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 | May 23, 2018
Yankee Dandies: Century-old New England mills become multifamily residences
Having long outlived their original uses, two century-old New England mills have become valuable community assets once again—as multifamily residences.
Multifamily Housing | May 16, 2018
Pampering the pups: Why dog-washing stations are a must-have in multifamily developments
Self-serve dog-washing stations are reinforcing strong bonds between multifamily residents and their beloved canines.
Mixed-Use | May 16, 2018
Los Angeles mixed-use building uses prefabricated wood frame to reduce costs
SPF:architects designed the building.
Multifamily Housing | May 14, 2018
Yardi Matrix report shows U.S. rent surge in April
Year-over-year rent growth leaders in April were Orlando, Fla., Sacramento, Calif., Las Vegas, Tampa, Fla., and Phoenix.
Multifamily Housing | May 9, 2018
6 noteworthy projects: Transit-oriented rental community, micro-unit residences, and an office tower becomes a mixed-use community
These six recently completed projects represent some of the newest trends in multifamily housing.
Multifamily Housing | May 1, 2018
Boutique condo provides 41 exclusive residences in Miami’s Bay Harbor Islands
Revuelta Architecture International designed the building.
Multifamily Housing | May 1, 2018
Call for experts: We’re looking for designers and builders of bicycle storage facilities for multifamily
The editors of Multifamily Design+Construction magazine seek experts for a "how-to" article in the next issue.
Multifamily Housing | Apr 30, 2018
For housing costs, consider all occupancy costs - not just property taxes
It's inaccurate to focus on property taxes as a percentage of home value without acknowledging the actual cost of housing to which this percentage is applied.
Multifamily Housing | Apr 27, 2018
1912 publishing house becomes luxury residential condominiums
Gottesman Architecture and GSArch designed the renovated building.
Adaptive Reuse | Apr 26, 2018
Edison Lofts building is New Jersey’s largest non-waterfront adaptive reuse project
Minno & Wasko Architects & Planners designed the building.