Free Parking Only Half a Million Dollars

Most people in Regina assume they’ll be able to park a vehicle, or two, or three, for free outside of their home. Street parking is technically 24 hours in most residential neighbourhoods away from downtown and the university. Downtown is free two hour parking on Saturdays at meters, and the UofR is free on weekends at any regular metered spot. Things are very different in some parts of Boston, apparently.

A single spot could be worth more than a quarter million dollars US. A spot of pavement accessed from a street, is more valuable than entire homes? It’s more valuable than luxury sports cars? Which parking/real estate market is off base: Regina’s, or Boston’s? Maybe both?

For $575,000 (CDN) / 2 spots = $287,500 / spot
For fun, over five years that spot is worth 287500 / (5 * 365) = $158/day
Each hour in the spot must earn $6.56 in profit if you plan to pay off the value in only five years by renting it out and have an unrealistic 0% rental vacancy rate.

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