Parking Spaces Are the New Studio Apartments

images Parking Spaces Are the New Studio Apartments

What's the deal with high parking fees?

Renting a concrete rectangle in downtown or midtown Manhattan can cost almost as much leasing an apartment in many other areas of the country.

Median monthly parking rates in midtown and downtown are at $541 and $533, respectively, making them the most expensive places in the U.S. to park, according to a report from Colliers International. The national average comes in at a paltry $155.22.

Still, the rules of supply and demand suggest that many New Yorkers see a $541-per-month parking space as a worthy investment—or at least no big whoop. After all, check out the average apartment ’round these parts.

Parking rates, on the bright side, don’t seem to be increasing too greatly, though they could soon enough, according to Ross Moore, Colliers International’s chief economist. “The long-term trend is still for rates to move higher, but any near-term movement will be dictated by the vigor of the economic recovery.”