future[proofing apartment parking

Multifamily Executive’s recently interviewed Beach Company senior vice president Dan Doyle for an article “Parking Spaces of the Future.” Doyle discussed renters’ interest in walkability as an amenity and how demand for parking spaces is decreasing in urban communities.

“It started to change about five years ago, when the more-progressive cities started embracing lower parking ratios in their planning,” Doyle said. He used Chattanooga, Tenn., and Greenville, S.C., as two Southeastern examples. “They want investment in their community, great architecture, and great buildings, instead of parking spaces.”

Developers estimate that structured parking can cost $35,000 on average.

“Structured parking, depending on the complexity, type of construction, and market, can get very expensive, very quickly,” Doyle said. “Every parking space you have to provide takes away from what else you can do with the rest of the building. So cities aren’t getting caught up anymore in forcing you to have two spaces for every residential unit.”

Some multifamily pros dismiss the installment of garages and opt for designing more amenities, lowering rent prices or taking in extra profit.

The Stage, a San Francisco apartment project by Encore Capital Management, is expanding amenities in lieu of a parking garage CEO Art Falcone says residents don’t want.

As developers witness this trend progress, properties will innovate and adapt according to the needs of their city renters who are not expected to require parking spaces as much as they used to.

The original article appeared in the Multifamily Executive publication July 5, 2017.