Manufactured Housing Communities 1Q24 Market Insights Report: With demand elevated, rents continue to rise

Highlights: 

• Manufactured housing communities continued to post strong operational performance during the first quarter. Occupancies improved again and have now risen in 13 of the past 15 quarters. Rents are advancing at an accelerating pace. 
• Occupancy continues to trend higher, rising 10 basis points in the first quarter to 94.8%. During the past 12 months, the national occupancy rate increased by 10 basis points. 
• Rents ended the first quarter at $685 per month, 7.5% higher than one year ago. Rents are rising across the country, with the strongest gains being recorded in the South and Southwest regions. 
• Sales activity slowed in the first quarter, although prices trended higher. The median price at the start of the year was $46,500 per space, up 14% from one year ago. Cap rates are averaging approximately 7.5%, up 100 basis points from the second half of 2023.

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