U.S. Department of Housing and Urban Development will host the 2023 Innovative Housing Showcase on the National Mall from June 9-11.
The Showcase is a public event to raise awareness of innovative and affordable housing designs and technologies that have the potential to increase housing supply, lower the cost of construction, increase energy efficiency and resilience, and reduce housing expenses for owners and renters.
“The Innovative Housing Showcase is an excellent opportunity for HUD to exhibit the creative approaches industry leaders across the country are taking to the building, design, and development of our nation’s housing,” said HUD Secretary Marcia L. Fudge. “I invite everyone to join us on the National Mall this June to see our collaborators’ ingenuity on full display.”
More than 2,500 people — including policymakers, housing industry representatives, media, and the general public — are expected to attend. There will be more than a dozen exhibits, including full-sized prototype homes that represent the future of housing.
This will be the third time HUD has hosted the event, the first time in 2019, and in June of 2022. The event is timed with National Homeownership Month. Each year the lineup of homes has included manufactured homes and modular homes.
Industry Learning, Networking with MHI
The Manufactured Housing Institute in previous years has scheduled in coordination with IHS its industry fly-in day and the Homes on the Hill event that provides an invitation to legislators, staff, and policymakers for a hosted walk-through of the homes. The 2023 Homes on the Hill will be held June 6-7, just prior to the HUD event.
MHI will have an opening night reception at the host hotel, which will be announced in the weeks to come. Members will meet for breakfast the following morning, and receive an industry briefing. Industry representatives will take the day to talk with lawmakers and staff about priorities, challenges, and opportunities before coming back down to the National Mall for a mixer, and a tour of the homes.
Federal Reserve Chairman Jerome Powell giving a statement Feb. 1, 2023.
In early March analysts held the expectation of the Federal Reserve instituting a second rate hike of a quarter point, but a week marked by a stronger jobs report than anticipated and the failure of Silicon Valley Bank has most market watchers scratching their heads.
Total non-farm payroll employment rose by 311,000 in February, and the unemployment rate edged up to 3.6%, the U.S. Bureau of Labor Statistics reported on March 10.
The first glance at 86,000 more jobs than anticipated might point to the 0.50% increase, but the closer look at the jobs report showed growth in key sectors in need of employment and a lull in sectors that were do some right sizing.
Notable job gains occurred in leisure and hospitality, retail trade, government, and health care. Employment declined in information, and in transportation and warehousing.
“This jobs report managed a neat trick: Good news for both workers and the Fed,” Navy Federal Credit Union Economist Robert Frick was quoted as saying by Forbes. ”For workers, hiring continues to be robust, especially in industries that need people most: leisure and hospitality, retail, government and healthcare… That may blunt the Fed’s ardor for raising rates much more.”
The bank run in Silicon Valley added to that probability.
Silicon Valley Bank Failure Being Sorted Out, New York Institution Added to the List
The SVB failure has caused concern well beyond Menlo Park, Calif. The thought that other financial institutions could be at risk was accentuated March 13 with the regulatory shutdown of Signature Bank in New York. While the SVB loss has been characterized as “idiosyncratic” because of the nature of the bank — a majority of accounts held by large depositors — measures are being taken to achieve the needed stability for all institutions.
While the FDIC insures most U.S. deposits up to $250,000, that does little for accounts at an institution like SVB where customers are legacy clients fro the tech industry with holdings larger than the insured amount. A run on the bank ensued, and the institution cashed in bonds to pay out the withdrawals, which sent more customers asking for their cash.
Regulators are working to ensure solvency, through a sale or other means. President Biden has echoed industry regulators’ insistence that the problem will be resolved without depositors losing money.
As part of the security net, the Fed has stated it will allow banks that are well-collateralized with government guarantees access to loans that will help pay out any short runs on deposits, which would save the marketplace from a glut of sell-offs similar to the one that sent SVB into a spiral.
Fed Rate Hikes in 2022-23
Analysts began the month believing the Fed may raise rates again by 0.25 basis points, then sentiment leaned toward a half point. Only midway through March, there is speculation the Fed may stay put.
“The board is carefully monitoring developments in financial markets,” the Fed stated in its March 12 release. “The capital and liquidity positions of the U.S. banking system are strong and the U.S. financial system is resilient.”
Silicon Valley Bank, which still held more than $200 billion in deposits, represents the second-largest U.S. bank failure in U.S. history, behind only to Washington Mutual’s $307 billion collapse in 2008.
Third on that list now is Signature Bank with a $118 billion collapse.
