Denver is bucking a national trend when it comes to building parking spaces for the new apartment communities being built.
Cities across the country have removed parking minimums for multifamily properties because demand for parking spaces has shown a significant decline, according to a 10-year parking study by the National Apartment Association. Average parking ratios nationwide for apartment properties with 50 or more units peaked at 1.62 in the 2000s, before declining to 1.46 in the current decade — its lowest rate since the 1960s.
In Denver, the peak of 1.59 came in the 1990s. Denver loosened its parking requirements in 2010, which led to a decline to 1.4 between 2000 and 2016. But in 2017, under pressure from neighborhoods, the city rolled back its exemptions, requiring more parking. It is still too soon to tell what impact the move will have on the city’s parking ratio over the next decade.
“Even though it sounds like most people don’t want a parking garage in their neighborhood, a lot of people do to keep folks from parking on the street,” NAA Director of Research Paula Munger said. “There was just that much pressure.”
Denver residents are willing to pay more for parking than the rest of the nation. The study found that on average, apartment dwellers across the United States are willing to pay $33 more a month for a parking space. Denver residents are willing to pay $37 more a month to park their vehicles.
While Denver rolled back its exemptions, other cities across the country are noticing a decline in parking ratios.
“The younger generation is not interested in cars when there’s Uber and Lyft,” Munger said. “A lot of city planners are looking for ways to have more green space.”
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