More and better bicycle parking facilities are essential to promote cycling. Therefore, this paper analyses cyclists’ parking preferences regarding facility type and location (i.e., with respect to access and egress distances), as well as the influence of bicycle parking fees and user-specific factors. We conducted a stated-preference experiment (n = 2,960) among university students and employees of RWTH Aachen University, one of the largest universities in Germany, regarding bicycle parking choice behavior. Using a mixed logit model, we analyze the willingness to pay for parking facilities, the influence of the facility’s placement-related necessary cycling detours and walking distances. In our study, bicyclists are more than twice as sensitive to walking distances than to cycling detours. The results indicate a general preference for bicycle parking stations and covered over uncovered parking racks. While previous research has shown that groups of cyclists have different preferences and parking behaviors, it has been unclear what factors influence group assignment. Our paper shows that student status, employee group affiliation, and the resale value of the bicycle are important user-specific factors influencing the choice between parking facilities. Furthermore, there is a considerable willingness to pay for bicycle parking, especially among those with expensive bicycles.