CHICAGO

Chicago's Daily Parking Rates Fourth-Highest In Nation, According To Study

07/08/2011 02:18 pm ET | Updated Sep 07, 2011

While it would be difficult to ignore that Chicago's parking rates leave quite a wallet dent, it turns out the city has been outpaced by several other U.S. metropolises, particularly when it comes to its average monthly parking rates.

According to a new study released Thursday by Colliers International, Chicago's daily parking rates (a $32 median) are the fourth-highest in the nation, surpassed only by New York's Midtown Manhattan ($41), Honolulu ($38) and Boston ($34).

In terms of monthly parking rates, however, Chicago ranks just seventh with its $289 median parking rate, which marks a 9.7 percent decrease in cost as the Chicago Sun-Times reported. While still well above the national average ($155), Chicago's median monthly parking cost falls far short of New York, which reigned supreme with a $541 monthly average cost. And the percent increase also falls far short of cities including Houston and Washington, which both saw roughly 20 percent price increases over last year's median monthly parking cost.

To put Chicago's pricey parking into an international context, even New York's monthly parking rate seems puny next to London's rate of $1,084.

Colliers reportedly collected the data for its survey during the month of June 2011.

The data seems to fly in the face of the buzz surrounding the parking meter "price hike" at the start of this year, when meter prices in most neighborhoods climbed by at least a quarter, though our downtown meter rate ($4.25 per hour) may have still taken the cake had it been looked at apart from the rest of the city.

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