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Sound Off: No More Parking

National Multifamily

Last week we asked if parking is less important for urban multifamily as TOD grows in popularity and Atlanta-based Ackerman & Co associate Evan Ziegler answered. He says reduced parking is a great way to lower costs for the builder/developer, which means reducing rents/purchase price for the user. (Access to public transit also means users don’t have the costs of car ownership.) And the change in capital costs could make deals more feasible, while fitting more units on a given lot. The problem is parking’s chicken/egg situation, he says. People don’t want to reduce parking because walkability and transit are subpar, but nobody’s building out transit because everything is so spread out and car-focused. Let the debate continue.