trex Aluminum railing systems offer ‘versatile styling, easy installation,' says the manufacturer.