Under Pressure: Apartment Parking

Removing parking minimums at multifamily projects is a way for developers to build more affordably, reduce traffic congestion, mitigate heat island effects and prioritize public transit. The city council in Austin, Texas, voted recently to make this smart move, but in most places, the status quo remains, even though it often leads to an oversupply of parking spaces and increased building costs that must be passed on to tenants. In fact, the rise of electric vehicles is causing some developers to include charging stations — and even retrofit older communities with them — to meet demand. And new ideas are popping up: Some communities are sharing parking lots with adjacent commercial properties to reduce the number of spots they must build. Other developers are looking into partnering with ride-share apps to reduce the number of vehicles residents need. As more younger people eschew driving, the need for so much parking will continue to decline.

Source: https://www.naahq.org/under-pressure-apartment-parking