In New York City, they say the streets are paved with gold. Maybe that's why it's so expensive to park there.
As reported in The Observer, The latest parking lot pick-up was handled by Imperial Parking Systems Inc., which owns more than 100 parking lots in the city, in midtown for $14 million--the most expensive in the city. In 2012 the average monthly rate was $562, followed by downtown New York which came in at $533 a month. Don't worry--it doesn't get more expensive than that. NYC has the highest parking rates in the country.
The most expensive non-New York City city for parking is Boston, which was at $405 a month.
The five least expensive spots were Las Vegas ($65), Columbia, SC ($65), West Palm Beach ($56), Phoenix ($55), and Bakersfiled, California ($55).
Earlier this year Hidrock Realty bought another parking garage for $28.5 million.
Those prices seem steep until you learn what the customers are actually paying. Clearly it's a financially savvy move to buy a parking garage and a need that isn't going anywhere soon.