Opportunism in Parking

by Dan Gajos, Product Manager - Parking | Oct 28, 2016

 
World Series berths have brought a lot of excitement to baseball fans in Chicago and Cleveland. Along with those good feelings come businesses looking to cash in and get a piece of the action. One understands that inflated prices are a given. The face value of tickets increases for the playoffs, so why shouldn’t other goods and services, whether at the ballpark or in the surrounding area? Bars, restaurants and parking providers are increasing prices exponentially. But what is too much? 

Let’s focus on parking. In Cleveland, parking prices near Progressive Field were as high as $100 for Game 1, with most lots charging $30-$501. Game 3 at Wrigley Field will bring prices as high as $300. Some area residents are even putting their private parking spaces on apps such as SpotHero for $50-$1502.

While it may not seem like a direct link, there is still a lesson to be learned for college parking operations. Most revenue is realized through the sale of semester parking permits, daily parking privileges and the related enforcement. But there is an opportunity for schools of all size to cash in on special events. Though obviously not on as grand of a scale as the example above, colleges can charge a nominal fee for well-attended special events or special parking privileges at smaller events. This is the norm for sporting events, but there are a variety of other events on campus that can have a monetary benefit for the parking department. Since lots, gates and garages all cost money to operate and maintain, why not have parking fees from event patrons help offset a percentage of those expenses.

1  Christ, G. (2016). Parking prices out of the park for World Series, Cavs home opener. The Plain Dealer. Retrieved from http://www.cleveland.com/metro/index.ssf/2016/10/parking_prices_out_of_the_park.html
 
2 Cheung, A. (2016). Cubs Fans: Be Prepared To Shell Out Up To $300 For World Series Parking. DNAinfo.com. Retrieved from https://www.dnainfo.com/chicago/20161025/wrigleyville/cubs-parking-world-series-wrigley-field-300-expensive