From homes and cars to parking, how the sharing economy is evolving
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Connecting state and local government leaders
COMMENTARY | As more people work from home, parking spaces have opened up in cities. This presents a unique opportunity for governments to make their communities more sustainable and inclusive.
The sharing economy has been a game changer, allowing people to share all kinds of goods and services from homes and office space to car rides and food delivery. Excess parking is no exception.
As more people continue to work from home, a surplus of parking spaces is becoming increasingly common in urban areas. Fewer cars are parked in workplace lots, and there’s fewer cars at home, too. Inflation and the pandemic have driven up car and insurance prices, putting vehicle ownership out of reach for many.
This presents a unique opportunity for individuals, businesses and governments to share their additional parking spaces with the local community, creating a more efficient use of assets. Local governments are also vital in promoting and supporting shared parking initiatives.
The Benefits of Sharing (Parking)
The sharing economy is estimated to grow to $335 billion by 2025, up from $14 billion in 2014. New opportunities are opening for individuals to earn extra income or even start a business without substantial capital investment, paving the way for a more accessible and inclusive economy.
The sharing economy promotes social equity, providing opportunities for everyone regardless of socioeconomic background. Renting out unused parking spots creates financial opportunities, helping individuals combat inflation or support struggling businesses.
Neighborhood collaboration is another aspect, with local businesses and homeowners sharing parking spots. This type of partnership benefits everyone involved, as small shops earn extra income during non business hours, and residents with available parking help their neighbors.
Sharing resources like tools, equipment and vehicles reduces waste and environmental stress. Companies can decrease their ecological footprint and improve efficiency through sharing. Instead of individual car ownership, shared company vehicles save time, effort and money.
The sharing economy plays a vital role in transitioning to cleaner transportation, particularly with the growing availability of electric vehicles. Harmful air pollutants decrease by reducing the number of cars searching for parking spots.
There are direct benefits for governments as well. The rise of parking websites and apps reduces the demand for new infrastructure. Instead of constructing new parking garages, cities can encourage shared parking programs where multiple businesses or individuals utilize the same parking location, reducing parking demand, minimizing wasteful construction and promoting sustainability.
Lend Some Helping Hands
Cities already do a lot to promote shared services, such as designating on-street parking spots to carsharing services. Local governments can also play a pivotal role in promoting and supporting the sharing economy as a solution to excess parking. Here are several examples of how:
Develop sharing programs: Parking programs allow businesses to share spaces during off-peak hours, lessening the need for new parking structures and making more efficient use of existing spaces.
Encourage shared spaces: Extending tax incentives or other benefits to businesses and individuals who share parking spaces would increase participation in the sharing economy and reduce the overall demand for parking.
Provide resources: By providing information about the benefits of the sharing economy and connecting parking space providers with potential users, the government can facilitate the growth of shared parking platforms and encourage more efficient use of parking spaces in their community.
Support sustainable transportation: Promoting carpooling reduces overall parking demand, helps alleviate excess parking, and endorses sustainable urban development.
Create zoning regulations: By generating zoning regulations, the government can allow flexible use of parking spaces. Businesses could use their parking lots for events or other activities outside of regular business hours. Governments could also move away from requiring parking minimums, allowing them to build more affordable housing.
By actively implementing these strategies and collaborating with local stakeholders, governments can unlock the full potential of the sharing economy concerning parking. Local authorities can help build more viable, connected and resource-efficient neighborhoods through these collective efforts.
By utilizing existing parking spots, cities can reduce the need for additional parking lots or garages that consume valuable land, contribute to traffic congestion and add to air pollution. Government officials must promote the sharing economy to meet their emission goals for an environmentally friendly and efficient transportation system in their community.
Lynette Lewis is the Global Head of Growth for Spacer Technologies, a technology company that partners with property owners to uncover new revenue streams and optimize their assets.
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