GOTO >  HOME  |  US  |  ARTICLES  |  APARTMENT RESOURCE CENTER  |  PUBLICATIONS  |  SUBSCRIBE  |  MY ACCOUNT  |  PARTICIPATE  |  CONTACT US  |  HELP
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.

parking ratio by year

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.

cumulative parking ratio

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.

parking ratio by submarket

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.

Charts

The slide show below contains the charts from this week's video.

 

Feedback

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.

Next Friday

Be sure to check back next week for a new discussion of current apartment trends for the Puget Sound region.

Downloads

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.

Support

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.

Adobe Acrobat PDF Format Print a PDF of this article

Share |

Adobe Acrobat PDF Format Print a PDF of this article

 

Share |

 

 


Read what others say about our research.


Read about our history & background


Why get research from us?


Today's subscriber comment

October 31, 2014

Ken Bellamy: "We have subscribed to your research for many years to assist us in our underwriting of acquisitions. Dupre + Scott research gives us timely information on market rents, operating expenses, cap rates, in and a knowledgeable perspective on trends." (Ken is Managing Director of TriMet Development LLC, a Seattle investment company.)