More Manufactured Housing Properties Trade to Close 2024

Occupancy conditions maintained peak levels throughout 2024, leading to continued rent growth in the manufactured housing property segment. The average occupancy rate in 2024 was 94.8 percent, more than 200 basis points higher than the average during the past 10 years. Most regions in the country feature occupancy rates of about 95 percent or higher, allowing operators to raise rents. Since the national rate topped 94 percent at the end of 2021, rents have advanced by an average of 7.1 percent per year; previously rent growth had averaged closer to 4 percent per year. The Midwest has historically featured the lowest occupancy levels, but the region’s rate topped 90 percent early in 2024 and continued to rise throughout the year. Shipments accelerated in 2024, reflecting continued demand for manufactured housing. Approximately 103,000 units were shipped across the country during the past year, outpacing the trailing five-year average by 4 percent.

The expectations gap between buyers and sellers appears to be narrowing, as sales velocity picked up during the second half of 2024. Transaction volume during the past year outpaced levels recorded in 2023 by 11 percent, but annual sales totals still lagged long-term averages due to a weak first half of the year. Pricing gained ground after bottoming in 2023, fueled in part by greater activity in properties trading for more than $10 million. The median price in 2024 was $51,000 per space, an annual increase of 24 percent. The South region recorded steep price increases, led by South Carolina, North Carolina, and Georgia. California was a leading state for sales velocity volume, with transactions concentrated in Southern California.

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