Manufactured Housing 4Q23 Market Overview: Rents maintain a steep upward trajectory

Highlights:

• The manufactured housing sector continued to post strong operational performance in recent months, as occupancy and rents trended higher during the fourth quarter. Shipments of new units were consistent throughout 2023, totaling 83,000 units for the full year.
• Occupancy inched higher by 10 basis points during the fourth quarter to 94.7%. The national occupancy rate increased by 30 basis points in 2023.
• Rent growth continued in recent months after elevated gains in the preceding two quarters. Rents advanced 1.5% in the final three months of the year, closing 2023 at $679 per month. During the past year, rents increased by 7.3%.
• While sales activity picked up during the second half of the year, annual transaction volume in 2023 lagged levels recorded in 2022 by 40%. The median price in 2023 was $41,000 per space, down 29% from one year ago.

Read the report, or visit our Manufactured Housing page to learn more.