National Parking Association
1112 16th Street NW, Suite 840
Washington, DC 20036
Annual Survey Finds That Daily Downtown Parking Rates Decreased In Many Cities
Washington, D.C. (October 14, 2010)--The National Parking Association (NPA) today released the results of its third annual Parking in America survey report. The study measures monthly, daily and hourly rates in cities throughout the United States and Canada, including parking facilities in hospitals, hotels, educational institutions and airports. It also documents rate trends in downtown parking areas and among institutional parking owners and operators.
"This is by far the most comprehensive survey of parking rates ever conducted," said Christine Banning, CAE, president of the National Parking Association. "Parking in America provides an important snapshot of our industry, and it also demonstrates how closely parking is linked to the economy as a whole."
The survey found that in the past year, the average price of a premium downtown space across North America has dropped by approximately 20%, from $20.01 per day to $15.92. At the same time, the average price of the least expensive space in the markets covered by this study has risen from $7.64 per day to $8.48. Similarly, the average cost of a premium reserved monthly space dropped from $281 to $240, while the cost of the least expensive monthly spaces increased slightly, from $140 to $142. Overall, only 27% of central business district operators increased parking rates, while 66% held theirs steady and 7% lowered prices.
"These daily and monthly price trends reflect the state of the economy," continued Banning. "Consumers are being more careful about how they spend their money, and they are looking for ways to economize. These rate trends reflect the extent to which parkers are seeking out less expensive parking options and driving their rate decisions."
The NPA parking survey also found significant disparities in the cost of parking from city to city. For example, downtown parkers in New York paid a maximum daily rate of $44 and those in San Francisco paid $40, while drivers in Chicago and Philadelphia paid more than $35. Conversely, drivers in Decatur, Ill., could park for as little as $2 per day, and daily parking in Buffalo, New York and Edmonton, Alberta could be found for as little as $4.25.
Other survey highlights include: Monthly unreserved parking rates in the U.S. and Canada are wide-ranging, with New York, Boston, and San Francisco leading the way.
The recession's impact on central business district parking has also varied, with 32% of operators reporting increased revenues, and 40% reporting a decrease. Municipal operators fared best, with 46% reporting increased revenues and just 23% reporting decreases. Hospital parking also fared well, with 30% reporting increased revenues and only 16% experiencing decreases. Airport parking facilities continue to be impacted by the economy, with 56% reporting decreased revenues and just 30% reporting increases. Conversely, 66% of college and university operators reported increases and just 16% showing decreased revenues.
"While the data provided through this survey point in several directions, there is cause for optimism," continued Banning. "Even though revenues are down for many parking owners and operators, some, particularly municipal operators, have experienced increased revenues over the past year. I'm confident that as the economy continues to rebound, the parking industry will also enjoy important gains."
Parking in America includes data from 146 cities in the U.S. and Canada. Participants own or operate nearly 5,900 parking facilities with more than 2.4 million parking spaces.
The National Parking Association is an international network of thousands of parking industry leaders and professionals. NPA's mission is to serve as a resource to the parking industry and its members by offering access to quality education, networking opportunities, advocacy, products and services.
Complete survey results can be found online on the NPA website at www.npapark.org.
About the National Parking Association: The National Parking Association (NPA) is an international network of companies comprised of parking industry professionals. NPA's mission is to serve as a resource to the parking industry and our members by offering quality education, networking opportunities, advocacy, products and services. To learn more, go to www.npapark.org.