In a city where owning a car can be an expensive burden, off-street parking spaces are still highly desired commodities.
Parking in New York City is costly and difficult to come by, writes Ronnie Koenig. "But for some New Yorkers, an unused space in a parking garage or an extra spot in the driveway is a valuable piece of real estate and an easy way to earn extra income."
While ride sharing has decreased the demand for parking throughout the city, dedicated, off-street parking spots are still sought-after amenities.
Parking spaces come with hefty price tags—an average of $280,000 by one estimate. But property owners not using their spaces can rent them out to tenants and neighbors, and residents are more than willing to pay the rental fees, says Koenig:
Trish Martin has rented a spot in a garage around the corner from her home in Park Slope, Brooklyn for nearly 30 years and she doesn’t regret a penny of the money she has spent on it. "When my kids were young, I would drive into Manhattan with them for hockey practice and then back to Brooklyn. Parking was miserable — I’d be driving in circles for 45 minutes and I’d feel like crying," she recalled. "I thought: There’s got to be a better way."
People who own or rent spots say it is money well spent, saving them time and the hassle of dealing with dents and other risks that come from parking on city streets. "Those who are willing to pay for a parking spot argue that having a private spot can be life-changing," adds Koenig.
FULL STORY: Parking So Prime, the Car Is Optional
One Pandemic Real Estate Bet: Condos for Cars
The possibility of many more urban dwellers driving than ever before, even in transit-rich locations like New York City, is still very real.
What Happens If Parking Structures Become Obsolete?
An architect makes the case for future-proofing new parking garages so they can easily shift to other uses in a future with fewer cars.
New York Parking Pilot Favors Car Share
New York is the latest city that will prioritize shared uses when it divvies up public parking spaces.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.
Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.
Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.
MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.
Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Caltrans
City of Fort Worth
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie