How much to charge for parking

Start with what drivers pay nearby

Drivers compare. Before you set a rate, find out what parking costs within a few blocks of your lot:

• Garages and paid lots. Check their posted hourly rates, daily maximums, and monthly prices.
• City meters. Street parking sets the floor. Many drivers will circle for a meter before paying more.
• Event-day prices. If you're near a venue, check what its official lots charge on event days.

Then compare your lot to theirs. If you're closer to where drivers are going, you can match or beat their price. If you're farther away, or the other option is covered or attended, price a little under it.

The three numbers that make a parking rate

Most paid lots price with three numbers. Parkulo uses the same structure, so drivers see a familiar rate.

For example, a $3 first hour, $2 for each hour after, and a $15 daily cap. A two-hour shopper pays $5, and a commuter who stays nine hours pays $15.

Pricing by type of lot

Downtown and business districts

Demand is steady on weekdays. Price close to nearby garages and use a daily cap that's attractive to commuters, who are your most reliable customers.

Near a stadium or venue

Event-goers expect a flat price per car. In Parkulo, set the first-hour minimum and the daily cap to the same number, and every driver pays that flat rate no matter how long they stay. The event parking guide covers this in detail.

Churches and after-hours lots

You're competing with free street parking in the evening and on weekends, so start lower. A modest rate that fills the lot earns more than a high rate nobody pays. See church parking lot rental.

Apartment guest parking

The goal is to keep guest spaces open, not to make the most money. A low hourly rate discourages residents from using guest spaces as extra spots. More in apartment guest parking management.

How much to charge for monthly parking

A monthly permit should cost less than a regular driver would pay day by day. Otherwise there's no reason to commit. If your daily cap is $12 and a commuter parks 20 days a month, that's $240 paying daily, so a $150 monthly permit is a clear deal for them and guaranteed income for you.

Keep enough spaces open for hourly drivers. Permits fill the lot predictably, but hourly parking usually earns more per space when demand is high.

Adjust with real data

Your first rate is a guess. After a few weeks, look at how full the lot actually gets:

• Full early every day? Your rate is too low. Raise it until a few spaces stay open, so drivers who arrive later can still park. Parking researchers often aim for about 85% full.
• Mostly empty? Lower the rate, or check that drivers can see your sign from the street.
• Busy only on certain days? Raise rates for those days, like event days, and leave the rest alone.

Parkulo shows your busiest days and hours and the cars that come back most often, and you can change your rates from the dashboard at any time.

What drivers see when they pay

Drivers see your rate and their total before they pay. The total includes Parkulo's small convenience fee and card processing, which sit on top of your rate. Your rate is never reduced, so the number you set is the number you receive. See pricing for the current fee.

If you're new to charging for parking, start with how to make money from a parking lot.

Frequently asked questions