Three ways of transforming overbuilt parking in transport options

T he ills of minimum parking requirements – inducing demand for cars, increasing congestion, and raising the cost of real estate, to name a few – have been well documented.
In the last decade, broad driving-related trends, such as decreases in car ownership per household and vehicle miles traveled, suggest requiring more than one parking space per dwelling unit is overkill. A lack of interest in car ownership from millennials reinforces this trend and suggests that parking minimums may become even more obsolete over the next decade.
Policy innovations such as removing parking minimums or instituting parking maximums have seen success in their limited implementations. While these strategies may be the guidelines for future plans, it’s too late for buildings constructed following parking minimums – having built too much parking, they already incurred the sunk monetary costs of construction and opportunity costs of lost space. A parking space reserved solely for one apartment only serves that unit, but incorporating transportation options into a garage can provide value for many more tenants.

Here’s a playbook for building owners and operators:

1: create car sharing spaces
2: installe bicycle parking
3: offer a transit shuttle for tenants

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