46% Rise in Boston Residents Renting Out Parking Spaces to Help Solve City’s Parking Crisis

SAN FRANCISCO, November 13, 2024 (Newswire.com) - Spacer, announces today a 46% surge in Boston residents renting out their unused parking spaces to commuters to address the city’s parking crisis. The initiative, which provides a more affordable and sustainable solution for commuters, is also helping residents boost their incomes - with some earning over $37,000 each by sharing their garages and parking spaces.

Car ownership in Boston has significantly decreased, however the demand for on-street parking has surged. GoBoston 2030, a project to improve transportation and mobility options, estimates that up to 30 percent of urban congestion results from vehicles searching for parking. 

Manuela Misiak, 48, a new real estate agent and a longtime Boston resident who emigrated from Poland in 2003, is helping commuters while making an extra income to pay off her real estate taxes. Owning a property in Central Boston, she rents out four parking spaces on Spacer, America’s #1 marketplace for parking.

“I live near Boston Medical Center (BMC), Massachusetts General Hospital, just two stops from downtown and the financial district. Parking is a significant issue in Boston due to its scarcity, so my parking spaces are in high demand,” says Manuela. 

“Renters include people relocating from cities like New York and Chicago who need temporary parking and professionals commuting into the city who can’t find parking.

Manuela’s passive income from these spaces generates $1,000 a month at $250 per space in exchange for a guaranteed parking space with 24/7 access.

“With parking meters often costing from $1.60 an hour, this option is a huge help for commuters at a significantly reduced cost and helps me financially,” ends Manuela.

Zena Lum from South End, Boston, rents out a local parking space and is a fundraiser for a nonprofit public art festival. 

Zena comments, “After Covid, people started working from home and were not moving their cars. Once I bought a bigger car, I needed a reliable parking space. It’s $330 a month and a great investment. Private parking garages and lots vary, with weekday daily rates around $30-40, with some that are $50-75. By sharing parking spaces within the community saves me money and is a more convenient option.” 

Mike Rosenbaum, the Founder and CEO of Spacer, comments. “We want to provide a platform that brings the community together, reduces parking problems and lowers transportation emissions. Through peer-to-peer sharing, we can reduce the need to build new parking lots and promote a more sustainable and efficient use of resources in Boston and across North America.

The most expensive cities for both daily and monthly parking include Boston, New York, San Francisco, Washington, Chicago and Cleveland in North America. 

For more information, please visit www.spacer.com

ENDS

Sources: 

https://www.boston.gov/sites/default/files/embed/p/performance_parking_final_report_-_web_1.pdf

https://eu.usatoday.com/story/money/cars/2023/11/28/parking-most-least-expensive/71726574007

Source: Spacer Technologies