View All Industry Reports

Q3 Manufactured Housing Industry Report

November 20, 2024
Q3 Manufactured Housing Industry Report

Q3 Manufactured Housing REIT Highlights

Equity Lifestyle Properties
Sun Communities
UMH Properties

Macroeconomic Highlights

Recession Fears and Economic Outlook: Economic uncertainty continues to weigh heavily on sentiment as the U.S. economy faces growing concerns about a potential recession. While GDP growth remained positive in Q3, the Federal Reserve’s aggressive interest rate hikes aimed at reining in inflation have sparked fears of a slowdown. Consumer spending, a key driver of economic activity, has shown resilience but is expected to decelerate as excess pandemic-era savings are depleted and borrowing costs rise. The labor market, while still robust, is beginning to show signs of strain, with an uptick in delinquencies among subprime borrowers and the resumption of federal student loan payments adding further pressure to household budgets. Despite these headwinds, pockets of optimism persist, driven by continued investment in infrastructure and technology sectors.

Q3 2024 Manufactured Housing REIT Data Overview

Equity Lifestyle Properties (ELS) Sun Communities (SUI) UMH Properties (UMH)
Ending Occupancy (Same Store) 2024 95.00% 97.30% 87.70%
2023 94.90% 97.00% 88.40%
YoY MH Rental Income Increase (Same Store) 2024 6.2% 6.5% 7.7%
2023 6.8% 7.3% 10.0%
YoY MH Expense Increase (Same Store) 2024 2.8% 9.2% 8.1%
2023 5.1% 5.7% 6.0%
YoY MH NOI Increase (Same Store) 2024 5.8% 5.3% 7.4%
2023 4.4% 8.0% 12.9%
Rent Per Site (Same Store) 2024 $861 $701 $537
2023 $813 $661 $519
Q3 MH Acquisitions 0 0 0
Total MH Sites 73,002 97,300 25,826

Q3 2024 Manufactured Housing Operating Fundamentals

Manufactured Housing Rental Rates

Manufactured Housing Occupancy

Manufactured Housing Income & Expenses

Manufactured Housing Investment & Transaction Activity

Manufactured Housing Cap Rates & Bid-Ask Spread

Headwinds in the Manufactured Housing Market

Tailwinds in the Manufactured Housing Market

Stay up-to-date on the latest commercial real estate insights and trends, and be the first to see new listings and opportunities! Sign up for our newsletter.

 

Speak with an Expert

 

Interested in this Property?

Interested in this Property?

Test Text etc etc 

Meet with Us in the SVA Penthouse Suite 

Speak with an Expert

 

Signup for the FSSA Cocktail Event