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Hidden Costs and Deadweight Losses: Bundled Parking and Residential Rents in the Metropolitan United States
This article questions the effects of parking minimums and policies on residential renters in the U.S. by analyzing a sample of rental housing units from the 2011 American Housing Survey.
Key findings
“The lack of rental housing without bundled parking imposes a steep cost on carless renters— commonly the lowest income households—who may be paying for parking that they do not need or want.”
“The cost of garage parking to renter households is approximately $1,700 per year, or an additional 17% of a housing unit’s rent.”
“There are about 708,000 households without a car who have a garage parking space. Much of this excess parking supply is due to municipal regulations, not consumer demand, and represents a direct deadweight oss to society estimated to be approximately $440 million per year.”
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