New mobile apps and websites have allowed private operators, parking garages, and off-street airport lots to offer reservations for temporary parkers for the last decade. Motorists get the convenience of a guaranteed spot and operators get insights into demand, increase utilization, and can set pricing to maximize profits.
Cities control the most valuable parking real estate in their downtown – the curb lane – yet only now is demand pricing emerging as an accepted on-street parking management tool. When it is, it is typically implemented on a static basis with cities revising rates on a quarterly or semi-annual basis. While this is certainly better than ignoring demand completely, it fails to capture the value that certain motorists would be willing to spend for a heightened level of convenience.
Whether through ride-share surge pricing, dynamic toll rates on limited access tollroads, or different airline fares on the same flight, citizens are used to transportation providers using pricing to balance supply and deliver enhanced convenience.
Just as the ability to deliver these new business models was predicated on the development of new technologies, CivicSmart’s innovations now allow Cities to offer premium on-street parking reservations which could increase revenues from these spaces 3 to 4 times standard rates – sorely needed revenues that can be reinvested in other municipal priorities.
To do so, a City can set aside a small portion (10%-15%) of on-street parking spaces in the most desirable areas for reserved parking. Instructional signage will advise motorists not to park in these spaces unless they have booked a reservation.
CivicSmart has invented a Reservation Indicator that can be installed in each reserved space along with a Sensor.
Motorists use a Mobile App to find and reserve a parking space at a premium rate. Their license plate can be displayed on the Reservation Indicator to notify other motorists not to park in the space.
When the motorist parks in their confirmed Reserved Parking Space, the sensor detects a vehicle and asks the motorist to confirm they have arrived in the Mobile App. If they do so, billing continues until the vehicle leaves the space.
If a vehicle without a reservation parks in a Reserved Parking Space, an alert can be sent to an enforcement officer to issue a citation or initiate a tow. If a motorist has already reserved that space, the App will change their reservation to the nearest available space or allow them to cancel.
Given the high demand for parking in certain areas at certain times of the day, week or year, premium reserved spaces could be a significant source of additional revenue for the City.