Latest trends in mobile homes parks vacancy in manufactured home communities continues to tighten across all regions as homebuyers increasingly turn to the low cost manufactured housing options, according to a new national market report.
The West’s Mountain region maintains the lowest vacancy rate nationwide at 5.1 percent, down 50 basis points from the previous year. The East North Central of the Midwest posted the highest vacancy rate in the country at 14.6 percent, after experiencing the largest year-on-year of 110 basis points in July, the brokerage found. In the Mid-Atlantic and Northeastern regions, vacancy was 5.9 percent and 4.3 percent.
Supply and Demand in urban Areas Have Lowest Vacancy Rate and Ever-Increasing Rents. Among metropolitan areas, the most supply-starved markets are Denver, Miami, Long Island and several markets in California where vacant spaces are almost non-existent (less than 1 percent). Rising demand and lack of new manufactured home community development is driving rent increases nationwide.
Investor competition for manufactured home/mobile home communities is heating up, as an abundance of buyer’s jostle for scarce assets listed for sale. This is causing some investors to adjust their parameters by considering smaller communities, hunting in secondary and tertiary markets, and considering properties with shortcomings such as lack of city services, according to the report.
Tony Sosa from SosaScope, one of our business associates who lives in Miami said “Average mobile home park rental space in Miami-Dade County is $736.00 if you can find an empty space”.
The South registered the largest rent increase, with rents jumping 3.9 percent annually to $580.00 per month as of July, In the East, rent increased 3.7 percent.
Here in Baton Rouge the availability of rental spaces for your mobile homes is getting tight specially in the more desirable places that offer adequate space between homes, good location with access to major thoroughfares, good amenities such as a pool, and peaceful surroundings with trees.
Many times, the payment to rent space in a mobile home park would be equivalent to the mortgage payment.
Make an appointment to discuss your circumstances and find a solution to obtain acreage to place your mobile home.
That is why we at Racin Homes recommend our clients to do the best within their possibilities to place their new home in land they own in order to protect themselves from increasing space rent, changes in communities’ regulations, undesirable neighbors, to name a few inconveniences.
Visit Racin Homes Home Land Solutions Page for more information.
Please Contact Us for any additional information on how we can help you consolidate your Home & Land Purchase for your new home.