HomeMy WebLinkAboutSubmittal-Andrew Frey-Articles Reinventing ParkingHow much does one parking spot add to rent? Reinventing Parking Page 1 of 5
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How much does one parking spot add to rent?
By Seth Goodman - Tuesday, June 02, 2015
HOW MUCH DOES
PARKING RENT ,r INCREASE MY eirinoeaet,
PARKING INCREASES
TOTAL APARTMENT COST"
PART 11:
Fewer un,ts due to
Spate ra.a.nEnr paAtine
RArkht$
PART r:
Increased comvuoon
costs Q,e to parking
AVERAGE COSTS VARY BY CITY'
0 COST RR War StAWd
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HOW CONSTRUCTION
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UNDERGROUND ($$$$)
Click here for full sized graphic
Parking is expensive. It costs thousands of dollars per stall to build. It occupies valuable real estate.
It is ubiquitous, accompanying nearly every building built across the United States. Yet at nearly
every destination, drivers don't directly pay for the parking they use. Instead the cost is hidden,
bundled into the grocery bill, benefits package, and rent of every shopper, employee, and tenant.
Everyone pays the same amount for parking whether she or he walked, rode transit, carpooled, or
drove alone, but rarely does anyone see that price itemized on a receipt. As a result, most people
are unaware of the heavy financial burden they bear for the sake of parking. The above graphic
takes a look at one area where parking adds significantly to a household's expenses: Rent.
So how much does one parking spot add to an apartment's rent? There is no single answer to that
question. Construction costs are affected by local soil conditions, zoning requirements, site
constraints, regional differences in construction costs, and the type of parking to be built. On the
other hand, the rent needed to justify an initial capital investment varies according to local property
taxes, financing costs, resident turnover and delinquency rates, et cetera. The graphic attempts to
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14-- 02076 ±t-Jub liifiUl-Pndl ew Frey -fro -lots U.ine,ntinCj i9or4 n &
http://www.reinventingparking.org/2015/06/how-much-does-one-parking-spot-add-to. html 9/24/2015
Minneapolis has a surprisingly simple plan to cut traffic and make housing more affordabl... Page 1 of 8
Vox Vox
Submitted into the public
Iviinneapolis has a RecordforitemsyCler
on 09/24/2015, City Clerk
surprisingly simple
plan to cut traffic and
make housing
more affordable
Updated by Joseph Strombery on July 15, 2015, 11:20 a.m. ET V
@josephstromberg ► joseph@vox.com
Glorious Minneapolis.
(Mike Appel)
For a long time in Minneapolis, almost everyone who wanted
to build a new apartment complex was required to add one
http://www.vox.com/2015/7/15/8970119/parking-affordable-housing 9/24/2015
Minneapolis has a surprisingly simple plan to cut traffic and make housing more affordabl... Page 2 of 8
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,parking spot for every unit in the building —Tether or not
residents wanted one.
There was an exception for a small area downtown, but not
for outlying neighborhoods served by light rail and bus
systems ( https://en.wikipedia.org/wiki/Metro
(Minnesota)). And all these unneeded or unwanted parking
spots would add to the cost of construction, drive up rent,
encourage driving, and take up valuable land
( http://www.vox.com/2014/6/27/5849280/why-free-
parking-is-bad-for-everyone) as they sat empty. This sort of
minimum parking requirement is the law in almost every city
across the country
( http://www.citylab.com/commute/2013/08/exposed-
americas-totally-inconsistent-minimum-parking-
requirements/6598/).
Related
Why free parking is bad for everyone
( http://www.vox.com/2014/6/27/5849280/why
-free-parking-is-bad-for-everyone)
Now, however, Minneapolis's City Council has voted to
eliminate the parking requirement
( http://www.startribune.com/mpls-relaxes-parkin :-
requirements-to-reduce-housing-costs/313286521/) for
many new buildings.
Small or midsize buildings that are within walking distance
(specifically, a quarter -mile) of a rail or bus line no longer
have to build any off-street parking at all. Large buildings
http://www.vox.com/2015/7/15/8970119/parking-affordable-housing 9/24/2015
Fayetteville Planning Commission votes to end parking regulations I NWADG
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Fayetteville Planning Commission votes to end Most Popular
parking regulations COMMENTED VIEWED EMAILED
Business owners would no longer have to provide a minimum number of spaces
By Joel Walsh
Posted July 28 2015 at 1 50 a m
The parking lot at Steele Crossing is mostly empty Sunday. Fayetteville planning commissioners on Monday
reviewed a proposal to remove the city's minimum parking standards for all commercial properties. For more
photos, go to www.nwadg.com/photos.
237
FAYETTEVILLE -- Business owners will no longer be required to provide a set number of parking
spaces for their customers if a proposal from the Fayetteville Planning Division clears the City
Council in the coming weeks.
Fayetteville Planning
Commission
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http://www.nwaonline.com//news/2015/jul/28/fayetteville-planning-commission-votes-/ 9/24/2015