A car passes a parking lot in New York City. (Photo by Spencer Platt/Getty Images)
Reporting Carol D'Auria
NEW YORK (CBSNewYork/AP) – If you think living in Manhattan is expensive, try parking here.
An annual survey by Colliers International found that Midtown and Downtown Manhattan are the most expensive places to park to your car in the country.
It found that the median monthly rate for Midtown was $541 while Downtown rates were $533 a month.
Carol D’Auria of 1010 WINS spoke with “Craig,” who said the high prices are precisely the reasons why he doesn’t own a car.
1010 WINS’ Carol D’Auria Speaks With New Yorkers About The High Parking Rates
“Too expensive to park it and insurance — it’s a quarter of my rent. How can you afford that?” he asked.
The hourly and day rates are also sky-high in Manhattan.
“I actually parked in two parking garages today and probably spent almost a $100 in one day for about an hour worth of parking. So, it’s insane,” said another driver who spoke to D’Auria.
Colliers chief economist Ross Moore says parking rates have been more or less flat in the last couple of years because of the overall economic downturn.
The national parking rate average is just over $155.
Do you think parking rates are too high? Let us know in our comments section below…
(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
