Manufactured Housing 3Q23 Overview: With demand elevated, occupancies and rents push higher

Highlights:

• Manufactured housing communities posted strong operational performance during the third quarter. Shipments of new units have slowed to this point in 2023, but demand for units is elevated and rents are on the rise.
• Occupancy rose 20 basis points during the third quarter, reaching 94.6%. The rate has risen 30 basis points year over year, with strong gains in the Midwest and the Southwest.
• Rents maintained an upward trajectory in the third quarter, rising 2.5% in just the last three months. Year over year, average rents are up 7%, reaching $669 per month.
• Sales velocity accelerated in the third quarter, but transaction levels remain about 40% behind the 2022 pace. Prices have dipped. The median price to this point in 2023 is $42,300 per space, while cap rates averaged 6.5%.

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