How Much to Charge for a Parking Space in Denver, CO: A Guide for Apartment Building Owners

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Neighbor.com contacted 20 multifamily properties across Denver (Central Business District, Denver International Airport, Denver Northeast, Denver South Central, and Denver Northwest). 

The purpose? To gain insight into the resident parking prices set by local apartment building owners. 

Recent data shows that 50% of multifamily properties across the U.S. are mispricing their resident parking, and this misstep isn’t without consequences. 

When property owners/property managers set arbitrary resident parking prices, this decision puts the property at risk of losing tens of thousands in NOI and can even impact resident satisfaction. 

So, when answering the question, “How much to charge for parking space in an apartment complex?property owners should seek out hyperlocal data (like the data we’ll provide in this article). 

Findings of Neighbor.com’s Denver, CO, Parking Research 

From the Central Business District to Denver Northwest, resident parking prices can vary by up to 300%, even if two properties are located within a city mile of one another. 

Another surprising discovery is that parking operators (in and outside of Denver, CO) charge 162% more, on average, for covered parking spots than multifamily property owners. 

Most often, these gaping price discrepancies indicate that a property lacks the hyperlocal data needed to make informed pricing decisions. 

From the perspective of parking experts like Ralph Johnson, the National Parking Association’s “40 under 40,” there are very few reasons why multifamily property owners should charge 70% less for parking than a parking operator in the same neighborhood. 

Outside of a lack of data, the parking rates of properties within the same market may vary because of differences in coverage, space type, assignment status, etc. 

For instance, if one property offers residents garage parking while the other offers surface lot parking, the former property will likely charge residents a higher monthly rate (if they charge for parking at all). 

How Much Should I Charge for a Space in an Uncovered Parking Lot? 

Types of uncovered parking options: Uncovered surface lots, rooftop spaces in multi-level parking garages, etc. 

Of the 20 properties sampled, 50% currently offer uncovered parking to residents–but only half of this 50% charge residents additional fees to park in uncovered lots; the remaining 50%, by contrast, offer free on-site parking as an amenity. 

Of those properties that charge for uncovered parking, the average uncovered parking rate for Denver, CO, is around $56/month (Note: This $56 is a separate, unbundled fee that is charged on top of monthly rent fees, utilities, storage, etc.) 

Market Name Raw Average Charged Average% of Properties That Offer Uncovered Parking% of Properties That Charge for Uncovered Parking 
Denver$28.00/mo$56.00/mo50%50%

*Definition of “Raw Average”: This average includes properties that offer residents free parking (whether uncovered or covered), as well as those properties that charge residents additional fees for a given type of parking space. 

**Definition of “Charged Average”: This average excludes those properties that offer free parking. It only represents those properties that charge residents additional fees to park in their on-site parking facilities.

How Much Should I Charge for a Space in a Covered Parking Structure?

Types of covered parking options: Private carports, enclosed/open-air parking garage spaces, private residential garage spaces, etc. 

Of the 20 properties sampled, 95% of Denver property owners offer one or more types of covered parking. Of those 95% of properties that offer it, 100% charge residents to park in these covered parking spots.

Of those properties that charge for covered parking (private carports, parking garage spaces, private garage spaces, etc.), the average covered parking rate for Denver is around $60/month.  

Market Name Raw Average Charged Average% of Properties That Offer Uncovered Parking% of Properties That Charge for Covered Parking 
Denver$59.72/mo$59.72/mo95%100%

*Definition of “Raw Average”: This average includes properties that offer residents free parking (whether uncovered or covered), as well as those properties that charge residents additional fees for a given type of parking space. 

**Definition of “Charged Average”: This average excludes those properties that offer free parking. It only represents those properties that charge residents additional fees to park in their on-site parking facilities.

Factors to Consider When Setting Parking Prices

Factor #1: Parking Structure Type 

Multifamily parking usually falls into one of three categories: indoor, covered, and outdoor/uncovered. 

According to new research, 90% of Denver properties offer more than 1 of these parking types (anywhere from 2-4 parking options). 

Typically, covered parking in Denver is priced higher than uncovered parking (as seen in the table above). With Denver’s unpredictable weather—snowstorms, hail, and intense summer heat—there’s no question why covered parking is considered a valuable amenity. 

On average, multifamily property owners in Denver charge 6.6% more for covered parking.

Factor #2: Parking Space Type

Multifamily parking pricing not only varies by coverage type (indoor, covered, outdoor) but also space type. 

There are several different types of resident parking spaces, including standard spaces, compact spaces, tandem spaces, stacked spaces, and EV charging spaces.

Compact Spaces

These parking spots offer less square footage and are, therefore, less expensive. Because of these size limitations, compact spaces are ideal for sedans, small SUVs, and hatchbacks. 

Tandem Spaces

These spaces are built for two vehicles and are common in larger cities that are space-constrained. 

