The 8 Best Chicago Monthly Parking Resources
To save you some time, we made a list of our favorite resources for finding monthly parking deals in Chicago.
Check them out here:
Why Investing In A Parking Space Might Not Be Worth It
While a parking space can potentially earn an attractive return on investment, an investor still needs to buy it for the right price. That’s because expenses such as taxes, insurance, and maintenance will likely run several hundred dollars per year, eating into cash flow. Meanwhile, as with any real estate investment, an investor could find themselves having to pay for a major expense such as an unexpected repair, which is more likely if the spot is in an older parking garage.
Another potential pitfall with a parking spot investment is uncertain appreciation potential. Because the market for parking spaces hasn’t developed to the extent of other real estate investments, it might not gain value. Meanwhile, it could depreciate significantly in an economic downturn.
A longer-term concern with investing in parking spaces is the rise of ridesharing services like Lyft and Uber and the anticipated eventual arrival of autonomous vehicles. These new services could significantly reduce the need for parking in congested areas. Instead of driving to a heavily trafficked area and dealing with the stress of trying to find a low-cost place to park, one can now request an Uber. Meanwhile, future owners of an autonomous vehicle could have it drop them off at their office or condo and then go park in a free or cheaper area when not in use.
Chicago’s Parking Meter Deal A Lesson In ‘worst Practices’
Chicago’s Parking Meter Deal a Lesson in ‘Worst Practices’
Some major U.S. cities are watching the fallout from Chicagos controversial parking meter leasing deal and dont like what theyre seeing.
At a time when more municipalities and agencies are trying to ease heavy debt loads by spinning off publicly owned assets to private enterprises, Chicagos lease sale to a private venture group is becoming a lesson in worst practices.
Indianapolis, Pittsburgh and Los Angeles are rethinking their parking meter deals because of Chicagos difficulties, according to Bloomberg Business News. Unlike Chicago, these cities are willing to take less money upfront for a parking meter franchise in return for greater control, a shorter lease and greater operating flexibility over the life of a contract.
In 2008, Chicago Mayor Richard M. Daley and the City Council agreed to lease Chicagos parking meter business for 75 years and in return received $1.15 billion from Chicago Parking Meters LLC, a venture that includes Wall Street investment house Morgan Stanley, Alliance Capital Partners and the Abu Dhabi Investment Authority.
The parking meter pact has come under continuous and heavy fire from critics who claim Mayor Daley rammed the agreement through a less-than-curious City Council. Since then, Daley has used nearly $800 million of the deals upfront money to plug budget gaps.
The parking meter agreement is also a hot-button issue in the Chicago mayoral campaign now underway.
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Find Chicago Parking Near You
Looking for affordable parking in the Windy City? Book with SpotHero and be on your way to convenient Chicago parking like you’ve never experienced before! Simply enter your destination, desired dates and times, and browse parking spots all over the city!
The midwestern city of Chicago is located on Lake Michigan. Tourists from all over come to experience the infamous Bean in Millennium Park, the 110 story Willis Tower, and the giant ferris wheel on Navy Pier. Spend a weekend devouring deep dish pizza, catching a show at Second City, or visit an exhibition at the Art Institute.
Chicago is home to a handful of sports teams as well as dedicated fans. Home to the Chicago Cubs, Wrigley Field boasts its title as the second oldest baseball stadium in the country. The United Center doubles as a sports arena as well as a concert venue, hosting tons of entertainment year-round. Its no wonder Chicago sees over 55 million tourists per year!
Chicago is the third largest city in the United States and is composed of 77 distinct neighborhoods. Residents live in some of the most culturally diverse neighborhoods, full of local restaurants, street art, and incredible architecture. While the city is accessible by public transportation, many residents choose to drive, which means parking can be tricky to find. Whether youre a long-time resident or just visiting for a weekend, book your parking in advance and spend more time doing and less time parking!
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Monthly Parking In Chicago Il
Spacer is the peer to peer online marketplace that connects people who need reliable monthly parking in Chicago with the people who have the space to share. Were helping renters save money on monthly parking costs and were helping local hosts throughout Chicago to make a little extra on the side renting out their street parking, garage parking, carports and driveways. If you have the space in Chicago to share with a local, list your parking spots on Spacer. When people search for monthly parking near me, its your driveway or parking garage that will appear, offering affordable monthly parking rates they can book immediately online.
Chicago is the birthplace of the skyscraper and the city dominates the skyline with an impressive vista of buildings capable of housing some of the best cultural events, businesses, apartment living and entertainment centres from across the United States. People come to Chicago to visit the sights, to work, to visit friends and relatives, and to marvel at the architecture. Attractions in Chicago include Millennium Park, one of the largest free attraction in the city and offering something for everyone. Throughout winter the ice-skating rinks are full of revellers, and during the warmer months its the perfect spot to amble with the family. As a nation of travellers, we love to drive everywhere which means we need to know we can park when we get to where were going.
How much does monthly parking cost in Chicago?
Tips For Scoring Discounts On Chicago Monthly Parking
Before you get started, heres some background information if youre looking to save money.
1. Be flexible about location to save over $200 The higher demand for a parking spot, the more expensive it will be. If youre willing to park a little further away from your desired location, you can save hundreds of dollars.
