IT
FRCompared with an apartment, parking boxes and garages require simpler management and lower costs, while still offering attractive rental returns. Not all parking boxes are worth the same, though: what matters is the area, the size, ease of access, and the presence of features such as video surveillance and an electric charging point.
A structural demand, not a temporary one
The shortage of parking in Milan is not a passing phenomenon. Area B, the low emission zone covering most of the municipal territory, is progressively excluding older vehicles (from 1 October 2026, Euro 5 diesels as well), while Area C imposes a toll to enter the historic centre, €7.50 a day at the standard rate, with a calendar of tightening restrictions running through to 2030. In this context, having a private parking box is no longer just a convenience: it becomes a way to protect one's vehicle and to keep moving around the city without depending on street parking, which is increasingly regulated and paid.
What parking boxes and spaces are worth in Milan today
The gap between centre and outskirts, close to a three-to-one ratio, reflects exactly the same logic that drives the residential market: where space is scarcer and demand denser, even a small asset like a parking box acquires a proportionally higher value.
Returns higher than those of an apartment
While the purchase price stays modest compared with a residential property, the rental return is often the real strength of this asset. A parking box in the centre can generate an average rent of around €380 a month, one in a semi-central area around €250, with gross yields that, according to industry data, range from 5.5% in the centre to 6.1-6.3% in semi-central and outlying areas: figures well above the 3.8-4.7% that characterises the gross yield of a traditional residential property in many Italian cities today. It is no coincidence that supply has shrunk over the past two years while demand has stayed consistently higher, with transactions up 6.7% in the third quarter of 2025 compared with the same period in 2024.
What determines the value of a parking box
Not all parking boxes are equal, and price differences between one unit and another, even on the same street, can be significant. Location remains the first factor, but size matters too, a space that allows for comfortable manoeuvring is worth more than one that is merely adequate, along with ease of access: the height of the vehicle entrance, the presence of a car lift, the width of the ramps. On top of these structural elements come the features that answer more recent needs: video surveillance, which reassures anyone leaving a valuable vehicle for long periods, and an electric charging point, increasingly sought after as electric and hybrid vehicles become the only ones exempt from the Area C toll and Area B restrictions.
A strategic investment in a few square metres
In a city where space is increasingly scarce, even a few square metres can become a strategic investment. Parking boxes and garages combine a modest entry price, simple management and structural demand with a rental return that holds up well against residential property, a profile that deserves the same attention as an apartment, whether at the point of purchase or when enhancing an existing portfolio.