Putting a Price on Park Place

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You might have suspected this, but now there’s a study to confirm it: Los Angeles has some of the highest parking rates in the country.

Among large U.S. cities, Los Angeles ranks third for the cost of parking for one hour in the highest-priced lot in the downtown L.A.’s central business district, according to the National Parking Association’s latest annual study. In Los Angeles, the highest rate for the first hour was $15.08. New York was the highest at $22 and Chicago second at $15.71.

All-day parkers here get a relative break. Los Angeles ranks ninth in overall 12-hour parking costs.

Interestingly, the study found that cities surrounding Los Angeles, such as Glendale ($2) and Santa Monica ($1.20), reported some of the lowest rates in the country. The study assessed private parking lots and garages, not municipal facilities.

Christine Banning, president of the NPA, said L.A.’s expensive parking is a function of its economy and structure.

“Los Angeles exemplifies the power of parking because it’s a tourism, consumer shopping and business city,” she said.

Most parking operators across the nation have held their rates steady and some operators have dropped them in response to the slow economy, Banning said. She expects rates will remain flat for the next six to 12 months, or until rising employment drives demand for more commuter parking spots.

The most expensive first-hour parking rate reported nationally? Rome, Ga., at $45. (Calls to Rome were greeted with skepticism.)

“Every year, there are a couple of outliers,” Banning said.

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