For best results, consider lots or garages within a 6 block radius of your destination.
2. Park near an El station and take the train downtown – Chicago has a great public transit system, the CTA. If youre looking to save big on monthly parking, we suggest parking outside of downtown near the train.
Chicago neighborhoods with convenient El parking include:
3. Consider what time of day you need parking – Something you may not realize is that there are actually a lot of monthly parking options. Be careful to not overpay for a monthly parking option you dont really need.
If you commute to the city during the business week, for instance, you could pay a different monthly parking rate than someone who only needs parking on the weekends.
Check out this blog post for a full rundown of your monthly parking options.
4. Book a spot online – To make sure youre getting the best Chicago monthly parking deal, we recommend comparing your options with an online parking service. Many of the spots listed online are already discounted. Their location and accessibility are also described online.
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Chicago Monthly Parking Faqs
1. Is there a Chicago monthly parking app?
Try the following resources to learn more about parking apps in Chicago:
2. What are the average monthly parking rates in Chicago?
Depending on where youre parking your car, the rates will vary. Near the Loop you can get monthly parking from $190-$425. If you want a heated garage rather than an outdoor lot, you will have to pay extra.
If youre looking north of the city, in Lincoln Park, for example, the rates are a bit cheaper at $180-$289.
3. Is there long-term parking at OHare Airport?
Yes! Going on a long business trip or vacation and need somewhere safe to store your car? Some airport parking companies offer long term parking for that very reason.
Check out these resources to learn more about long-term parking at OHare:
Monthly Parking Chicago Guide
Theres a lot to consider when purchasing monthly parking, from amenities to when youll actually need to park your car. Chicago monthly spots can range from $30 to $510. So its important you know exactly what youre looking for before committing to a spot.
To help you get started, weve created a step by step guide to finding monthly parking.
Keep reading to learn the easiest and best ways to find affordable monthly parking in Chicago!
Chicago Parking Company Directory | 4 Tips for Finding Discounted Monthly Parking | Cheapest Monthly Parking by Neighborhood | 8 Other Monthly Parking Resources | Handicap Accessible | FAQ
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Heated Garage Is King
With our Chicago winter weather, the heated garage is king and commands both a premium price and premium rent. But its worth it.
When there is deeded garage parking available for sale along with a condo, we almost always advise our clients to buy it.
Be sure to buy a parking space that you would park your own car in, though, because you may be parking in it yourself someday!
As with any investment property, the key to success is making the right purchase.
Open-air parking, covered parking, and heated garage parking will all have different price points and rentability.
People often sell their spaces to free up cash for other purchases and will let them go for below-market value.
Set up searches in the locations you like, research the current rental pricing and demand, and be ready to make offers on new listings that hit the market.
Many will be overpriced at first, but prices will soften if the spaces sit on the market and are not rented.
Keep in mind that you cant get a mortgage on a parking space unless it is included in the purchase of other real property like a condominium.
Cheap Parking Spaces In Chicago For Rent
Spacer has 154 cheap and secure parking spaces available for rent in central Chicago. You can select to rent undercover, outdoor, garage, driveway, overnight and secure parking spaces for your car right now. The average price per month is $37.58. For the cheapest and best central Chicago parking we recommend selecting from the list above, viewing the car park details and booking a long term parking space by selecting the dates you need or you can find out more abouthow it works.
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Investing In Parking Spaces Isn’t For Everyone
Buying a parking space to rent out is a lower-cost way to potentially generate an attractive passive income stream after expenses. However, a prospective investor needs to do a lot of due diligence before pulling into a parking spot investment. For starters, they must complete extensive research to find the right location and then be sure to purchase the spot for an attractive price. Further, they need to keep a close eye on emerging risks like autonomous driving that could dent demand for premium parking spaces. Because of those risks, parking spots might not be the best option for most real estate investors.
We’re Local Boston Parking Space Sales Specialists
Boston parking spots have been on a meteoric rise in value. With the population rising in Boston, and there becoming less and less areas to find a parking space, to have a deeded parking space you can call your own has meant convenience and peace of mind coupled with the economic indicators of supply and demand in your favor.
Interest in parking spaces for Boston residents seems to peak in the winter months when snow and ice pose a tremendous hassle for car owners .
For residents and non-residents alike, using a Boston parking space as an investment has also increased in popularity ever since the great recession of 2007 when investors began looking for reliable cash flow steady investments that were increasingly harder to come by in the traditional capital markets.
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Investor From Chicago Illinois
Many condo associations only allow owners to rent out their parking spaces to residents in the building. That means the market is quite small, and no one may be looking to rent a space when your spot becomes vacant. I’d recommend checking if your building allows outside tenants for parking spaces.
On the plus side, parking spaces are low maintenance, and the time required on your end is minimal. You can basically do everything by email/phone/mail.
Is The Parking Space Equipped With A Charging Station Or Is There An Electrical Panel In Close Proximity
If so, you will have Tesla owners ready to rent today!
Is it feasible to retro-fit a charging station if needed in the future?
I recently received a quote of $4,300 to run electricity to a parking space and that didnt even include the charger.
ChargePoint and EverCharge are the biggest suppliers of chargers to multi-unit buildings. Their technology has the ability to use common area electrical supply and then bill the owners directly for the portion they use.
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