{"id":55618,"date":"2016-12-09T12:27:50","date_gmt":"2016-12-09T20:27:50","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=55618"},"modified":"2020-10-05T16:22:44","modified_gmt":"2020-10-05T23:22:44","slug":"peak-parking","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/peak-parking\/","title":{"rendered":"Have U.S. Cities Reached Peak Parking?"},"content":{"rendered":"<h2><span style=\"font-weight: 400\">Key Findings<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Construction of residential parking spaces peaked in 2012.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Builders will provide more housing and less parking across the U.S. next year as more cities start letting developers decide how much parking to build.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400\">Still Lots of Parking, But Dropping Fast<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Less parking will be built for 2017\u2019s new homes than was built for this year\u2019s new homes. This will make next year the fifth year in a row that builders constructed less parking per bedroom than they did the prior year, reversing a trend that goes back at least 70 years.<\/span><\/p>\n<figure id=\"media-55619\" class=\"align-none\"><img decoding=\"async\" class=\"alignnone\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/12\/parking_70_years.jpg\" alt=\"Seventy years of residential construction and parking\" width=\"800\" \/><figcaption>Seventy years of residential construction and parking<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Previous dips in the amount of parking provided with new homes were short lived and followed events like the oil shock of the 1970s. This time it\u2019s different. Today\u2019s decline in the amount of parking being built in new homes follows a drop in oil and gasoline prices, which theoretically puts driving\u2014and parking\u2014in higher demand. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The driving force this time isn\u2019t car ownership or gas prices. It\u2019s policy. Cities are finally relaxing minimum parking requirements that specify how much parking builders must provide when they make new homes.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">How Black Friday Made Housing More Expensive<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Most U.S. cities set minimum parking requirements that make it illegal to build housing without a specific\u2014<\/span><a href=\"http:\/\/www.citylab.com\/commute\/2013\/08\/exposed-americas-totally-inconsistent-minimum-parking-requirements\/6598\/\"><span style=\"font-weight: 400\">but arbitrary<\/span><\/a><span style=\"font-weight: 400\">\u2014number of parking spaces, even though replacing parking minimums with maximums would <\/span><a href=\"http:\/\/shoup.bol.ucla.edu\/Trouble.pdf\"><span style=\"font-weight: 400\">lower the cost of new home construction<\/span><\/a><span style=\"font-weight: 400\">. <\/span><\/p>\n<p><a href=\"http:\/\/www.nytimes.com\/2010\/08\/15\/business\/economy\/15view.html?_r=0\"><span style=\"font-weight: 400\">Minimum parking requirements<\/span><\/a><span style=\"font-weight: 400\"> hatched decades ago when planners looked at the peak parking demand at a few suburban locations on Black Friday. The idea was that mall parking lots without pedestrian or transit access should be big enough to fit all the cars that showed up during the busiest shopping hour of the year, even if that meant most parking spaces would be empty 364.96 days every year. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Like lemmings walking into the sea, almost all U.S. cities then adopted minimum parking requirements for new construction, even for housing, and even if there was great pedestrian, bicycling and transit access. This makes all housing more expensive and difficult to build. Redfin data from Seattle this year shows that one parking space can increase the price of a single new home by $50,000. That\u2019s more money than the annual income of 38 percent of Seattle households, according to data from the U.S. Census. And more than one-third of all Seattle households do not own a single car.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">How Homebuilders React to Parking Policies<\/span><\/h2>\n<p><a href=\"http:\/\/www.strongtowns.org\/journal\/2016\/11\/22\/our-parking-minimums-map-updated\"><span style=\"font-weight: 400\">Dozens of U.S. cities<\/span><\/a><span style=\"font-weight: 400\"> are trying a new approach. Cities from <\/span><a href=\"http:\/\/www.streetsblog.org\/2016\/03\/17\/parking-requirements-will-be-reduced-in-a-huge-chu\u2026\"><span style=\"font-weight: 400\">New York<\/span><\/a><span style=\"font-weight: 400\"> to <\/span><a href=\"http:\/\/www.seattletimes.com\/business\/real-estate\/seattle-builds-lots-of-new-apartments-but-not-so-many-parking-spots\/\"><span style=\"font-weight: 400\">Seattle<\/span><\/a><span style=\"font-weight: 400\"> are leading the way and letting builders decide how much parking to provide, instead of dictating it for them. This unlocks a land bank of surface parking, and it still gives people the option to build parking if they think it\u2019s worth it. <\/span><\/p>\n<p><span style=\"font-weight: 400\">History shows that when minimum parking requirements are removed, a good thing happens: builders make more housing, and the cost of construction goes down. In downtown Los Angeles, <\/span><a href=\"http:\/\/www.tandfonline.com\/doi\/abs\/10.1080\/01944363.2013.785346\"><span style=\"font-weight: 400\">6,000 new homes were built<\/span><\/a><span style=\"font-weight: 400\"> shortly after the parking minimums were relaxed, something that would have been illegal under the old parking rules. In other cities where minimum parking requirements are being removed, this type of magic is now possible because it\u2019s less expensive and easier to fit homes on a small infill lot than fit homes plus a lot of parking.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Method and Data<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Redfin looked at millions of homes in the U.S. and summarized their attributes.