Parking spaces were once billed as a safer investment than real estate in the city. Even more coveted than apartments, outdoor parking spaces could command $225,000.
Not any more.
The Real Deal has a new chart showing that the average rent for a parking space decreased by 9 percent last year, to a relatively affordable $40 a day. That could be bad news for people who decided in 2007 that parking spots were the new hot investment.
The good news, of course, is that now you can snatch up a parking spot in midtown for an average of $50,000. A relative steal.
The number of people commuting by car has also decreased, by about 57,000 between 2002 to 2007. If only that were a sign that MTA service is improving.
Now, if you’re still looking for an investment tip, adding a one-car garage to to a home in Manhattan can increase the value by $500,000. At least.