Average parking costs in the U.S. and Canada have increased for the second year in a row, according to a Boston-based real-estate consultantcy that conducts an annual survey on the topic.
Colliers International, in its fifth-annual North American Parking Rate survey, said monthly parking rates rose 2.7 percent for reserved spaces and 3.7 percent for unreserved spaces over the past 12 months. That's based on data taken from 48 U.S. markets and 10 Canadian markets.
The firm also looked at daily rates--using U.S. data only--and found that they grew by about 7 percent.
See the table below for information on each market.
Whether the numbers are good news or bad news for employers depends on your disposition. Colliers took a positive outlook, saying it appears parking facility owners are boosting their monthly rates because they see the economy improving and believe it gives them room to charge more.
Daily rates, according to Colliers, are "more a function of the general economy and consumer spending," so the rise in them is "consistent with strong retail sales and amplified consumer confidence."
Monthly unreserved rates registered a high of $798 in New York Midtown and a low of $20 in Memphis, Tennessee. Nationally, the average unreserved parking rate is $148.30 per month. The five most expensive U.S parking districts, for monthly unreserved rates, were New York Midtown ($492), New York Downtown ($444), Boston ($425), San Francisco ($350) and Philadelphia ($318). Surprising monthly bargains could be found in Phoenix ($43.00), Dallas ($65.00) and San Jose ($75.00) for an unreserved space. The most expensive Canadian city was Toronto (C$285 / US$234).
Daily parking rates ranged from a high of $41 in New York Midtown to a low of just $6.00 in both Dallas and Memphis. Houston also boasts an unexpected bargain at just $6.80 per day. The five most expensive cities to park your car for the day include New York Midtown ($41.00), New York Downtown ($33.00), Boston ($32.00), Honolulu ($30.00) and Chicago ($25.00).
“With the economy steady and new garage developments few and far between, the demand side is again anticipated to outstrip supply,” remarked Ross Moore, Vice President and Director of Research at Colliers International. “We expect this trend to continue, and we anticipate an even greater spike in parking rates over the next 12-month period.”
The survey, which was conducted in June and covered a broad selection of 58 metropolitan areas in North America, also found that 20 percent of U.S. garages have a waiting list, with an average wait time of 3.3 months. Additionally, one-fifth of U.S. garages offer supplementary services such as valet parking, car washing/detailing, and dry cleaning.
