Hot on the heels of Cincinnati’s move to begin eliminating parking requirements in the urban core, UCLA has released a study that highlights how excess parking from parking requirements contribute to the increase in rent or mortgage payment for developments that may not need as much parking as a city’s code requires. The study highlights how parking spots, costing between $30,000 to $50,000 a space can raise rents by as much as $140 a month. More from Streetsblog:
Minimum parking requirements result in more space being dedicated to parking than is really needed; in a world of height limits, floor-area ratios, and endless other development regulations this necessarily leaves less space for actual housing. What really struck me, though, was the straightforward assertion that housing marketed toward non-drivers sells for less than housing with parking spaces. It’s powerful, but it’s also obvious: parking costs money to build, so of course buildings with less parking are cheaper. But to have research-driven data behind it adds force to the conclusion.