Neighbor.com contacted 20 multifamily properties across Miami, FL (Downtown Miami, South Beach, Fort Lauderdale, Homestead, South Dade County, Hollywood, and Northeast Miami) for insight into local multifamily parking prices.
This data was published in Neighbor’s 2025 Multifamily Report, a comprehensive (and first-of-its-kind) report designed to help multifamily property owners increase annual NOI across their portfolios.
For the convenience of investors who own properties in one of the above Miami submarkets, we’ve compiled key insights from the report and documented them here.
The goal of this research is to empower multifamily property owners to make informed decisions about resident parking prices. So, ask yourself, are your parking prices optimized?
Findings of Neighbor.com’s Miami Parking Research
Twenty Miami-based properties provided intel on their parking pricing strategies, and the findings may surprise you. Despite being in the same neighborhood, some apartment buildings have set parking prices that vary by as much as 300%.
While many property owners look to their competitors for guidance on pricing, this approach isn’t foolproof.
If one apartment building charges $75/month while another nearby charges $225/month, should a property owner opt for the lower rate or split the difference?
The answer will depend on the following:
- The market rate: Resident parking rates should be no more than 50-70% of the market parking rate if you want your pricing to be competitive. Choosing to charge more (per month) than local parking operators could result in higher resident turnover.
- The level of coverage: Are your on-site parking spots outdoor-uncovered, outdoor-covered, or indoor? Tenants will be willing to pay more for covered and indoor parking spaces due to the heightened security and insulation from the elements.
- The type of space: Tandem parking spots can be charged at higher rates than standard spaces. Similarly, reserved EV parking spaces can be charged at an escalated price. (Note: In Miami, 60% of properties offer more than 1 type of parking to tenants. Anywhere from 2-4 on-site parking types)
- Whether the space is assigned vs. unassigned: Assigned parking is another amenity residents are willing to pay extra for.
How Much Should I Charge for a Space in an Uncovered Parking Lot?
Examples of uncovered parking options: Surface lots, parking spaces on the rooftop of a parking structure, etc.
Of the 20 multifamily properties sampled, 25% currently offer uncovered parking to residents. However, only one-fourth of that 25% charge residents additional fees to park in those uncovered lots. The remaining 20% offer free, on-site parking as an amenity.
Of those properties that charge for uncovered parking, the average parking rate for Miami, FL is around $20/month (Note: This ~$20 is a separate, unbundled fee 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 |
| Miami | $4.00/mo | $20.00/mo | 25% | 20% |
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 multifamily properties sampled, 75% currently offer covered parking to residents. 100% of those properties charge for said covered parking.
Of those properties that charge for covered parking, the average parking rate for Miami, FL is around $53/month (Note: This ~$53 is a separate, unbundled fee 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 Covered Parking |
| Miami | $53.13/mo | $53.13/mo | 75% | 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
In Miami, approximately 25% of multifamily properties offer at least one form of free parking to tenants. This free parking may be offered in conjunction with other paid parking options.
Should you choose to charge residents for one or more parking types, here are factors to consider when setting parking prices:
Factor #1: Parking Structure Type
In Miami, FL, covered parking is, on average, ~166% more expensive than uncovered parking. But why exactly?
Miami is located at the tip of the Sunshine State, so it should be no surprise that Miami experiences an average of 248 sunny days a year. That direct sunlight exposure can result in UV damage if a vehicle is left exposed in an uncovered surface lot.
Thankfully, covered parking reduces sun exposure, while indoor parking eliminates it altogether. Renters can expect that extra protection will come at an extra cost.
Aside from weather protection, covered parking garages are often equipped with parking lot access control systems (barrier gate systems, keypad access systems, fob access control, etc.), which are considered a premium amenity.
Factor #2: Parking Space Type
Resident parking prices in Miami, FL, will vary based on the size of the space (standard, compact, tandem, stacked) and the amenities offered (EV charging, trickle charging, etc.)
Most parking spots will fall into one of three categories:
- Compact Spaces: Priced lower due to their reduced square footage.
