Manufactured Housing Q1 Market Report: After Hitting a Peak in 2018, Stability Prevails During the First Quarter
Highlights:
- The manufactured housing property sector posted steady performance during the first quarter. Occupancy was flat, rents rose and shipments of new units slowed modestly.
- Occupancy in manufactured housing remained flat from the end of last year to the beginning of 2019, holding steady at 92.7 percent. The rate has risen 90 basis points year over year.
- Rents inched higher during the first quarter, rising to $532 per month. During the past 12 months, the average rent has posted a 3.7 percent increase.
- Sales velocity in manufactured housing communities in the first quarter was down from levels in the fourth quarter but was nearly identical from one year earlier. Prices are on the rise, with the median reaching $45,700 per space in the first quarter. Cap rates averaged 6.4 percent.