Majority of Slip and Service Rates Increasing or SteadyPublished on February 14, 2019
Editor’s Note: In October 2018, Marina Dock Age conducted its annual industry survey. Other results on occupancy rates, revenues, expenses and more are also covered in the December 2018 and January/February 2019 issues. This section will focus specifically on rates, compared to the previous year, for slips and maintenance/repair services.
Fig. 1 and Fig. 2 show the 2018 rates for slips and maintenance/repair services, compared to 2017. The majority of facilities have steady or increased rates. Only a small number of facilities decreased rates for 2018, compared to the previous year. Slightly more facilities increased slip rates, compared to service rates.
Fig. 3 shows 2018 slip and service rates, compared to 2017 by regions. The majority of facilities reported increased slip rates for 2018. The West had the highest number with increased slip rates. The Northeast was the only region with a small number of facilities reporting decreased slip rates. Increased service rates were also high in the West and lowest in the Northeast. The West and the South also had some reporting decreased service rates.
Fig. 4 shows 2018 rates by facility size (or number of slips). In general, the smaller the facility, the less that are reporting increased slips rates and the more that keep rates steady. Extra-large facilities (more than 750 slips) have the largest number of facilities with increased slip rates, compared to the previous year, and small facilities have the smallest number with increased slip rates.
Service rates are similar for both small- and medium-sized facilities. Again, extra-large facilities have the largest number with increased service rates. However, those extra-large facilities also had the largest number with decreased service rates.
Fig. 5 shows 2018 rates by types of ownership – private or family owned, corporate and government owned. Again, the majority of facilities report increased slip rates. Government owned marinas had the highest number with increased slips rates, followed by corporate, family and privately owned facilities. Very few reported decreased slip rates, only a few family owned facilities.
Service rates for 2018 were steadier for the majority of facilities, except corporate owned marinas, which had a very large number with increased service rates, compared to the previous year. Facilities under all types of ownership reported some decreased service rates for 2018, but corporate owned facilities also had the largest number with decreased service rates. Family, privately and government owned facilities also had a largest number of facilities with steady service rates.