The Chicago City Council’s July 16, 2025 ordinance eliminating parking minimums across most transit‑served neighborhoods marks a transformative moment for real estate in the Windy City. For buyers, sellers, and investors, understanding this Chicago parking reform for real estate near transit is essential.
Want to know what this policy change means for property values, development opportunities, and your buying or selling strategy?
What the Parking Reform Does (and What It Doesn’t)
The new parking reform eliminates mandatory parking requirements for residential and commercial developments, making parking optional based on market demand. Developers can still include parking, but they’re no longer forced to build unnecessary spaces—offering more flexibility and reduced costs.
Previously, Chicago zoning required 0.1–2 parking spaces per dwelling unit and 2–2.5 spaces per 1,000 sq ft of commercial space. With this reform, developers near CTA stations or bus corridors can now eliminate parking altogether without going through approval processes—except in downtown and Metra-only zones.
Why This Matters for Developers and Buyers
Lower Construction Costs & More Affordable Housing
Building structured parking is expensive—about $67,500 per underground space. Removing mandatory parking helps developers save significantly, enabling them to prioritize more housing units or pass savings on to buyers.
Increased Housing Production & Walkability
Developers now have room to create more housing in walkable areas, a shift that addresses the city’s affordable housing crisis.
Momentum for Transit-Oriented Development
Eliminating parking mandates encourages transit-oriented development, especially in CTA-adjacent neighborhoods. The reform prioritizes how residents actually travel—not outdated assumptions baked into zoning codes.
Community Concerns & Market Reality
While some residents are concerned about losing parking access, data shows that garages in multifamily developments are often underutilized. This reform doesn’t ban parking—it simply lets developers decide based on local demand, rather than arbitrary zoning minimums.
For most neighborhoods, this means more flexible, cost-effective housing design—especially in areas near public transit.
Why Work With Camille Canales
Navigating Chicago real estate requires understanding local policy—and how it affects neighborhood trends, development feasibility, and long-term investment potential. I offer clients insider guidance backed by market insight and community connections.
If you're considering buying, selling, or investing in a neighborhood impacted by this reform, let's talk. I can help you leverage this opportunity strategically.
Ready to Talk?
Want to know how this change affects your neighborhood or property goals? Contact me today and let’s make a plan tailored to your future.
