November 28, 2011

Pain the lot: how to pare high parking costs

By Marcie Geffner - Bankrate.com

Parking costs are on the rise across the U.S. from beaches in Rhode Island to airports in Hawaii. At the same time, high unemployment rates and economic stagnation have forced more people to adopt frugal living habits. Together, these trends mean saving money on vehicle parking fees is, for many, in vogue and a necessity.

Whether they use parking meters or parking lots, hospitals, colleges, sports stadiums, shopping malls, office buildings and even public transit stops are jacking up their rates, sometimes by substantial percentages, judging from online news reports. In particular, municipal parking lots are prone to rate increases as city governments grapple with reduced revenues and political difficulties in raising taxes.

Hikes in parking fees are sometimes sold to the public as a benefit, the argument being that pricier parking encourages turnover and opens up spaces for people who want to park. That may be true, but it's a bitter pill for drivers facing those fatter parking rates.

Read on: "Pain in the lot: how to pare high parking costs"