{"id":15771,"date":"2025-01-31T18:59:00","date_gmt":"2025-02-01T01:59:00","guid":{"rendered":"https:\/\/www.neighbor.com\/storage-blog\/?p=15771"},"modified":"2025-02-20T17:00:52","modified_gmt":"2025-02-21T00:00:52","slug":"how-much-to-charge-for-a-parking-space-in-new-york","status":"publish","type":"post","link":"https:\/\/www.neighbor.com\/storage-blog\/how-much-to-charge-for-a-parking-space-in-new-york\/","title":{"rendered":"How Much to Charge for a Parking Space in New York, NY: A Guide for Apartment Building Owners"},"content":{"rendered":"\n

Neighbor.com sampled 40 multifamily properties<\/strong> throughout New York City (Brooklyn, Queens, South Westchester County, the Bronx, and Harlem)<\/em>.<\/p>\n\n\n\n

The hope was to unearth insights into NY resident parking pricing trends and equip<\/strong> NYC multifamily property owners with the data-driven parking pricing strategies they need to maximize NOI. <\/p>\n\n\n\n

But be aware: the answer to this question “How much to charge for parking space on-site?” <\/em>isn’t always simple.<\/p>\n\n\n\n

The pricing strategy that’s recommended for a multifamily property in Brooklyn may differ from the strategy that’s recommended for a building in Harlem. In some cases, pricing experts may recommend two entirely different pricing strategies for properties next door to each other.<\/em><\/p>\n\n\n\n

<\/a>Findings of Neighbor.com’s New York City Parking Research<\/h2>\n\n\n\n

Within the 469 square miles of NY, resident parking prices can vary up to 300%, even if those properties are located on the same block. In rarer cases, these pricing discrepancies exist for strategic reasons.<\/p>\n\n\n\n

A property may charge $100\/month more in parking fees than the building down the road because:<\/p>\n\n\n\n

    \n
  1. They offer a parking type with more coverage<\/strong>: Competitors may only offer uncovered surface lot parking. In that case, property owners can charge more for covered\/indoor parking.<\/li>\n<\/ol>\n\n\n\n
      \n
    1. They have a longer waitlist<\/strong>: If a multifamily property only allocates one space per unit\/bedroom\/leaseholder, competition for spaces will be high. Higher competition gives property owners the leeway to drive up prices.<\/li>\n<\/ol>\n\n\n\n
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      1. They offer assigned spaces<\/strong>: Competitors may only offer unassigned spaces to tenants.<\/li>\n<\/ol>\n\n\n\n

        Parking type<\/strong>, parking ratio,<\/strong> and assignment status<\/strong> are only a few factors to consider when setting (or optimizing) resident parking prices.<\/p>\n\n\n\n

        \"\"<\/a><\/figure>\n\n\n\n

        <\/a>How Much Should I Charge for a Space in an Uncovered Parking Lot?<\/h2>\n\n\n\n

        Examples of uncovered parking options<\/u>:<\/em><\/strong> Street-level surface lots, rooftop spaces in parking garages, etc.<\/em><\/p>\n\n\n\n

        Of the 40 multifamily properties sampled, 35% currently offer uncovered parking to residents–but only 56% of that 35% charge residents additional fees to park in those uncovered lots. The other 50%, however, offer free, on-site parking as an amenity.<\/p>\n\n\n\n

        Of those properties that charge for uncovered parking, the average parking rate for New York, NY is around $305.22\/month<\/strong> (Note: This ~$305.22 is a separate, unbundled fee charged on top of monthly rent fees, utilities, storage, etc.)<\/em><\/p>\n\n\n\n

        Market Name<\/strong><\/td>Raw Average<\/strong><\/td>Charged Average<\/strong><\/td>% of Properties That Offer Uncovered Parking<\/strong><\/td>% of Properties That Charge for Uncovered Parking<\/strong><\/td><\/tr>
        New York<\/td>$171.69<\/td>$305.22\/mo<\/strong><\/td>35%<\/td>56%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        *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.<\/em><\/p>\n\n\n\n

        **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.<\/em><\/p>\n\n\n\n

        <\/a>How Much Should I Charge for a Space in a Covered Parking Structure?<\/h2>\n\n\n\n

        Types of covered parking options:<\/u><\/em><\/strong> Private carports, enclosed\/open-air parking garage spaces, private residential garage spaces, etc.<\/em><\/p>\n\n\n\n

        Of the 240 multifamily properties sampled, 95% offer one or more types of covered parking. Of those 95% of properties that offer covered parking, 100% charge residents to park in these covered parking spots.<\/p>\n\n\n\n

        Of those properties that charge for covered parking <\/strong>(private carports, parking garage spaces, private garage spaces, etc.), the average parking rate for New York, NY is around $269\/month<\/strong> (Note: This ~$269\/month is a separate, unbundled fee charged on top of monthly rent fees, utilities, storage, etc.)<\/em><\/p>\n\n\n\n

        Market Name<\/strong><\/td>Raw Average<\/strong><\/td>Charged Average<\/strong><\/td>% of Properties That Offer Covered Parking<\/strong><\/td>% of Properties That Charge for Covered Parking<\/strong><\/td><\/tr>
        New York<\/td>$268.62\/mo<\/td>$268.62\/mo<\/strong><\/td>95%<\/td>100%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        *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.<\/em><\/p>\n\n\n\n

        **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.<\/em><\/p>\n\n\n\n

        <\/a>Factors to Consider When Setting Parking Prices<\/h2>\n\n\n\n

        NY-based property managers\/owners shouldn’t make the mistake of setting parking rates arbitrarily<\/em> (instead of strategically<\/em>). Popular advice emphasizes the importance of factoring competitor parking rates into pricing decisions–but this is only the first step.<\/em><\/p>\n\n\n\n

        You’ll also want to consider:<\/p>\n\n\n\n

        <\/a>#1: Parking Structure Type<\/h3>\n\n\n\n

        Covered parking generally commands higher rates than uncovered parking due to the additional benefits it offers–namely, weather protection and more robust security.<\/em><\/p>\n\n\n\n

        If multiple parking types are offered at your property <\/strong>(both uncovered and <\/em>covered), you’ll want to structure your parking prices accordingly. Set covered parking spots at higher rates than uncovered parking spots.<\/p>\n\n\n\n

        <\/a>#2: Parking Space Type<\/h3>\n\n\n\n

        Multifamily parking spaces in New York may fall into one (or multiple) of these categories: standard, compact, tandem, stacked, or EV charging spaces<\/em>.<\/p>\n\n\n\n