In addition to your monthly rent, utility bills, Internet charges, and amenities, you may need to pay for parking at your apartment complex. The fees for monthly parking can be considerable.
The cost of parking at an apartment complex depends entirely on the city you live in and the location of your community. Generally speaking, apartment communities located closer to the business district and downtown areas have significantly higher parking fees (around $200+ a month and even upwards of $500+ per month per car) compared to suburban areas ($0 to about $75 per month per car). In rural areas, parking at apartments tends to be free. As a rule of thumb, the more expensive the cost of land, the more apartment communities charge for parking.
The rationale is simple. Land costs vary, and landlords often seek to pass additional land costs through to their tenants where land cost is at a premium.
Therefore, you can expect parking to range from $0 a month in more rural areas to $500+ a month in major cities.
This guide will give you a rough estimate of how much is parking at apartments on rent.
Costs of Apartment Parking
The costs of apartment parking will vary significantly based on several factors, including where you live, how much parking is available in the neighborhood, whether parking is covered (garage) or un-covered (surface parking), and whether it is reserved parking or un-reserved. Here are some general guidelines on costs –
- If you live in a major city and you are based downtown, you can expect to pay between $150 and $450+ every month. In New York City, expect $500+ a month.
- If you live in a major city but more on the fringes of downtown, your parking costs in a city like Philadelphia will range from $75 to $200 per month.
- If you live in a suburb 40 to 45 minutes away from a major city center, your parking is usually free to up to $75 per month.
- If you live in rural area, parking tends to be free ($0).
Keep in mind these are estimated costs only. You will need to find out the exact parking costs from the listing agent or landlord for an apartment you are interested in.
Is it Worth Paying for Parking?
Some apartments don’t offer parking to their tenants. Those that do offer parking, have fees that vary from free parking to very significant monthly charges. If you own a car, parking it within your apartment community can have many advantages:
- Easier to access your car (for both loading and unloading things like groceries, other items)
- Potentially better lit-up areas and closer to your apartment door which might mitigate risk (there are a lot of factors that go into this though)
- A guaranteed spot so you don’t have to worry about finding parking every time you take your car out. Find out how much parking is available on site and if spots are guaranteed.
Is Parking Important When Searching for Apartments?
Parking is an important consideration if you own a car. If you don’t own a car, do you expect to buy one in the near future during your apartment tenancy? Here are some factors that may influence how you prioritize parking in your search for an apartment community –
- If public transport is not easily accessible
- If you need to drive to your workplace
- If you and your family/friends go on weekend trips
- If your job requires you to travel from place to place
- If you need to drop your kid(s) to school/weekend sports activities
Since some apartment complexes charge for parking, and parking costs can vary considerably from community to community, you need to address this early in your apartment search. Speak to your landlord or listing agent if you have any questions regarding parking in the area so you can take everything into account before making your decision.
