Rents in Seattle experienced one of the biggest jumps recently. According to Seattle magazine The Stranger, parking spaces are a big contributor to the city’s rising housing costs.
“The cost of building one parking stall in residential garages is estimated to be between $20,000 and $50,000,” the article says.
A study from Portland-based Sightline Institute found that more than 30 percent of parking in apartment buildings constructed after 2008 are empty at night. But according to the article, the costs developers have to pay to construct parking is passed on to tenants, whether or not they have cars.
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