March 31, 2026

Manufactured housing rent and occupancy extend gains in 2025

Q4 2025

Manufactured housing overview

Operating conditions in the manufactured housing sector continue to perform well as both occupancy and asking rents improved in 2025. Continued deliveries were not enough to drive occupancy rates lower, as demand for manufactured housing remains elevated across the country. The Pacific region was the only area of the U.S. to record a decrease in occupancy in 2025, and even then, the rate dipped by just 10 basis points to 98.9%, which is the highest of any region. Tight occupancy led to continued rent growth. Rents advanced by 6.0% during 2025 to $772 per month. While gains were steeper in the previous three years, the recent increase exceeds long-term averages. During the past year, rent growth was steepest in the West and Midwest, with rental rates in these regions rising 7.4% and 7.2%, respectively. The country’s largest region for manufactured housing, the South, followed these regions with an annual rent increase of 6.8%.

Sales activity among manufactured housing communities rose in 2025, though it remains below long-term levels. Total sales in 2025 outpaced the lighter levels recorded last year but still lagged the trailing 10-year average by 24%. Pricing inched higher, with the median price ticking up 2% to $52,200 per space. This marked the third time in the past four years where the nation’s median price topped $50,000 per space, a reflection of the cumulative impact of steady rent growth on values. Florida, California, and Texas remain the country’s most active states for transactions. Michigan continued to post elevated activity while annual sales in South Carolina reached a new high in 2025. Pricing was strong in the Mountain states and the Pacific Northwest. Some of the highest median pricing was recorded in Colorado, Arizona, Washington, and Oregon during 2025. Cap rates declined in 2025, averaging 6.0% for the full year. In 2024, cap rates averaged 6.8%.