<\/span><\/p>\n<p><strong><span style=\"font-family: 'Georgia',serif;color: #333333\">Other popular posts:<\/span><\/strong><\/p>\n<p><span style=\"font-family: 'Georgia',serif;color: #333333\">1. <a href=\"https:\/\/redfin.com\/blog\/creating-a-baby-safe-home-interior\">The Parent&#8217;s Guide to Creating a Baby-Safe Home Interior<\/a><\/span><\/p>\n<p><span style=\"font-family: 'Georgia',serif;color: #333333\">2. <a href=\"https:\/\/redfin.com\/blog\/the-how-to-guide-for-helping-your-kids-become-city-dwellers\">How-To-Guide for Helping Your Kids Become City Dwellers<\/a><\/span><\/p>\n<p><span style=\"font-family: 'Georgia',serif;color: #333333\">3. <a href=\"https:\/\/redfin.com\/blog\/the-art-and-science-of-homeschooling\">The Art and Science of Homeschooling: What You Need to Know<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Findings Construction of residential parking spaces peaked in 2012. Builders will provide more housing and less parking across the U.S. next year as more cities start letting developers decide how much parking to build. Still Lots of Parking, But Dropping Fast Less parking will be built for 2017\u2019s new homes than was built for [&hellip;]<\/p>\n","protected":false},"author":13194,"featured_media":55637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[32,39],"coauthors":[],"class_list":["post-55618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional-trends","tag-housing-market-tracker","tag-new-construction"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Have U.S. Cities Reached Peak Parking? - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"As cities update their parking policies, new home construction will become easier and less expensive\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/peak-parking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Have U.S. Cities Reached Peak Parking?\" \/>\n<meta property=\"og:description\" content=\"As cities update their parking policies, new home construction will become easier and less expensive\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/peak-parking\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-09T20:27:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-05T23:22:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/12\/parking.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1254\" \/>\n\t<meta property=\"og:image:height\" content=\"836\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eric Scharnhorst\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eric Scharnhorst\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/peak-parking\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/peak-parking\\\/\"},\"author\":{\"name\":\"Eric Scharnhorst\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/3441fd1843ad699c3f1c8a12ea9b87b3\"},\"headline\":\"Have U.S. Cities Reached Peak Parking?\",\"datePublished\":\"2016-12-09T20:27:50+00:00\",\"dateModified\":\"2020-10-05T23:22:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/peak-parking\\\/\"},\"wordCount\":618,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/peak-parking\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2016\\\/12\\\/parking.jpg\",\"keywords\":[\"Housing Market Tracker\",\"New Construction\"],\"articleSection\":[\"Regional Trends\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2016\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/peak-parking\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/peak-parking\\\/\",\"name\":\"Have U.S. Cities Reached Peak Parking? 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He wants to live in a city where cars have nerf bumpers and big trees are planted in parking spots. Before Redfin, he was at Gehl Architects in Copenhagen, helping make streets more people-friendly in a bunch of cities all over the world. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our \\\"Why Redfin?,\\\" page.\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/author\\\/ericscharnhorst\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Have U.S. Cities Reached Peak Parking? - Redfin Real Estate News","description":"As cities update their parking policies, new home construction will become easier and less expensive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/news\/peak-parking\/","og_locale":"en_US","og_type":"article","og_title":"Have U.S. Cities Reached Peak Parking?","og_description":"As cities update their parking policies, new home construction will become easier and less expensive","og_url":"https:\/\/www.redfin.com\/news\/peak-parking\/","og_site_name":"Redfin Real Estate News","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2016-12-09T20:27:50+00:00","article_modified_time":"2020-10-05T23:22:44+00:00","og_image":[{"width":1254,"height":836,"url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/12\/parking.jpg","type":"image\/jpeg"}],"author":"Eric Scharnhorst","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Eric Scharnhorst","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/news\/peak-parking\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/peak-parking\/"},"author":{"name":"Eric Scharnhorst","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/3441fd1843ad699c3f1c8a12ea9b87b3"},"headline":"Have U.S. Cities Reached Peak Parking?","datePublished":"2016-12-09T20:27:50+00:00","dateModified":"2020-10-05T23:22:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/news\/peak-parking\/"},"wordCount":618,"publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/news\/peak-parking\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/12\/parking.jpg","keywords":["Housing Market Tracker","New Construction"],"articleSection":["Regional Trends"],"inLanguage":"en-US","copyrightYear":"2016","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/news\/peak-parking\/","url":"https:\/\/www.redfin.com\/news\/peak-parking\/","name":"Have U.S. Cities Reached Peak Parking? 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He wants to live in a city where cars have nerf bumpers and big trees are planted in parking spots. Before Redfin, he was at Gehl Architects in Copenhagen, helping make streets more people-friendly in a bunch of cities all over the world. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. 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