Renters are paying dearly for excess parking, even if they don’t drive. This is according to a new study by the Rutgers Center for Real Estate. The study found that New Jersey cities require developers to build twice as many parking spots as the number of cars owned by the average renter. Relaxing these requirements – lowering them to reflect the number of cars that most renters own – would result in lower rents, saving the average renter more than $1,000 each year. Other studies found that if these requirements were eliminated altogether for all housing types, more savings would accrue to renters and homeowners alike. – StreetsBlog USA
