Residential parking space/parking permit arbitrage in high demand areas
In neighborhoods where parking is in high demand, with very low cost residential parking permits for street spaces, and set aside street spaces for holders of residential parking permits, it can be advantageous to rent an off street parking space for good money, and park on the street, using a residential parking place.
This happens in places like Columbia Heights and Georgetown in DC.
Toronto combats this kind of arbitrage by charging more for a parking permit if you have off-street parking access--it's about $50/month for a street residential parking permit in this situation, while DC charges $35/year.
And Miami Beach in particular sets parking permit prices based on demand, so that some neighborhoods the parking permit costs between $200 and $300/year--although even then it could be advantageous to rent an off street space and park on the street, because that's a set price that isn't incremented upward.
I noticed that in Greater Georgetown, a company that has an mobile app for parking space rental sent out a mailer to households alerting them to the financial opportunity of participating in their system. The mailer says that residents can get up to $300/month for a parking space.
It's an indicator that DC ought to be charging more for residential parking permits in high demand neighborhoods. Also see "Parking districts versus transportation/urban demand management districts" and "Testimony on parking policy in DC."
I don't have a problem with the app in theory as it's a good way to improve the availability of information about parking accessibility in an area where otherwise there is imperfect information.
But people ought to be disincentivized from monetizing the public space because of the too low price of residential parking permits.
Labels: parking and curbside management, transportation demand management, transportation management districts, transportation planning
posted by Richard Layman @ 12:57 PM&Permanent Link
3 Comments:
I'm waiting for an app that lets owners of parking sell their spaces to surrounding potential users during the periods they don't utilize it. I'm thinking offices, churches, etc. with daytime hours that are near places of nighttime/weekend demand such as restaurants and entertainment venues and have off-street parking that could be a revenue source as well as convenient to potential users.
The cited post is about Bethesda, but the second piece, which I didn't cite, is about Takoma, and I discuss that kind of scenario.
http://urbanplacesandspaces.blogspot.com/2015/02/parking-districts-vs_27.html
However, the problem is "collection" and monitoring.
That's why I like the idea of the Chestnut Hill Parking Foundation as a coordinating/owner for an entire district.
Although I suppose like with College Park, there could be mutual benefits for the parking owners, either in terms of maintenance and improvements, or shared revenues. The difference in Chestnut Hill is that the parking foundation owns the properties while in College Park the city manages certain lots as public facilities although the lots remain privately owned.
This is from my neighborhood e-list.
Parking Space Available July 1 - 2 blocks from Metro
My parking space will be available on July 1. It is in a gated parking lot at Blair and Butternut. $60 a month. Available 24/7.
Could for a neighborhood resident who wants off street parking or a MD resident who needs to drive to a Metro Station.
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no big deal, just an illustration of the value of parking spaces. I don't think this complex is entitled to residential parking permits.
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