State regulators stepped in on Signature Bank, a large lender in the crypto space, to avoid a run-off on the heels of indications that the institution was unable to prove its ability to maintain stability in the case of higher-than-usual withdrawals.
Leadership at both banks will be replaced by third-party administrators who will pore over the books and look to correct course.
The labor force participation rate was little changed at 62.5%, and the employment-population ratio held at 60.2%. These measures also have shown little net change since early 2022, and remain below their pre-pandemic levels.
The strong report gives some analysts and market watchers pause on what may have been an expectation for moderation in rate hikes when the Federal Reserve meets again in late March. After consecutive half- to three-quarter point increases through 2022, the Fed started the year with a 0.25 increase and was expected by many to hold that pattern.
Analysts agreed that the robust job report may be a signal to the Fed that its heavy push is not yet complete, but that was prior to news on the two failed banks.
The goal for the Fed is to alleviate inflation, which peaked last year near 9% and remains above 6%. The standard is for inflation to sit at about 2% to achieve market-wide price stability, for consumers and investors.
The Fed is scheduled to meet again on March 21-22.
California Attorney General Rob Bonta at a recent press conference.
Huntington Beach Accused of Targeting Affordable Housing Protected by State
Gov. Gavin Newsom, Attorney General Rob Bonta, and the California Department of Housing and Community Development filed suit and a motion for a preliminary injunction against the City of Huntington Beach alleging violations of state housing law.
The suit comes after the Newsom administration and Attorney General Bonta urged the municipality through separate enforcement authorities to reject unlawful and willful attempts to “flout state housing law”.
In a statement issued with the filing, the California offices said Huntington Beach’s actions directly threaten statewide efforts to increase the availability of low- to middle-income housing opportunities in the midst of a statewide housing crisis.
“My administration will take every measure necessary to hold communities accountable for their failure to build their fair share of housing,” Gov. Newsom said. “The housing crisis facing families across the state demands that all cities and counties do their part, and those that flagrantly violate state housing laws will be held to account.”
Where Local Governments Oppose
On March 7, the Huntington Beach City Council declined to reverse its Feb. 21 action banning the processing of applications for Senate Bill 9 (SB 9) projects and accessory dwelling units (ADUs) projects.
The state contends the municipality is in violation of multiple state housing laws. The city also introduced, but has not yet adopted, an ordinance purporting to exempt itself from the “Builder’s Remedy” provision of the California Housing Accountability Act that aims to streamline approval of affordable housing projects in cities that do not have what is known as a “compliant housing element”.
Huntington Beach is required by the state to plan for 13,368 new housing units over the next eight years.
“As our state faces an existential housing crisis, we won’t stand idly by as local governments knowingly flout state law meant to protect our communities and bring much needed affordable housing to the people of California,” California Attorney General Bonta said. “Huntington Beach’s latest moves fly in the face of the law, stifle affordable housing projects, and infringe on the rights of private property owners in their own community.
California on Housing Affordability
The suit seeks to hold Huntington Beach accountable for its leadership’s knowledge of and disregard for state housing law and put a stop to unlawful attempts to obstruct crucial projects.
“I’ve said it before and I’ll say it again: When it comes to building affordable housing, we all have a part to play, and Huntington Beach is no exception,” Bonta said.
In the complaint, the state argues that the ban on the approval of certain affordable housing projects is illegal and must be struck down.
The combined statement said California leadership stands united in commitment to defense of and increasing access to affordable housing. In 2021, Governor Newsom launched a Housing Accountability Unit increasing stringent enforcement and oversight at the local level to create more housing, faster across California.
Tucson Estates, a residential neighborhood west of Tucson, Ariz.
PorchPass™ is a new product that was developed and launched by Braustin Homes to bring a speedy financial technology offering for homebuyers interested in a manufactured home on land.
The company said the new product, available online, streamlines the manufactured home construction process, giving buyers the power and speed of a cash close.
“It’s hard to compete with cash buyers,” Braustin Homes CEO Alberto Piña said. “PorchPass will expand the pie by helping the industry say yes to more customers looking for homes in the $250,000 range. No one else is providing this kind of solution in the $20B+ factory-built home market.”
Nearly a third of manufactured home customers who have already been approved for a mortgage also need a land-home construction loan, which sometimes is challenging to navigate. These often-complicated loans, with high rates and fees, can take up to 140 days to clear, putting potential homeowners at risk of losing their dream property to a cash buyer.
