Recently, Lingertat has witnessed a growing push toward public transportation in general, both in the suburbs and the city. Particularly in urban areas, many young residents are choosing not to own their own cars.

“A key element in transit-oriented development is the ability to secure a reduction in the proportionate number of parking spaces which would otherwise be included in a new project,” Lingertat says. “Based on the proximity to reliable public transportation and the assumption that fewer residents would own cars and require on-site parking, a municipality is willing to provide concessions to a transit-oriented development in the amount of parking that would otherwise be required for the applicable number of housing units—and retail or commercial occupants, in the case of a mixed-use project.”

As she sees it, developers may also be able to increase the overall density of a project so near to a train station or other busy transportation center. She thinks this type of project is taking off in Chicago, in particular, due to its expansive public transportation system, as well as new services like Divvy bike rentals, car share programs like Zip Car, and transportation options like Uber and Lyft, which have made it increasingly cost effective and convenient to get around without owning a car.

“Many new homebuyers and renters are also expressing a desire to live nearby to where they work and play,” Lingertat says. “Dense, transit-oriented projects provide housing in areas convenient to transportation and, in most cases, also to restaurants, recreation and shopping districts, which helps to fulfill that desire.”

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.