To access your subscriber or participant resources: LOG IN NOW
Waiting for a parking spot?
Published July 18, 2014
Are you having trouble finding a parking space these days? Fear not. It will get worse. Gone are the days when developers build in one or two parking spaces for every new apartment unit. Let’s take a look at what’s happening.
New construction that opened up in the region in 2011 had an average of 1.2 parking spaces per unit. Then the number of spaces started shrinking each year, dipping below 1:1 parking for properties built last year. And from the looks of things, that downward trend will continue for at least a few more years.
And this trend is for traditional apartments only. We’re not including microhousing in this analysis.
Not all apartment developers are cutting down on parking. 45% of the properties built since the beginning of 2011 or planned for completion by the end of 2016 have at least one parking space for each unit. But that also means 55% have less than 1:1 parking. And 25% have no more than 0.6 parking spaces per unit.
The amount of parking depends a lot on location though. Suburban markets are still car-centric, a lot more than the in-city Seattle market, shown as K-C in this chart or even the north end of Seattle, shown as K-N. Both of those submarkets have significantly less than 1:1 parking. By comparison, The Eastside, south King County, Pierce and Snohomish counties all have more than 1:1 parking… and in most cases, a lot more.
Are developers simply responding to consumer preferences? Or are consumers simply forced to adapt to market realities? It’s a bit of both. And, thanks to technology, it has created some new creative transportation solutions.
The slide show below contains the charts from this week's video.
Please give us feedback on this article and share any other information you think will be interesting and useful to people involved in the Puget Sound region's apartment market. We would be happy to quote you, adding your comments to this or other articles. We will also respect your privacy if you want your comments to be confidential. just let us know. [Click here] for our contact form.
Be sure to check back next week for a new discussion of current apartment trends for the Puget Sound region.
You can print a PDF of this article for yourself and others (see the link to the right of the article title), embed the video in your website or blog, share the video.
We hope you enjoyed this video article. If you did, here is a shameless plug. Why not subscribe to our Apartment Advisor newsletter. It is ridiculously cheap, because it is filled with so much valuable information. Since our research is our only source of business income, we need your support to keep it going. [Click here] for more information about the newsletter. Better yet, save yourself a step and just order it online now by [clicking here].
More video articles
Be sure to check back next week for a new video and discussion of current apartment trends for the Puget Sound region. Here are some other recent articles you may find interesting:
Editor's note: This is the complete article.
Today's subscriber comment
September 23, 2014
Dave Schumacher: "When we prepare market data for investors, the first place we go for information is Dupre + Scott. You provide us with a trusted source of information. We may not always agree with your predictions but always find them thoughtful and informative, so we give your analyses a lot of attention and a tremendous amount of respect."
"Your new apartment sale comparable reports are well formatted, detailed, and timely. The Apartment Development Report and custom reports are extremely helpful in tracking the status of projected apartment developments and adding new supply to our data base. And of course, your semi-annual vacancy and rent reports are very valuable and provide an excellent source of historical trends."
"We refer to the Dupre + Scott online database on a weekly basis. We cannot imagine conducting our business without the valuable resource you provide." (Dave is Senior Vice President of the Seattle office of Colliers International and has been an active broker, developer, and investor in the region for 30 years.)