PorchPass has secured the financial backing to streamline the process, giving prospective homeowners the same leverage as cash, with the ability to pay the land seller in 14 days, and save up to $15,000 or more in construction loan bank fees.
“Fintech harnesses the power of technology to make something old school simpler and more accessible for more people,” said Rackspace Technology Co-Founder Pat Condon, who serves on the Braustin Homes board of directors. “PorchPass’s fintech platform streamlines the traditional process for obtaining a construction loan, utilizing desktop appraisals, online applications, and other virtual tools that help buyers skip many of the expensive, time-consuming steps that put their land acquisition at risk.”
Competitive Market Calls for More Affordable Options
According to data reported by the Case-Shiller Home Price Index, an average single-family house in the United States costs nearly eight times the U.S. median annual household income. A new White House plan for boosting affordable housing calls for reviving the production of factory-built homes , which are increasingly more customizable and appointed with high-end features that make them a desirable option in the mainstream residential market.
Now that the supply chain is improving, and manufacturers have lifted their allocation limits on how many homes each dealer can sell, Braustin Homes is launching the new fintech platform in Texas, which accounts for approximately 20% of the national manufactured homes dealership market.
PorchPass was initially available to Braustin customers and is now offered to select dealerships in a pilot program.
“The speed of PorchPass will make more affordable mortgage products, including FHA and VA home loans, available to people in the manufactured housing space,” Braustin Homes Chief Financial Officer Edward Stepanow said. “Most land sellers won’t wait four months for an FHA loan to process in this hyper-competitive market. Now, more people will be able to compete with cash buyers and other faster financing.”
How PorchPass works:
PorchPass validates that a buyer has been approved for a legitimate, underwritten mortgage.
PorchPass steps in as a cash buyer, using cash to lock down the land, the home, and the contractor services so that a single-family residence can be built in 60 to 90 days.
PorchPass then assembles all three components into a mortgage-ready product, which is sold to the homeowner, who purchases it with their pre-approved mortgage (mortgage companies cannot finance these three pieces individually).
“You can’t have a truly virtual way to buy a home without a virtual way to streamline the financial process,” says Piña. “PorchPass brings our virtual offerings full circle.”
MHInsider contacted three recent appointees to the NCC Board of Governors to talk to them about the value of board service and volunteerism. Here is what they had to say:
Erica Taylor’s involvement with Augusta Communities started in 2009 and has been full-time since 2013. Taylor has extensive knowledge in the underwriting of property economics and property financing and is responsible for acquisitions, project management, and business development. She prides herself in being a dedicated professional and cultivating opportunities for Augusta Communities through business relationships and creative thinking.
What motivates you to volunteer your time to the industry?
Erica Taylor, Augusta Communities
I have volunteered my time to be on the board of governors because I think it is important to be an advocate for nonprofit ownership and long-term housing cost stability for lower-income households.
Steven Blank, Blank Family Communities
I’ve been in this industry since I was 15 years old and have seen some great and concerning changes to our business, especially over the past five years. If my voice can help guide the industry to move in a positive direction, I think that is time well spent.
Maria Horton, Newport Pacific
As a newly appointed member of the MHI NCC Board of Governors, I look forward to contributing through my many years of experience in the management and betterment of manufactured housing communities. Working for Newport Pacific, a nationwide third party property management company and leader in our industry for over 40 years, I have accomplished making a difference in many of the lives of those who live in our parks by offering them a lifestyle they enjoy. It is a privilege and one I consider very important to me.
What do you intend to see accomplished as a result of your service?
Steven Blank is the president of Blank Family Communities, a third-party management group in the Midwest with 10 years of MH ownership/management experience and membership in the Michigan Manufactured Housing Association. His company helps owners in multiple states operate their communities more efficiently, and he also is a regular contributor to MHInsider magazine.
Taylor
I hope that through my service on the board of governors for NCC I can help advocate for the industry to continue to promote manufactured housing as a high-quality, energy-efficient, and lower-cost housing option for lower to middle-income families and seniors. I would also like to help change the public’s perception of manufactured housing by focusing on the contributions responsible owners make to improve manufactured housing communities.
Blank
Listing some aspirational goals here- I would like to help our industry continue to solidify itself as a premier option for affordable housing, removing the stigma associated with manufactured homes (and communities) and be proactive about rent control.
Horton
I would like to urge the large manufacturers and community owners to advertise in the mainstream. There are commitments made but the effort requires more participation to change the perception of our industry for attainable housing.
