Seattle to lose millions in parking revenue by 2026

Seattle is projected to lose millions in parking meter revenue by 2026, as both demand and hourly rates have flattened.

The $9 million drop is part of a broader $241.5 million deficit expected in the city’s general fund through 2026, according to The Center Square.

Dave Hennes with the Seattle City Budget Office attributed the decline in funds to pricing changes implemented on March 10. While more than two-thirds of meter rates were unchanged, nearly 20% of meters dropped in price, marking the first decline since the start of the COVID-19 pandemic.

Seattle parking revenue projected to drop

Only 11% of parking meters experienced an increase in pricing. Demand for parking has also remained relatively low, despite partly rebounding from the pandemic.

Despite the decline, the Seattle Department of Transportation (SDOT) said that transportation funding won’t be directly impacted if income from parking meters falls.

Seattle aims to keep one or two available parking spaces per block. To meet this goal, parking rates are reviewed and adjusted seasonally, based on detailed surveys of neighborhood and sub-neighborhood parking trends conducted twice a year.

“When parking revenues decline, the City Budget Office treats it like any other General Fund revenue decline and evaluates options to manage shortfalls alongside citywide needs,” SDOT Press Secretary Ethan Bergerson told The Center Square.