HENRICO COUNTY, Va. (WRIC) -- Parking rates at Richmond International Airport (RIC) are anticipated to increase for the first time in about 22 years, according to officials. According to a spokesperson for RIC, on or after the start of the fiscal year 2026 -- which reportedly starts on July 1, 2025 -- the airport anticipates the following parking rates to be in effect: Economy $10 per day -- an increase from $7 and is the second-most popular option, according to officials. Daily $15 per day -- an increase from $12 and is reportedly the most popular option. Hourly $40 per day -- an increase from $24 and is an option intended for very short-term pick-up and drop-off use than overnight stays, according to officials. Valet $30 per day -- an increase from $25 and is a choice of convenience. Officials said parking rates at the airport have not been adjusted for about 22 years, however, RIC is currently priced below its peers. Over the next five years, the spokesperson said improvements at RIC are projected to cost between $132 million and $158 million and could include a parking guidance system, parking reservation system, sign updates and more. The spokesperson said parking is the largest single source of revenue at RIC, amounting to $30.2 million in fiscal year 2024. Additionally, officials said parking revenue could be used to pay a portion of the Commission's operating expenses, such as utilities, personnel, insurance and more. The airport reportedly does not rely on local jurisdictions or local taxes to fund its operations and is charged by the Federal Aviation Administration "to be as self-supporting as possible." ...read more read less