Live Market Trends: Powered by Smarking's Real-Time Industry Benchmark Tool

The North American parking industry YTD off-street transient revenue bottomed out at -95% in early April and recovered more than 20% in the first 10 weeks. In the following 20 weeks, revenue growth has slowed, and is down -54% as of October 29th.

On-street parking has been a bit more resilient than off-street parking, reflecting the different type of demand on-street parking caters to. On-street parking revenue is down -40% YOY, relative to the 55% of off-street parking.

Parking Revenue in US Metro Cities as of October 29, 2020

• Miami On-Street Parking YTD Revenue = -16%

• Houston On-Street Parking YTD Revenue = -52%

• Los Angeles Off-Street Parking YTD Revenue = -46%

• Boston Off-Street Parking YTD Revenue = -52%

• Chicago Off-Street Parking YTD = -56%

• Northern California Off-Street Parking Revenue YTD: -68%

• New York City Off-Street Parking Revenue YTD: -18.55%

Re-Thinking Parking Inventory in Santa Monica

To promote economic recovery and provide residents and visitors with safe access to outdoor amenities, the City of Santa Monica is re-purposing on-street parking inventory into bike infrastructure.

Implications:

• Santa Monica promotes safe, healthy, and sustainable transportation options for residents and visitors

• The importance of off -street parking inventory and management policies is growing rapidly as parking inventory is repurposed

Adjusting Pricing with Demand in Long Beach, CA

Managing Parking Demand Through Pricing In Long Beach, CA

Parking provides critical revenue for municipal governments, funding essential services including: fire departments, transit options, and housing resources. While COVID-19 severely impacted parking revenues across the board, some assets have actually been doing better than others, even up YoY. Locations near outdoor amenities, like beaches and parks have been strong performers.

Strategically raising prices in high demand areas has many benefits:

• Uses price to manage demand - creating more availability for those who need to drive

• Encourages more sustainable modes

• Provides additional revenues to fund essential services including: fire departments, transit options, and housing resources