What should be the maximum cost for parking per ho

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Michael Lefevre
michael@parking-net.com

What should be the maximum cost for parking per ho Posted on 6/1/2009 11:21:04 AM

What should be the maximum cost for parking per hour in the centre of a big city?

Jorrit Weerman
jorrit.weerman@parking-net.com
Parking Network

Re: What should be the maximum cost for parking p/ Posted on 6/8/2009 5:59:19 PM

I think this depends on the amount of parking spaces available.

Shannon Robeson
parking@jaxbchfl.net
City of Jacksonville Beach

Re: What should be the maximum cost for parking pe Posted on 7/15/2010 1:14:56 PM

I am by far not an expert on setting the price, but I can give you a little insight.

The law of supply and demand will determine a part of your cost. How many parking spaces do you have and what is the demand for the parking spaces in the area you are trying to set the rate?

Do you have competition in the area selling parking and what are the comparisons to your own parking? Location? Security? Lot or garage? If a competitor has a prime location near the central shopping/business area inside a covered garage with security and you have an unpaved, unlighted, grass and dirt lot four blocks outside of this area you will not have an advantage.

You will need to study the traffic flow into and out of the area. This will help give you an idea of demand and lot turn over What is the average length of time a vehicle is parked in a space?

This is only the basics. Now do you want one cost all day? How many hours can a person park on that dollar? Can you park as long as you like? Do you want to charge an hourly rate to park? Do you want that rate to change based on the parking needs for different demographics using the same lot? During the week, you many have a low need for parking and a dollar per hour is fine. At night, you may have prime parking for people eating out. Do you want to raise the rates to three dollars per hour to encourage lot turnover?

Do you want to limit the hours a person can park? Maybe you have a legal district and need to state no matter what you pay you can only park two hours at this location.

You ultimate goal is to set a rate that will encourage lot turnover. Always having an available parking space will bring parkers into your lot. If you set a price to high, they will stay away and you will not make a profit.

A tip: Setting the price higher and going lower is easier to do. Setting a price to low and going higher is a litter trickier.

This is based only on supply and demand. It is not considering operational costs.

Vincent Lee
vincent.lee@ake.com.cn

Re: What should be the maximum cost for parking pe Posted on 8/20/2010 3:13:53 AM

I think it depends on the parking space equipment and service. For example, nowadays Parking Guidance System (PGS) is popular and useful all over the world. PGS increases parking space utilization . Then parking cost can be a little higher.

AKE ELECTRONIC

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