Friday, July 22, 2011

Parking Rates Worldwide

Colliers International (a big real estate company) did an international survey on the cost of car parking. The results are presented in the chart below, which shows the monthly cost of parking rates. (via The Drunkeynesian)

What caught my attention:
  • Prices that are too low (in my almighty opinion of course): Bangkok , Delhi, Jakarta,Mumbai, Buenos Aires, Rio de Janeiro, Los Angeles, Seoul, São Paulo, San Diego, Santiago, Beijing, Mexico City, Istanbul and Atlanta.

  • Prices that are too high: _________.

Monthly Parking Rates Worldwide* (USD)


[Click on the chart to enlarge the image]

*Monthly unreserved median rates.

6 comments:

ThomasH said...

I wonder what the vacancy rate is. For example, in London, does the nearest unreserved parking facility have a vacancy 95% of the time?

Urban Demographics said...

I would also ask: how much of parkable space is actually charged?

Paul Barter said...

One possible way to look at the question of which prices are 'too high' or 'too low' is to compare the parking prices with the rents for other uses of space (both measured per square meter pe month). It's not perfect but it give an interesting perspective.

I tried doing this for an earlier round of Colliers CBD parking price data and some of Colliers office rent data. See http://www.reinventingparking.org/2010/08/do-cbd-parking-prices-in-your-city-look.html

Bernard said...

I would look for excess supply to see if the price is too high. If every parking lot always has vacancies, I would suspect that the prices are too high. This might happen if local monopolies of location allow owners to charge profit maximizing prices that leave excess supply. I don't think you would get this without some market power.

Peter St Onge said...

One origin story on homelessness is over-regulation of landlord codes (intended, sotto voce, to exclude homeless).

So you could take these parking costs as a starting estimate for basic housing costs in these cities, were it completely deregulated. (Meaning "here's your space, you know where to find the cinderblocks, cooking stove and bucket-with-a-lid.")

Anonymous said...

Monthly parking rates in downtown, midtown and Buckhead districts of Atlanta are a good bit higher. I paid $125/mo in 1977 to park in our employer-owned building's underground garage. That was a substantial portion of my $10,000 income then. Our employer, architect John Portman, must have had loved that tax-free kick-back income.