Parking rate survey finds NYC most expensive place to park in USA

NYC Parking

A parking rate survey was conducted by Colliers International for 2011 comparing parking rates in different locations throughout the US and beyond. It will come as no surprise to tri-state area residents, or even those who have visited, that New York City has the highest figures on the list.

Parking costs vary by district, and the highest price in all of Manhattan is right in midtown, with an average monthly rate of $541. Downtown comes in a close second at $533. At over $100 less on a monthly basis, Boston takes the number three spot with an average of $438.

How do these astronomical figures measure up to the rest of the U.S? NYC parkers may want to look away, as the national average is $155.22 monthly. But while the top three may be the most eye-popping numbers, let’s take a look at the rest of the Top Ten. San Francisco lands fourth with $375, Philadelphia follows with $304, sixth is the $294 average in Seattle, Chicago is just a few dollars less at $289, Washington charges $260, Honolulu is ninth for $217, and Los Angeles just makes the list with its $210 price tag.

Many of the top ten cities have had some fairly substantial rate hikes this past year, as well. While NYC may be number one in cost, is certainly has not had the largest increase this year, with rates increasing by less than %1 in both midtown and downtown. The Parking Rate Survey’s number three spot, Boston, increased by 3.1% this year, with others at even higher rates. Washington is up 6.1%, and Houston is also up, by 4.8%. Cities that saw a decrease in costs include Los Angeles, down by 0.2%, and Chicago’s notable 9.7% decrease. The only city that saw no change in rates is San Fransisco.

Daily parking rates was its own category, but Midtown Manhattan took the top spot on that list too, with an average of $41. Honolulu and Boston are second and third at $38 and $34, respectively. The same cities appear on the remainder of the list as well, with Chicago charging $32, downtown Manhattan and Los Angeles charge the same at $30, San Diego and Philadelphia share a $26 price tag, and Seattle parking will run you $24.

Increases for daily parking are more dramatic than the monthly parking rates. Houston and Washington are both up around 20%. Boston hiked up rates by 6.3%, while Chicago, Los Angeles, midtown and downtown Manhattan, and San Fransisco all increased by less than 5%.

Canada is seeing increased parking prices as well. They are up overall 3% from last year. The highest average monthly rate there is found in Calgary at $486 USD, which also has the highest daily rates of $25.73 USD. Montreal and Toronto are both in the $300-350 USD range with daily rates from $20-25 USD.

Parking situations in densely populated areas are not likely to improve. Throughout the U.S. there are only 5 parking structures currently undergoing construction. Canada has seven in progress nationally. Neither figures are likely to put much of a dent in the issue.

Overseas, parking costs leave little room for Americans to gripe, with jaw-dropping four-figure monthly rates at high as $1,084 in London, the world’s most expensive place to park. London’s West End is a close second at $1,014. Parking in Zurich will run you $822 a month, and Rome, $719. Costs in Asia are no better, with Hong Kong and Tokyo just around $745. Perth, an Australian city, is another on the top of the list at $717.

– By: Alexandra Koken

Source: USAToday
Image Source: JamesInHollywood