In car-dependent areas, parking availability can be a key selling point when people are looking to rent or buy homes. This often impacts real estate prices, especially if parking is scarce. Driveways and street parking are convenient, but access to a dedicated city parking garage offers additional protection for your vehicle. Here are some ways parking garages can influence local real estate markets:
Increases Demand
In many cities, street parking is metered, and drivers must pay for parking by the hour. Rates may increase each hour a car is parked. This helps encourage turnover to meet a city’s high demand, but it becomes a significant monthly payment for residents who require long-term parking. Some cities also enforce strict street parking rules, such as a seven-day limit, forcing residents to find new spaces. A residence with access to alternative parking options often faces higher demand, as parking is more convenient.
City garages provide many spaces for visitors, commuters, and residents. This makes it easy to find parking near your home. Though many garages have hourly rates, there are typically fewer restrictions than other parking options; this allows drivers to remain in spaces longer than on the street. A parking garage may also offer monthly parking passes that verify consistent access to a space in your preferred garage.
Impacts Development
Parking garages significantly increase the number of available spaces without increasing required acreage. By reducing reliance on single-level lots, city developers can dedicate more properties to public services or retail space. Some garages are built underground, leaving street-level space for restaurants or other commercial businesses.
Garages can meet multiple driver demands in a single location. Some allocate spaces to specific vehicle types or offer additional services. By increasing accessibility, they make parking more convenient for a wider range of drivers, and they maximize the efficient use of available space. A parking garage may feature:
- Spaces for oversized or compact vehicles
- Charging stations for electric vehicles
- ADA-compliant parking
- On-site staff or valet services
- Overnight parking
- Loyalty programs for regular users
Parking garages also help fulfill a business’s parking requirements. Some urban areas require businesses to provide a minimum number of customer spaces; these may vary by square footage, business type, and location within transit zones. Though off-site, garages within walking distance typically meet these guidelines. With shared parking agreements, multiple businesses are able to use the same garage to fulfill city requirements.
Affects Traffic Patterns
Traffic patterns can impact real estate value by influencing a property’s desirability. Home buyers and renters typically prefer areas without high congestion and noise. Businesses might prefer high-traffic areas for visibility, but congestion makes access difficult.
A parking garage helps mitigate traffic concerns. When they’re located on the outskirts of busy areas, drivers may park as they approach their destination, rather than circling the block looking for street parking. Being able to park quickly helps reduce the likelihood of stalled traffic or sudden stops. Some garages use automated payment or reservation systems to limit queues at entrances and exits; this further decreases parking-related bottlenecks.
Conveniently located garages also make many amenities or residences accessible on foot. When drivers can park and walk to multiple locations, overall traffic is reduced because they no longer need to drive short distances between nearby destinations. This helps spread parking demand more evenly, and it potentially reduces peak-hour congestion.
Find a Nearby Parking Garage
For car-dependent cities, parking accessibility impacts how residents and visitors navigate between destinations. Large lots support short drives and frequent stops, while multi-level parking garages may encourage less time in the car. These differences influence local real estate markets, as parking availability and city development change to accommodate drivers’ needs and preferences. Nearby garages let you quickly secure a space, and they provide easy access to residential and commercial areas. Book a garage space in advance today.