Daily Real Estate News  |  August 3, 2007  |   Want a Cheap Parking Spot? Head to Memphis
Parking costs have increased nationwide for the fourth year in a row, mirroring rising demand and a dearth of supply, according to the seventh annual Parking Rate survey from real estate company Colliers International.

With the economy anticipated to improve, and only a small amount of new parking supply in development, rates are expected to jump even higher in the next year.

Colliers' survey, which examined costs in 51 U.S. markets, shows that monthly parking rates rose 3.5 percent in the U.S., in response to ongoing demand and little new construction. The median monthly parking rate now averages $152.38 per month. Rates range from a high of $925.00 in midtown Manhattan to a low of $20 in Memphis.

Daily parking rates rose 2.9 percent in the U.S, with the median rate now averaging $15.38. Hourly parking rates average $4.80 per hour, with a range of $2.71 to $7.89. For meter parking, hourly rates came in lower, with median meter rates averaging $1.65, with a range of $1.13 to $2.21.

Here’s a look at the five most expensive and least expensive parking districts in the country:

Most Expensive

• Midtown Manhattan, $630 per month
• Downtown Manhattan, $500 per month
• Boston, $460 per month
• San Francisco, $350 per month
• Philadelphia, $297.50 per month

Least Expensive

• Phoenix, $35 per month
• Bakersfield, Calif., $45 per month
• Reno, Nev., $45 per month
• Fresno, Calif., $50 per month
• Santa Rosa, Calif., $55 per month

If you think that parking in the U.S. is pricey, don't even think about looking for a spot in other countries. The Colliers report notes that parking prices here actually pale in comparison to typical monthly rates in cities such as London, Tokyo, Sydney, and Hong Kong.

— REALTORŪ Magazine Online