Residential developers in a growing number of U.S. cities are reducing the amount of parking that they provide for their new projects -- or even eliminating on-site parking altogether. Local authorities and developers hope that the lack of parking will free up space for other projects, reduce housing costs, and encourage tenants to prioritize mass transit.
“It’s the future. There’s a strong demand for people who want to rent units that are efficient,” said developer Jonathan Segal. Each car takes up about 350 square feet of parking space, including access lanes, he said. Without these costs, he estimates rents will be $1,300 to $1,500 a month, barely half that of comparable apartments nearby.
The move has raised concerns among some local residents, who have pointed out the potential overcrowding of already-limited street parking as well as pedestrian safety concerns.