Public transportation, anyone?
Live or work in New York? Be prepared to pay up for parking.
New Yorkers pay the most in the nation to park their cars, on average a staggering $533 a month in downtown Manhattan and $541 midtown, according to Colliers International’s survey of parking rates in North America.
It’s possible to lease luxury car for that price or even rent an apartment in some areas of the country.
Third on the annual list was Boston at $438, followed by San Francisco at $375; Philadelphia at $304; Seattle at $294; Chicago at $289; Washington at $260; Honolulu at $217; and Los Angeles at $210.
The cheapest monthly parking rates can be found in Reno, Nev. with a monthly rate of only $45; Phoenix at $50, and Bakersfield, Calif. at $53.
Among average daily parking rates, midtown Manhattan topped the list at $41, followed by Honolulu ($38); Boston ($34); Chicago ($32); downtown Manhattan and Los Angeles ($30); San Francisco, San Diego and Philadelphia ($26); and Seattle ($24).
Daily and monthly rates in most U.S. cities held steady for the past three years, reflecting the reluctance of garage owners to increase prices in the face of the economic downturn and uneven recovery. As demand returns to pre-recession levels, however, rates are expected to rise in the next year.
– Jim Gorzelany, CTW Features