Parking Rates Show Modest Growth

by CoyDavidson on October 3, 2012

2012 Parking Rate Survey

Reflecting slow growth trends in the greater economy, the cost of downtown daily parking rates increased by an average of 1.6 percent year-over-year in 2012. Fees remained flat or grew slightly in most North American cities. Only nine cities in the U.S. and Canada saw a drop in daily rates. This positive trend reflects the overall economic narrative of recent years. In 2010, daily parking rates dropped by 1.4 percent. Rates stabilized in 2011, showing a small increase of 0.8 percent. This price increase in 2012 shows garage owners and operators beginning to test the waters with modest rate increases as demand slowly rises.

The five most expensive median unreserved monthly parking rates in the U.S. are Midtown Manhattan ($562), Downtown Manhattan ($533), Boston ($405), San Francisco ($375) and Philadelphia ($313). The median parking rate in Houston ($160) is just below the national average ($164.80).

The survey is based on information collected in June by Colliers International.

Read the full report here.

  • Feasibilitypro

    Were these part of paid report? Where can I find this report? Can you provide the link. Thanks

  • The link is at the bottom of the article

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