What is a parking spot really worth?

Submitted by listen_youse t3_101g79f in providence

In Providence, the land needed for a parking space can be worth $10,000 or much more. Street parking is only $100/year but off street parking is more convenient. If you own a car and your rent includes parking, what would an apartment just like yours cost if parking were not included? If you are in an apartment where parking costs extra, how much is it? If you do not have a car, how much do you think you are paying every month for a spot you do not need? Please mention what neighborhood in your answers. Thanks!

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tryhardwhore t1_j2o2rpp wrote

I pay to DownCity parking $225 a month to park downtown and that’s with a discount from my apartment building.

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Sarcofaygo t1_j2o6mnf wrote

Ouch

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listen_youse OP t1_j2obw1n wrote

Yeah, ouch, but. At 5% interest, $225/month pays off $34,000 in 20 years, not including taxes, maintenance, etc. Probably less than what that parking space actually *costs* if you add up land purchase, construction etc. and compare to what else could be done with the space.

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dzoni-kanak t1_j2n9nny wrote

Wayland Square. Not included. I was suggested to inquire about the neighborhood lots at $35/mo. I don't drive though, so I didn't need it. Samson Realty and Bilodeau property management was who assisted me.

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listen_youse OP t1_j2rxmew wrote

$35 ??

A 10,000 sq ft lot on Medway St, - land alone is assessed at $574,000. You could fit parking for about 30 cars. About $19,000 per space.

What else worth $19k could you possibly rent for $35/mo?

Welcome to America where we make sure every car can afford a home!!

Could we do this for Human Beings? No! That would be socialism!

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dzoni-kanak t1_j2rz6kl wrote

Brett Smiley is being inaugurated as mayor while we speak. He's married to one of the biggest realtors in the state (no conflict of interest to be found there lol). Send him a message. info@smileyformayor.com

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jconti1233 t1_j2n9nfi wrote

2br apt east side, 1600$ mo, comes with 1 parking spot. If you want a second one property manager will pay for a street parking pass. They know thats illegal but thats their offer. (we didnt need a 2nd parking spot so we declined)

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Status_Silver_5114 t1_j2nbsbo wrote

It’s illegal for them to pay for a sticker for you? Where’d you get that?

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jconti1233 t1_j2ngxou wrote

Biladeau is the property manager and they made it seem like they'd be doing me a favor to get us a 2nd parking spot. They were saying landlords need to provide ''sufficient'' parking for the number of tenants so we were only guaranteed 1 off-street spot, but that if we applied for a street-parking permit they would reimburse us.

The whole arrangement seemed off-the-books so i avoided it.

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Status_Silver_5114 t1_j2nhhdf wrote

There aren’t any statutes that require an apartment to have parking but maybe it’s different for commercial landlords? Or just the way they like to do things. A landlord can pay for your sticker on your behalf but they also don’t have to if it’s not in the lease.

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listen_youse OP t1_j2oanux wrote

For new construction the zoning ordinance mandates some number of parking spaces per dwelling unit depending on location and size of development. Existing units with no associated parking may continue as such. AFAIK no law addresses whether parking is to be included with rent or optional at a price.

If your lease includes a parking space you are damn well entitled to an alternative when construction or the like interrupts the usual situation.

Apparently Bilodeau thinks $100 year is worth paying to get you to think they really really have your back.

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Status_Silver_5114 t1_j2pen4l wrote

Here’s a thought. Allow on street overnight parking like any normal city. All these sticker and zoning regs just make small landlords pave over their lawns. We had three go the way of concrete this last year - which was what the sticker was supposed to fix but when you allowed the NIMbYs to opt out and never revisit the idea?

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radioflea t1_j2ozs2m wrote

If a landlord is willing to reimburse for the parking permit that isn’t off the books. It’s only $100 per year, but one less expense for the tenant.

The issue with the rentals in the city is that they never had enough parking spaces and for years this wasn’t an issue until the city was strapped and started ticketing people and requiring an overnight parking permit.

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Megs0226 t1_j2ntfbw wrote

I lived in one of their properties for a few years and they got me a temporary street pass when my assigned spot was unavailable due to construction on the adjacent building. I didn’t think anything of it. They left me a letter in my mailbox and slipped the pass under my door.

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cooldudesonly612 t1_j2ntdtr wrote

Mount Hope, 2 off street spots included, rent is 1400 plus gas, electric and internet. Not sure how much rent would be without the parking spots included since we never inquired about that.

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