This study investigates the potential effects of parking pricing on the private vehicle use of residents of the campuses of large compounds such as universities. For this purpose, a parking pricing model is estimated for the academicians working at the Ayazaga Campus of Istanbul Technical University. Similar to many campus areas, the major problems of this campus are the insufficiency of parking supply and the campus's contribution to the congestion on the surrounding road network. The study combines revealed and stated preference data obtained from a questionnaire, estimates a mode choice model in order to explore responses to different parking pricing scenarios and execute willingness-to-pay analysis. The analyses show that significant switches to mass transit modes can be sustained if parking pricing is introduced.