Manufactured Housing First-Quarter Report: Stability Prevails in Manufactured Housing
Highlights:
- The national manufactured housing market was stable in the first quarter in the period leading up to the coronavirus outbreak. The
sector is expected to be less affected by the COVID-19 fallout than most other commercial property sectors. - Occupancy held steady at 93.8 percent during the first quarter, matching the level from the end of 2019. Occupancy is up 110 basis points year over year.
- Rent growth leveled off to start the year. The average rent inched up only a few dollars to $539 per space in the first quarter; annual rent growth has totaled 3.2 percent.
- The investment market was mixed in the first quarter. Transaction activity outpaced levels from one year ago, even after slowing in March, but volume was down from the fourth quarter of 2019. Prices dipped and cap rates rose as investors exercised greater caution.