A parking meter is a device that collects payment for the right to park in a curb space for a set time. The first installed parking meters went into service in Oklahoma City in 1935, invented to keep downtown spaces turning over rather than to raise money.
Today the term covers single-space smart meters that take cards and phones, multi-space pay stations serving a block, and virtual meters: pay-by-phone systems with no hardware at the curb at all. Many meters now report occupancy data and can change rates by time of day.
What meters do
- Manage turnover. Prices encourage long-term parkers to use garages and keep curb spaces available. See parking turnover.
- Signal availability. Prices set for occupancy keep a few spaces open on each block. See parking occupancy.
- Fund the street. Revenue can pay for local improvements. See parking benefit district.
- Produce data. Payment and sensor data show how the curb is used. See curb management.
The Parkonomics view
The parking meter was invented to share scarce curb space, and that is still its best use. Set the price for availability and the revenue takes care of itself.
Related terms: Pay-by-Phone Parking, Dynamic Pricing, On-Street Parking, Parking Benefit District, Parking Occupancy
Further reading: The Federal EV Fee Is a Four-Cent Meter