Parking Reform Pays Off With Lower Rent Costs

A new study from the Rutgers Center for Real Estate reveals that New Jersey renters could save more than $1,000 on their rent costs each year of the city aligned its parking requirements with the number of vehicles residents actually own, reports Kea Wilson in Streetsblog USA.

Other research bears this out. “According to the Parking Reform Network, other studies have found that eliminating all parking requirements can decrease rents and mortgages by $200 to $500 a month, depending on how and where those spots are built.” Limiting parking would also reduce the amount of impermeable surfaces that prevent proper stormwater drainage and increase the urban heat island effect.

Studies like this are important because parking mandates often become a hot-button issue for local policymakers. As Wilson points out, “That doesn't mean, of course, that relaxing parking minimums will be politically easy. New Jersey, like many U.S. states, gives municipalities the power to set local zoning codes as long as they comply with overarching state laws.” But the growing body of research can contribute to a better public understanding of the high cost of parking requirements.