Note: While the cost of a tandem space will exceed the cost of a standard-sized space, it is considered an affordable alternative to renting two individual parking spots.

EV Charging Spaces

Parking rates will vary depending on whether the spaces are shared or assigned. Generally speaking, EV spaces command a premium rate. 

In Neighbor’s sample of 240 multifamily properties nationwide, 42% said they offer EV charging for residents. However, the parking rates varied among this 42% of properties. 

Factor #3: Whether the Space is Assigned vs. Unassigned 

Assigned parking is predictable. There’s controlled access. Plus, it’s an amenity that sets resident parking lots and garages apart from other commercial parking options.  

So, you might expect that property owners–in and outside of Denver–would always charge more for assigned spaces than unassigned spaces (extra value = extra costs). But you might want to think again. 

While uncovered assigned parking is substantially more expensive than uncovered unassigned parking, the price differences are minimal between covered assigned parking and covered unassigned parking (as visualized in the chart below). 

Introducing assigned parking is an unconventional way to increase parking revenue if this isn’t an amenity already offered at your property. 

In addition to free or discounted unassigned parking, property owners can offer renters the option to upgrade to assigned parking for an additional fee. 

Factor #4: Market Rate (Location) 

Professional parking operators in larger cities (like Denver, CO) charge anywhere from 99% to 279% more for parking than multifamily properties, depending on whether a parking space is covered or uncovered. 

Of all the markets sampled in this research, Denver has one of the largest price discrepancies between the market rate and the average multifamily rate for covered parking (alongside Phoenix and Miami). 

If Denver-based multifamily owners were to set their parking rates at just 50-70% (~$78/month of this market rate, they could maintain competitive pricing and increase annual NOI by up to $71,048 per year per property. 

Multifamily Parking Rates vs. Market Rates (Uncovered Parking)

In Denver, commercial parking facilities charge (on average) around 99% more for uncovered parking than multifamily properties in the area. 

Market Name Avg. Multifamily Parking Price Avg. Market Parking PricePrice Difference ($) Price Difference (%) 
Denver$56.00/mo$111.44/mo+$55.44/mo+99% 

Multifamily Rate vs. Market Rate (Covered Parking)

In Los Angeles, commercial parking facilities charge (on average) around 279% more for covered parking than local multifamily properties.

Market Name Avg. Multifamily Parking Price Avg. Market Parking PricePrice Difference ($) Price Difference (%) 
Denver$59.72/mo$226.24/mo+$166.52+279% 

Factor #5: Parking Ratio

In Denver, the average # of vehicles per household exceeds the average parking ratio (1.8 vs. 1.4). With this in mind, property managers can hike parking prices to reflect demand and effectively increase annual parking revenue. 

Despite the uptick in parking revenue, investors who own buildings in the following submarkets will still struggle to meet resident parking needs: Central Business District, Denver International Airport, Denver Northeast, Denver South Central, and Denver Northwest. 

If there isn’t room in the budget to add more parking facilities, property managers can recommend Neighbor to prospective/existing tenants. On the Neighbor.com platform, renters can find off-site parking options in the same neighborhood.  

Factor #6: Ratio to Rent 

In Denver, parking rates are typically 3-4% of the average monthly rent. Parking experts, however, recommend that property owners set resident parking rates between 8-10% of monthly rent costs. When executed correctly, this strategy can boost parking revenue without negatively impacting renter retention

Factor #7: Recommendations from Parking Pricing Experts

While this article is a good source of local parking data, it should not be treated as a substitute for hyperlocal data specific to your neighborhood. 

Once you’ve finished reviewing this article, book a consultation with Neighbor’s team of parking pricing experts

When Are Free Parking Spots the Best Pricing Strategy?

Some Denver property owners choose to offer parking as a free amenity for one or more of the following reasons:

  • It differentiates their property from competitors.
  • Free parking can attract new tenants and increase lease renewal rates.
  • It encourages tenants to park on-site instead of seeking third-party options.

Making Adjustments to Your Resident Parking Prices

Now that you have greater insight into what your competitors charge for resident parking, you can adjust your rates accordingly. 

(Pro tip: While guides like these are useful tools, it’s still recommended that you meet with a parking pricing consultant. Book a free portfolio analysis with Neighbor’s team of parking experts here. These insiders can recommend rates specific to your market, neighborhood, and parking type). 

Here are a few best practices to keep in mind: 

  • Start by only charging new residents at the adjusted rate. You can use their feedback to gauge interest before extending the program to existing residents.
  • When/if you decide to increase existing residents’ fees, align those changes with lease renewal periods
  • When announcing price changes, emphasize the added value (e.g., guaranteed parking or improved amenities).

When executed thoughtfully, parking price optimizations can significantly increase NOI and property valuation—without any major rent increases.

For pricing data in the top 10 US markets (including Denver.), as well as cutting-edge parking optimization strategies, download the 2025 Multifamily Parking Intelligence report here. 

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