It Costs How Much to Park in Back Bay?
Parking spaces in Back Bay are at a premium. In this area of Boston, which is one of its wealthiest neighborhoods, a dedicated parking spot can sell for up to $305,000. That translates to approximately $1,525 per SF. Because of its high population density and affluence, parking space prices here are comparatively higher than in other neighborhoods around Boston. Within Back Bay, parking space prices vary depending on location of the parking spot, whether that is in a parking garage or attached to an office building, condominium, or apartment complex.
Pricing for a parking spot depends on several factors, including size, location to businesses and whether or not the spot is dedicated. Back Bay has two types of parking spots – dedicated and tandem. A dedicated spot is an individual parking spot that one car can drive into and park in easily. Tandem spots are two-car deep parking spaces where one car must be moved for the car behind it to get out. Even though these types of spaces are in the same neighborhood, their prices usually differ significantly.
In 2016, one could purchase a parking spot in Back Bay for up to $305,000 per spot. Throughout the neighborhood, price points started above $150,000 per spot. Individual parking space rates throughout Back Bay exceeded those even in downtown Boston, which sold for a price of approximately $105,000 per spot. Another factor in the pricing for individual spots is that they cannot be purchased with a traditional residential mortgage. That means the value of a parking space that is on the same deed as a unit can be different from the value of a spot that can be sold independently. Dedicated individual parking spots are much more expensive than tandem spots, but in the past, tandem parking spots have not had a humble price tag either. Even for the smallest, most inaccessible tandem parking spots, rates have reached six figures - up to $560,000- which exceeds the median value of a single-family home in Massachusetts.
Another component of parking spot pricing is whether or not it's attached to a residential structure. The rental and purchase price of a condominium or apartment increases, sometimes by hundreds or thousands of dollars, when there is an attached parking spot for tenants. The more parking spots a condominium has, the higher the price tag. Parking rates for temporary parking also vary throughout the neighborhood. They start as low as $130 per month and can reach upwards of $500. Rates for monthly parking are also influenced by proximity to highways, transportation centers, and offices. Prices increase for spots in parking garages that have security, are open extended hours, offer overnight parking, and are handicapped accessible.
Just as rates for private parking in Back Bay have increased in recent years, rates for public parking have gone up too. Metered parking has been getting more expensive, as has parking in public lots and garages. The city has also reduced parking meter time limits and imposed stricter regulations for parking illegally in commercial spaces.
Since commuters and residents are willing to pay top dollar for parking spots in Back Bay, the going rate for a reserved or dedicated parking spot is expected to keep increasing.