10.6 - Benefits

Introduction

Benefits of parking management that reduces total automobile trips include:

• traffic congestion reduction
• road accident savings
• transport user cost savings
• parking user savings
• reduced vehicle emissions
• other reduced environmental impacts
• improved community liveability
• increased transport options.

Parking user savings

The magnitude of parking user savings (in financial terms) that result from parking management depends on specific conditions, including the cost per parking space and how much parking can be reduced.

The following gives an example of potential parking user cost savings. If a comprehensive parking management programme can reduce parking requirements by a third, and annualised parking facility costs average $1,200 in urban conditions and $600 in suburban conditions, then:

• Cashing out free parking is equivalent to a three percent wage increase for an employee earning $40,000 per year at an urban location, and a 1.5 percent wage increase for suburban employees.
• If two parking spaces are currently included with accommodation, then decoupling parking (renting parking spaces separately) provides $100 monthly savings for an urban household that only owns one vehicle, and $200 monthly savings if it owns no vehicles. This represents a 12-25 percent reduction from an $800 per month rent or mortgage payment. Suburban households save half this amount, a 10-20 percent savings from a $500 per month rent or mortgage payment.

Parking resource cost corrections

As noted in chapter 3, it is necessary to make resource cost corrections to parking charges to recognise the true resource cost involved.

Average parking costs and resource cost corrections per round trip:

For TBhC projects, a smaller resource cost correction is appropriate because it can be assumed that drivers that change modes are more aware of the true resource cost of parking

Community liveability

Parking management allows greater flexibility in facility location and site design. It gives building managers and developers more options for dealing with parking problems. It gives communities more control over land use, allowing higher density, more walkable urban areas. It can facilitate the preservation of historic buildings and districts, and allows designers to position buildings to meet access, aesthetic and environmental objectives in ways that are impossible if parking requirements are inflexible. Such design flexibility is particularly important for infilling development and areas with high land costs, allowing redevelopment of central business districts and urban communities. Parking management is an important component of efforts to create more efficient and attractive urban conditions (new urbanisation).

Reduced environmental impacts

Pavement imposes environmental impacts including reduced groundwater recharge, increased stormwater management requirements, reduced greenspace and wildlife habitat, and heat island effects. Parking consumes a significant portion of urban land, particularly in commercial and high-density residential areas. Parking management can reduce the environmental impacts that result from urban sprawl.