Philadelphia among most expensive monthly parking in nation, report finds
Parking in Philadelphia is among the most expensive in the country.
By Lisa Dukart
Monthly parking rates in Philadelphia are among the priciest in the nation, according to a new report.
The City of Brotherly Love tied for third place with Seattle as two of the costliest U.S. cities for parking, an analysis by mobility services company Finn has found. Both cities' least expensive monthly parking options average no less than $250 per month. They were only eclipsed in cost by New York ($443) and San Francisco ($300).
Philadelphia surpassed other major Northeast cities like Boston ($150) and Washington, D.C. ($225), which were also among the 10 most expensive cities for parking in the U.S. Boston ranked No. 8 in the country, while Washington, D.C. was the fifth most expensive city.
The other costliest cities for parking are San Diego (No. 6), Cleveland (No. 7), Miami (tied for 8) and Chicago (No. 10). A 2021 report from the City of Philadelphia, assessing data prior to the pandemic, shows that some of that squeeze may be attributed to a decline in parking. While from 2015 to 2020 the city gained parking facilities offering monthly rates, growing from 130 facilities to 133, the city experienced a net loss of 632 public parking spaces to development. The report noted that by the end of 2020, 24 public parking facilities were redeveloped or slated for redevelopment, though some may ultimately add some of that lost inventory back.
"This increase could be attributed to new luxury developments with advanced parking technologies," the report states.
The Philadelphia City Planning Commission shows that monthly parking rates rose from an average of $253.90 in 2015 to $267 in 2020.
Market Street West and Penn Center were the most expensive neighborhoods in the city for parking at the time, with rates of $344.06 and $361.33, respectively. Rittenhouse Square was the next most expensive neighborhood, with average monthly parking of $291.58; followed by Logan Square ($287.29); Society Hill ($276); Market Street East ($259.14); and Washington Square West ($223.83).
As of 2020, parking was most affordable on a monthly basis in Callowhill ($190); Parkway North ($181.75); Chinatown ($179.38); East Callowhill ($160); and along the Delaware River waterfront which encompasses Penn's Landing and parts of Northern Liberties ($97.86).