I own two parking spaces in a private garage on the edge of downtown - have one car and rent the other space. 5 years ago, I could rent it for $300 per month w

I own two parking spaces in a private garage on the edge of downtown - have one car and rent the other space. 5 years ago, I could rent it for $300 per month with a waiting list of people that want it. Today I am renting it for $200 per month and it would take a week or so to find a new tenant. In that time, my neighborhood has grown considerably and has become much more expensive. Multiple car ownership (or ownership at all) just isn't that desirable any more and Chicago's relaxation of minimum parking requirements are very much market-driven. Parking costs a lot of money to build and takes up a lot of space in a building. Because there is nothing preventing a developer from building more parking than required, he or she has the freedom to match market demand. There is a 50-floor, ~500-unit apartment building under construction in my neighborhood that, due to its proximity to a train station, was required to build exactly 0 parking spaces. The developer chose to build around 75.