Even if you charge $10/hr, or whatever the market rate would be for street parking spots, you still need an enforcement mechanism to prevent people overstaying.
In general, the idea of a "market rate" for any given property depends fundamentally on a system of property rights actually being enforced.
Market rate is $4.10 per hour during peak hours. But it falls off precipitously per hour and ceases to be enforced around 6pm. For overstays those little white golf cart trucks have cameras that check license plates for permits. I recently got a parking permit for $200 or so after paying like $500 in tickets for various infractions including “Parking on Grades, wheels straight”. So I very much want anyone overstaying a 2hr parking spot to get tickets and or towed to make room. And I can speak from experience having just recently being towed, that the parking downtown is ruthlessly enforced. It will cost you about $700 if you’re towed.
I've always wondered what the market rate for parking would be if you allowed for things other than parking like restaurant tables, a shed, a tiny skyscraper...
In general, the idea of a "market rate" for any given property depends fundamentally on a system of property rights actually being enforced.