Chris and I used to live in Boston, where parking spaces would sell for tens of thousands to hundreds of thousands of dollars. Renting an apartment was expensive enough, not to mention finding a parking space when you did not own one. Now that I live in the Pacific Northwest, even the process of renting an apartment is different. Ten years ago when we lived in Boston, you would have to give a landlord the first month of rent, last month, sometimes a security deposit, and a realtor fee. If the apartment was $1000 a month (which was definitely on the low side) that would mean $4000. A lot of money just to move into a place. Yes, $3000 was investing in your future, but the $1000 to the realtor was lost.
All cities are different. No rental process is alike in each city. Portland has nothing on Boston. Which I appreciate. When we moved to Portland, we thought, oh we just need to have the cash to move in, instead Portland is very particular in a different way. Landlords in Portland want to ensure that you have a job and you can prove your monthly income. It makes sense due to the high homeless population. Landlords want to know you will continue to be able to pay your rent. I understand that completely, but it is just so different from Boston.
Portlanders complain about finding parking spaces, just like any other city, but I know Portland does not have quite the market on parking spaces that Boston or New York have. I recently read an article that discusses the IRS auctioning off two parking spaces in Boston for a man who owed back taxes. The parking spaces sold for $560,000. It is shocking to think how much someone paid for a parking space, especially since it is much, much more than many pay for their homes.
How much would you pay to own a parking space?