Marcus & Millichap

Manufactured Housing Research Report

National Report, Second Half 2018

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Vacancy Continues to Tighten, Pushing Rent Gains; Investors' Appetite for Communities Remains Robust

Need for affordable housing and an aging population generate strong demand in manufactured home communities. Vacancy in all regions remains at a 10-year low, with the West maintaining the tightest rate at 5.1 percent. Within the regions, however, the rate varies widely by metro. In cities where housing prices are beyond the means of many potential homeowners, such as Long Island or Seattle, vacancy has stayed persistently beneath 3 percent. A number of communities in Sunbelt metros including Tampa and Fort Worth have posted large drops in vacancy over the past four quarters due to steady employment gains, which are drawing workers as well as retirees to warmer climates. Age-restricted parks nationwide should benefit from a growing senior population over the next few decades. Meanwhile, vacancy remains in double digits, especially in many Midwest cities with slower household formation and more affordable home prices.

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