Sightline study says ‘Free parking is never free'
Sightline Institute just announced a study that reveals there is no such thing as “cheap” parking.
The researchers, Clark Williams-Derry and Jesse London, surveyed 23 recently constructed multifamily developments. They found that on average 37 percent of parking spaces remained vacant during the night -- peak time for parking demand. Of the 23 developments all had vacancies during the night and more than twice, four developments had twice as many parking spots as parked cars. Further still, 21 out of the 23 developments had more occupied apartments than parked cars in their lots.
“Nothing stokes neighborhood passion like parking, but a lot of that passion comes from the belief that parking is naturally free or cheap, but that’s not the case,” said Williams-Derry.
Williams-Derry said the goal of the study was to reveal that there are hidden costs in rent and that developers are actually losing money by building more parking than is needed.
The study sates that when developers build housing with parking areas, and especially with expensive underground parking, they plan to recoup these costs from high rents, but more than just tenants pay for it: