Dynamic Pricing

Parking demand can vary throughout the day, week, season, or year. Static parking prices (i.e. prices that stay the same) may contribute to occupancy rates being too high or too low at various points throughout the day. Dynamic pricing is a system in which parking rates can be changed at regular intervals (quarterly, monthly, daily, hourly, etc.) based on demand. This allows the City to adjust parking rates more regularly to better match the parking demand in the area, which optimizes turnover of parking spaces and allows more customers to visit local businesses. Drivers pay a higher rate when there is a high demand for parking spaces, but a lower rate when not as many people want to park. This type of system requires pay stations that can be easily programmed with new prices and a means of accurately measuring occupancy rates.