Took me 5 years to realize I was pricing parking spaces all wrong

I used to just throw a flat rate on every surface lot spot downtown, thinking one price fits all. Then I overheard a guy at a LoDo coffee shop say he'd pay double for a spot near his office building during construction season. That was 6 months ago, and now I tier my rates based on walking distance to transit lines. Has anyone else had a moment where you realized your whole pricing model was off?

2 comments

2 Comments

jenny_coleman1mo ago

That $5 vs $8 thing actually shows the opposite problem though - you were underpricing convenience, not overpricing it. People pay more to save time even in non-game situations.

tyler_wilson1mo ago

Oh man that coffee shop eavesdrop was gold haha. I remember I underpriced my overflow parking for years 'cause I thought nobody would pay more than $5 just to walk an extra three blocks. Turned out people were thrilled to pay $8 vs circling around for 20 minutes during Broncos games lol.