Tel Aviv parking rents up 7% in 2020

1 year, 6 months ago - 11 January 2021, globes
The number of the city's residents seeking to rent a parking place near their home rose to a record 29,000 in August, Yad2 reports.

Tel Aviv parking rents rose 7% in 2020 to an average of NIS 743 per month from NIS 696 in 2019, according to data from the Yad2 buy and sell website. The switch to working from home, fear of traveling on public transport during the Covid pandemic, and the ongoing difficulty of finding parking in Tel Aviv were all likely factors in the price rise. Prices reached a peak of NIS 758 in September and fell back 2% in the final quarter.

The number of Tel Aviv residents seeking a parking place rose to a record 29,000 in August with the number falling to 22,500 in September. This compares with 6,200 people seeking a parking place to rent in March and April.

Yad2 CEO Yavin Gil Mor said, "Parking in Tel Aviv was always a need that was very much in demand on the site and Covid-19 and new parking regulations have increased the need and made parking a very scarce product."

New building regulations introduced in July require developers in Tel Aviv to allocate only one parking space for every two homes they construct instead of the current requirement of one parking space for every home. In addition, 10,000 of the city's 80,000 street parking spaces will disappear in the coming few years due to infrastructure work on the light rail.

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