Guide to Calculating Mobility Management Benefits Victoria Transport Policy Institute
Parking Cost Savings Parking costs are the costs to build and maintain parking facilities, including land, construction, maintenance and operations.
Parking Cost Savings Subcategories
Residential parking cost savings.
Business parking cost savings.
Government parking cost savings.
Reductions in vehicle ownership tend to reduce residential parking costs, while reductions in vehicle trips , particularly reductions in peak period and longer duration trips, tend to reduce parking costs at other destinations. Land use strategies that increase development density tend to allow more shared parking, which reduces parking costs. Conventional transport planning gives little consideration to parking facility costs.
Parking Cost Savings Effectiveness
Commute trip reduction Parking management & prici
Rideshare programs Smart growth
Transit improvements and encouragement
Walking & cycling improvements
Carsharing Freight transport
management Nonmotorized promotion Telework HOV priority
Tourist transport management
Flextime Carfree planning Traffic calming
Transit oriented development
Increased density may increase unit costs (cost per parking space or lane-mile), although per capita costs do not necessarily increase if a community reduces the total number of parking spaces and lane-miles.
This table identifies how various mobility management strategies affect road and parking facility costs
Parking costs typically ranges from $400 to $2,500 annual per space. Actual savings vary depending on specific conditions, including the severity of parking problems in the area, and the marginal savings that would result if parking demand declines (“Parking Costs,” Litman 2009). In some cases there may be minimal short-term parking cost savings if unused parking spaces will simply sit unoccupied, but over the medium and long run most urban parking facilities have an opportunity cost, by avoiding the need to build more parking, or allowing parking facilities to be rented, sold or developed for other uses.