Chicago Retains Title For America’s Highest Meter Rates

While officially, Chicago’s increased parking meter rates kicked in at midnight New Year’s Day, meter rates will begin changing on Tuesday, January 2nd, according to the website for Chicago Parking Meters, LLC.
“The transition to the new rates will begin on January 2nd, starting with the Loop and moving outward into the neighborhoods,” explains the press release posted to the CPM website. “Weather conditions permitting, the goal is to complete the transition in January.”

Because of the relatively small number of high priced meters in the Loop, most likely all these pay boxes will be switched over to the new rates just in time for motorists to pay the higher hourly rate by the end of the day Monday.

Drivers should expect the next most expensive tier of meters to be changed over next and then the rest of the city neighborhoods.

Motorists are only responsible for paying the rates posted on the parking meter pay boxes and should read all signage carefully.

Meter rates are jumping for the fourth time in four years per Chicago’s parking meter lease deal. Most neighborhood meter rates are rising a quarter from $1.50 per hour to $1.75, with areas adjacent to downtown like Gold Coast, South Loop, River North and parts of Lincoln Park bumping up 50 cents an hour from $3 to $3.50 per hour.

Rates in the Loop however are rising another 75 cents an hour, from $5.00 per hour currently to $5.75 per hour–the highest downtown meter rate in the entire nation–even surpassing the most expensive parking meter rates than larger American cities like New York or Los Angeles.

It was last year’s rate increase which made Chicago number one in this category and another rate jump only gives the Windy City more breathing room at the top of the list.