New York Parking Is a Pricey but Valued Amenity

Parking in New York City is costly and difficult to come by, writes Ronnie Koenig. "But for some New Yorkers, an unused space in a parking garage or an extra spot in the driveway is a valuable piece of real estate and an easy way to earn extra income."

While ride sharing has decreased the demand for parking throughout the city, dedicated, off-street parking spots are still sought-after amenities.

Parking spaces come with hefty price tags—an average of $280,000 by one estimate. But property owners not using their spaces can rent them out to tenants and neighbors, and residents are more than willing to pay the rental fees, says Koenig:

Trish Martin has rented a spot in a garage around the corner from her home in Park Slope, Brooklyn for nearly 30 years and she doesn’t regret a penny of the money she has spent on it. "When my kids were young, I would drive into Manhattan with them for hockey practice and then back to Brooklyn. Parking was miserable — I’d be driving in circles for 45 minutes and I’d feel like crying," she recalled. "I thought: There’s got to be a better way."

People who own or rent spots say it is money well spent, saving them time and the hassle of dealing with dents and other risks that come from parking on city streets. "Those who are willing to pay for a parking spot argue that having a private spot can be life-changing," adds Koenig.