A Convenient Parking Spot can be kind of expensive, but if you’re on vacation and don’t want to deal with the pain in the butt that parking can be, then a few bucks for a good spot is a no brainer.
Depending on where you’re going to be paying for parking it could be tens to hundreds of dollars for a day in a garage. It’s easy to spend $30 on parking for a few hours in New York City. This is pretty expensive for an individual, but for a property owner, it is a real boon to business.
Parking by the Numbers
There are over 2 billion parking spots in the United States, which is close to 8x the number of cars in the US (~250 million), so clearly parking spaces and garages are a large industry – with about $8 billion in revenue per year.
A parking garage that chargers $30 a day and has 20 spaces will make about $600 in revenue per day, Now, 20 spots is not a lot of spaces for a garage in New York City, but it shows that even a small parking lot in a good location can generate a lot of income.
Additionally, once electric vehicles become more mainstream, there will be additional revenue for parking lots from electric vehicle chargers.
Different Types of Payments for Parking Spaces
I think when a paid and convenient parking spot comes to mind, it is often for a few hours while visiting a town or city. Of course, there are long term parking spaces for rent, and those will likely be within a parking garage for an apartment complex or at some public area like a train station, bus station, or park-and-ride.
A hourly parking spot may not generate as consistent of revenue as a monthly spot – summer months will likely be more profitable for a hourly spot in a small town – but the big months will make up for the small ones.