Hong Kong is the city with the most expensive parking. Hong Kong has held the title of most expensive parking in the world for five years running, according to a Colliers International assessment. The staggering price of a single parking place in Hong Kong’s central business district is $1.3 million. This is because parking is scarce and in high demand in the city’s popular locations.
Let’s move on to some relevant questions at this point. The outlying boroughs are your best chance if you’re seeking for affordable parking in New York City. With an average cost of $1 per hour, the Bronx and Queens have the city’s lowest hourly parking prices. The highest hourly parking prices, however, are found in Manhattan, where they average $7.50 per hour.
In New York City, parking spaces are expensive to rent, so be prepared for that. A parking space in Manhattan typically costs roughly $500 per month. The location and availability of the area, however, might have a significant impact on the cost. For instance, a parking space typically costs $250 a month in Brooklyn.
Finally, you should budget between $500 and $600 each month if you’re seeking for long-term parking in Manhattan. Although this is significantly more expensive than in other American cities, it’s vital to keep in mind that parking in Manhattan is a premium good due to a lack of availability and strong demand.
With an average price of $1.3 million for a single parking space, Hong Kong has earned the distinction of having the most expensive parking in the world. The outlying boroughs are your best chance if you’re seeking for affordable parking in New York City. Be prepared to spend about $500 per month if you want to rent a parking space in Manhattan. Parking costs can add up rapidly, so it’s crucial to budget for them in advance.