Why you should invest in a monthly parking spot in NYC

With prices reaching over a grand, monthly parking in NYC can really hit the average joe’s wallet hard. But when you take a good look at its pros and cons, it’s the smart and affordable choice for people who drive across the city every day.

NYC is celebrated for being a city of many faces. Take Wall Street in Lower Manhattan’s Financial District, for instance—it’s the global hotspot for all things finance and fintech.

But the city is about more than just being a financial and economic powerhouse. It’s got iconic landmarks, like the Statue of Liberty and Times Square.

You’ve got neighborhoods like Chinatown and Little Italy that bring out the cultural diversity, and the arts scene is a real gem, featuring world-class museums like the Metropolitan Museum of Art and the Museum of Modern Art.

And don’t forget about Staten Island, the popular tourist spot known for its cultural attractions and beautiful waterfront vistas.

Now, the Big Apple’s got a lot going for it, but one thing it’s not famous for is cheap parking.  

On the contrary, NYC has an infamous reputation as one of the worst cities for parking in the country.

According to Bloomberg, the lack of parking space in the city can be attributed to the surge in car ownership, especially during the pandemic. In 2021, the Department of Motor Vehicles reported new vehicle registrations rose by 579,811. And while the post-COVID era saw an easing in numbers 421,758 vehicles have been registered as of June 2022. 

Locals are also well-acquainted with the fact that parking high-demand areas such as around Central Park, on 5th Avenue, as well as subway stations are particularly notorious for costing you a pretty penny.

In addition to expensive parking spots, NYC parking can be a pain due to limited spots, confusing signage, and various other factors.

Unfortunately, the parking headaches faced by NYC commuters go beyond just finding a curbside spot, with rates and demand for secure garage space climbing.

While you  might think taking your chances with street parking is the cheapest way to go, the need for a spot during your workday or for overnight parking near your home makes off-street parking the better choice. 

The only downside? The costs of hourly and daily parking at off-street parking facilities can add up.

That’s where monthly parking plans come in, helping you save significantly on your overall parking expenses.

Besides the potential cost savings, there are solid reasons for opting for a monthly parking spot in NYC —a decision that can notably enhance your daily life.

In this article, we’ll delve into the benefits of securing a monthly parking spot in NYC to help you make an informed choice.

1. Convenience 

One of the main advantages of securing a long-term parking spot in NYC is the convenience it offers. 

Monthly parking deals also save you precious time. By having a dedicated parking space every day, you don’t need to waste precious minutes (or even hours in the long run) to search for street parking. This means saying goodbye to endless circling around the block waiting for a convenient parking space to open up and wasting gas money in the process.  

You also won’t need to be concerned about the daily parking rates, as well as the potential risk of receiving a parking ticket or worse, having your car towed.

In addition to the obvious time and cost savings, you’ll have the peace of mind knowing you have a secured parking spot, allowing you to focus on more important parts of your life  such as your work, business or your family. 

2. Save money

Contrary to what most people believe, the monthly cost of parking in NYC may not be more expensive than daily street parking. While there is an upfront fee for monthly parking, you may save money in the long run.

Depending on the parking locations you’re looking at, monthly rates can be notably more economical, particularly if you frequently park in pricey neighborhoods or for extended periods. 

Let’s do the math. For example, the average parking cost in the Upper East Side can range from $40 to $69 per day on weekdays.

Considering the typical work month of around 20 weekdays (4 weeks x 5 weekdays), the average cost of monthly parking in this neighborhood can vary between $800 to $1,380, depending on whether you are paying the lower or upper daily rate.

But with platforms like Spacer, you’re not limited to expensive parking options. In the same Upper East Side area, monthly parking spaces can be rented out for as low as $400. 

And while most spaces listed in the area are for on-street parking, there are also private parking garages and covered parking spaces  – giving you more monthly parking options at cheaper rates. 

3. Better safety and security 

Having a monthly parking spot in NYC not only provides convenience but also means increased safety and security for your vehicle.

Security is increasingly becoming a top priority for car owners, especially at a time when vehicle theft in NYC has risen at an alarming rate. 

According to police data, around 10,600 cars have been stolen this year across the five boroughs in NYC, an 18 percent increase from about 9,000 from the same period last year

According to authorities, the surge incidents are in part due to TikTok videos showing step-by-step instructions on how to steal Kias and Hyundais without a key.

In addition to the risk of car theft, there are also various hazards on the road, including weather-related conditions, road debris, and accidents, which can potentially cause dents or damage to your vehicle.

This is where monthly parking can come to your rescue. Numerous parking garages in the city offer round-the-clock surveillance, dedicated security personnel, and gated entrances, ensuring the protection of your car against theft, harm, or vandalism.

This becomes especially important if you own a high-value or luxury vehicle, or if you transport expensive business equipment or tools in your car.

4. Improved accessibility

Another advantage of investing in a monthly parking spot in NYC is the improved access to your vehicle. 

By having a reserved space, you can easily enter and exit your car without the hassle of searching for a spot on the street or navigating through crowded parking lots. It also means you don’t have to get up earlier than usual just to have a convenient parking spot near your work, business or school. 

5. Overall improved quality of life

Most importantly, opting for a monthly parking spot in NYC can significantly enhance your overall quality of life.

 By choosing a convenient and budget-friendly parking solution, you can focus your energy on what matters the most, be it family, friends, work or business. Furthermore, you can avoid the frustration, stress, and inconvenience often linked to street parking and daily parking expenses.

Final Word

Though it may seem like an indulgence at first, investing in a monthly parking spot in NYC offers several benefits that can truly transform your day-to-day life.

Whether you call the city home, a frequent commuter or a business owner trying to turn the American dream into reality in NYC, taking the time to find the perfect spot for monthly parking can be a smart move that streamlines your daily routines and saves resources in the bustling city.

Ready to change your NYC parking experience for the better? Check out available parking spaces on Spacer and enjoy the convenience and peace of mind of a monthly NYC parking spot at an affordable rate. 

Get the cheapest monthly parking rates in major cities across the US, including Boston, Chicago, Los Angeles, San Francisco and Washington. Discover hidden-gem parking spots at affordable rates at Spacer. 

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