- Tandem Spaces: While more expensive than a standard parking space, tandem parking is priced at a lower rate than two individual parking spots. (For example: One surveyed multifamily property charges $400/month per single space and $700/month for a tandem parking space).
- EV Charging Spaces: Rates depend on whether the charging is communal or assigned, with assigned spaces commanding a higher premium.
Prices of EV Charging Spaces
To gain a better understanding of EV pricing, Neighbor contacted the property managers of 240 properties across the U.S. Here are the findings:
- 42% of the properties contacted offer EV charging (whether free or paid) to their residents
- 30% mentioned that they did NOT offer on-site EV charging of any kind
- 28% did not provide information on the property’s available EV charging options
Regarding pricing for these EV parking spots, only 38% of contacted properties charged residents an additional fee on top of monthly rent costs (as seen in the visual below):
Factor #3: Whether the Space is Assigned vs. Unassigned
Assigned parking is a valuable option for residents who want guaranteed spaces. In high-demand and high-traffic areas, like Brickelle or Wynwood, offering assigned parking can differentiate your property.
But how much more should you charge residents for this amenity?
After contacting 240 multifamily properties (across 10 U.S. markets), the data showed that the pricing gap between assigned and unassigned spaces is most noticeable with uncovered parking.
Assigned spaces are charged at 64% higher rates when those spaces are uncovered. However, when spaces are covered, the price differences between assigned vs. unassigned parking are minimal.
Looking beyond the data, assigned spaces–whether covered or uncovered–are an amenity that warrants additional parking fees. Here are a few of the perks that you can market to your Miami-based tenants:
- No more searching for a parking spot: When you arrive home after a long commute, your tenants don’t have to scour for parking.
- Multifamily property owners can more easily monitor resident parking lots for unauthorized cars, reducing potential security infringements.
- Assigned stalls are a superior alternative to paid lots that operate on a first-come-first-serve basis.
As a multifamily property owner overseeing a resident parking lot, it’s your job to compete with other parking facilities in the area. Failure to market the amenities of your on-site parking garage or paved lot could result in your residents parking their vehicles in unassigned garages and lots nearby–especially if your resident rates are higher than the market rate.
While there are a number of reasons why you might charge more than the market rate (better coverage, better security systems, greater access to oversized parking spaces, etc.), if you don’t make these amenities known to your residents, they may jump to conclusions and assume you’re price-gouging. When, in reality, you’re just charging a premium price for a premium product.
Factor #4: Market Rate (Location)
Neighbor.com’s research showed that professional parking operators in larger cities (like
Miami) charge ~162% more (on average) than multifamily property owners, even when these parking spots are packaged with the same amenities (EV charging, fob-access control systems, etc.)
But why do we see these pricing trends, regardless of whether the space is covered or uncovered?
The short answer is that there may be no reason whatsoever. In many cases, these glaring price differences between multifamily parking spots and standard commercial parking spots point to a parking pricing strategy that isn’t data-driven.
As we see it, there are very few reasons why multifamily property owners should be charging 70% less for parking than a parking operator located in the same neighborhood.
Multifamily Parking Rates vs. Market Rates (Uncovered Parking)
In Miami, commercial parking facilities charge (on average) around 753% more for uncovered parking than multifamily properties in the area.
| Market Name | Avg. Multifamily Parking Price | Avg. Market Parking Price | Price Difference ($) | Price Difference (%) |
| Miami, FL | $20.00 | $170.67 | $150.67 | +753% |
*Note: Of all 10 markets sampled, Miami consistently showed the largest pricing discrepancies between average. multifamily parking vs. traditional commercial parking.
Multifamily Rate vs. Market Rate (Covered Parking)
In Miami, commercial parking facilities charge (on average) around 312% more for covered parking than multifamily properties in the area.
