Washington, D.C. – The average cost of a premium downtown parking space across Canada and the U.S. has dropped by approximately 20 per cent, while the price for the least-expensive spot has gone up, suggesting that drivers are heading for cheaper spots. The data is from the third annual survey released by the National Parking Association (NPA), which measures monthly, daily and hourly rates in cities.
The survey found that in the past year, the average price of a premium downtown space has dropped from US$20.01 to $15.92, while the least expensive spaces have 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 least expensive monthly spaces went from $140 to $142. Overall, only 27 per cent of central business district operators increased their parking rates, while 66 per cent remained unchanged, and 7 per cent dropped their prices.
“These daily and monthly price trends reflect the state of the economy,” said Christine Banning, president of NPA. “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 survey found significant disparities in the cost of parking from city to city. Downtown parkers in New York paid a maximum daily rate of $44, while drivers in Decatur, Illinois could park for as little as $2.00 per day. Edmonton, Alberta and Buffalo, New York also showed inexpensive spots, with daily parking found for as little as $4.25.