*Note: Much like uncovered parking in Miami, we see large price disparities between the cost of covered multifamily parking and covered commercial parking in the Miami, FL, area.
| Market Name | Avg. Multifamily Parking Price | Avg. Market Parking Price | Price Difference ($) | Price Difference (%) |
| Miami, FL | $53.13 | $218.86 | +$165.73 | +312% |
Summary: How to Optimize Parking Prices According to Market Rate
If the owners of Miami multifamily properties were to optimize their covered parking rental rates to just 50% of the market rate ($109.43/mo), they could rake in an additional $3.7 million in NOI (per property per year). Because this would only involve a small price increase of ~$56/month per resident, property owners can keep resident turnover at bay.
Factor #5: Parking Ratio
In Miami, the average parking ratio is 1.2. Meanwhile, the average # of vehicles per household in this part of Florida is close to 1.8.
With the # of vehicles outweighing the # of available parking spaces, parking owners can adjust their parking rates to reflect the high demand for such a limited supply.
Factor #6: Ratio to Rent
Before you set (or adjust) the prices of your parking spots, always consider the purchasing power of your residents. Parking rates should always be proportional to monthly rental costs.
If your middle-income property charges the same monthly parking rates as the luxury Miami apartment complexes down the street, treat this as an indicator that you’ve overpriced your parking. Even if your buildings are located within a mile of one another, your residents and the residents of those luxury facilities will come from vastly different financial backgrounds. For instance, the starting household income at your property may be $65,000, while the household income of this luxury building may float closer to $130,000.
Looking at 240 multifamily properties across 10 top US markets (Los Angeles, New York, Salt Lake City, Seattle, San Francisco, Miami, Washington D.C., Phoenix, Denver, and San Diego), parking fees fell, most commonly, within 3-4% of total monthly rent costs.
These % averages vary depending on whether the parking is covered vs. uncovered (as seen in the charts below):
When optimizing your resident rates, it’s recommended that you increase prices to no more than 8-10% of your residents’ average monthly rent costs. This range will give you enough momentum to achieve substantial gains in your parking revenue without tarnishing the goodwill between you (the property owner) and your renters.
Factor #7: Recommendations from Parking Pricing Tools and Other Experts
Even if your property is located near the Miami, FL, area (within 2-5 minutes), our pricing specialists would not recommend basing pricing decisions on the numbers documented in this article. Parking will vary down to the neighborhood level. Note: Miami, Florida, is home to 34 different neighborhoods (and, therefore, 34 different parking rates).
For local parking pricing data and customized pricing recommendations, property owners can contact Neighbor’s team for a free demo and a personalized portfolio analysis.
When Are Free Parking Spots the Best Pricing Strategy?
In Miami’s competitive multifamily housing market, some property owners choose not to charge tenants additional fees on top of their monthly rental fees.
Instead, they either a) incorporate parking costs into rent or b) offer complimentary parking for one or more of the following reasons:
- Including free or bundled parking can help a property stand out in Miami’s bustling real estate market, where every amenity matters.
- Highlighting free parking in marketing efforts is a way to build trust with tenants who value convenience and cost savings.
- Offering free or included parking encourages tenants to park on-site rather than looking for more affordable parking options elsewhere. (For instance, if your property is located in a metropolitan area.
Making Adjustments to Your Resident Parking Prices
Finetuning parking pricing strategies is one effective alternative to increasing rent (Who said raising rent was the only way to boost NOI?) However, when adjusting parking fees, it’s essential to be mindful of renter dissatisfaction and the potential for higher turnover rates.
To mitigate these risks, consider the following tips:
- Before increasing parking prices, decide if you’ll shift to an assigned parking system or maintain a mix of assigned and unassigned options. For assigned spaces, ensure prices reflect their relative value (e.g., covered vs. uncovered spaces).
- Test assigned parking options with new residents or prospective tenants first to gauge demand and willingness to pay before expanding the program to existing residents.
- If initial feedback confirms demand for reserved parking, emphasize its benefits—guaranteed availability and convenience—in your communications with current tenants.
- Avoid mid-lease price increases, which can lead to frustration. Instead, align parking price adjustments with lease renewals, keeping increases gradual and manageable.
For further insights into parking trends and other innovative pricing strategies, download the 2025 Multifamily Parking Intelligence Report.