Maria Horton serves is the director of marketing and is a regional manager for Newport Pacific Capital Company, Inc., a full-service property management company located in Irvine, Calif., that specializes in manufactured home communities, apartment complexes, condominium associations and RV resorts. Newport Pacific has been a leader in the property management industry since 1980 and oversees properties throughout the United States. Horton holds her MCM, MHM, CAM, CCRM, CMCA and AMS designations and, also is a licensed manufactured housing salesperson.
What other volunteer efforts attract your attention?
Taylor
I’m passionate about organizations and events that seek to provide or promote social, educational, and recreational services for low- and moderate-income households.
Blank
I am also involved with the Michigan Manufactured Housing Association. Michigan has some of the best operators in the country and to be involved with such elite company has been great.
Horton
I find great satisfaction in being involved in the many other industry-related organizations whose boards I have involvement with such as AZMHCA, CMHI, and WAMH. I volunteer for the City of Carson’s Mobilehome Park Rental Review Board, and the City of Costa Mesa’s Mobilehome Park Advisory Board. This provides me with additional exposure and knowledge of local and nationwide issues affecting our industry.
Anything you’d like to add?
Taylor
My 10+ years of experience working on behalf of the nonprofit owner of manufactured housing communities in California has provided me with a breadth of knowledge related to proforma analysis and acquisition financing, the strengths and weaknesses of rent control, how to manage and respond to resident issues and complaints, how to undertake large capital improvement projects such as solar installations and utility conversions, how to rehab or replace homes, and how to navigate Mobilehome Residency Law.
Horton
Another of my recent volunteer efforts is in the formation of the non-profit WAMH organization, Women Advancing Manufactured Housing. This is a networking opportunity and information source for women in our industry. One can access and join through Linked In. I also am a volunteer member of the American Legion’s Women’s Auxiliary. There I enjoy supporting the men and women of our armed forces through fundraising and social events.
By Tony Petosa, Nick Bertino, and Matthew Herskowitz
When considering how to summarize our current economic and market conditions, we were reminded of an old idiom: we just can’t see the forest for the trees. In today’s world of fast-moving, multi-faceted media, we are so inundated by details and, in many cases, conflicting information that we fail to understand the big picture: It’s all part of a cycle!
Image courtesy of Wells Fargo
Taking a step back, it is helpful to recognize that there are four phases to a real estate cycle as outlined in the adjacent diagram: expansion, hyper-supply, recession, and recovery. While each cycle is unique and there are differences in how certain markets and properties perform, all cycles follow a predictable pattern that commercial real estate owners, including manufactured home community owner/operators, should consider when forming both short- and long-term strategic and operational business plans.
Identifying where we are in the current cycle enables us to reference past cycles for insights on expected economic policies and consumer demand going forward.
Study the Full Cycle
Coming out of the Great Recession of 2008, we slowly transitioned through the recovery phase, which was followed by a prolonged expansion period. In recent years, it would be reasonable to say that most markets have been in the expansion or hyper-supply phases with some markets beginning to see early signs of recession in 2022. Individual markets and property sectors often vary in terms of timing as they transition between phases with multifamily properties outperforming other sectors such as retail and office during recent market cycles. We are seeing this now with new single-family housing starts falling off faster than multifamily construction. The following chart presents key economic statistics before, during, and after the COVID-19 pandemic:
Many view the apartment sector as a relevant proxy for the MHC sector due to the extensive market data that is available. Recent surveys and reports on the apartment sector show a reversal in rent and occupancy growth during the second half 2022 as the dramatic shift in monetary policy appears to be influencing consumer behavior. Nationally, single-family units under construction declined each month in the second half of 2022. Meanwhile, multifamily new construction has continued, particularly in core markets, but the pace has slowed considerably from 2021. According to the National Association of Realtors, single-family housing starts in the third quarter of 2022 were 13% below the pre-pandemic historical average while multifamily constructed about 50% more units than the pre-pandemic average. Some experts point to prolonged construction completion delays as a reason multifamily has not slowed more, but multifamily demand is also benefiting from increases in residential mortgage rates, which have negatively impacted single-family housing affordability. Still, it is expected that rental rates will moderate in 2023, at least in some markets, given the new multifamily supply being added at a time when more people are moving back in with family or delaying moving out of their family homes, which is slowing new household formation. So, while pundits often disagree on defining what phase of the cycle we are in until after the fact, it is clear we have made a pivot.
Multiple Market Forces Impact Industry
It is also worth noting that every cycle has its unique economic and political backdrop, and our current environment has provided the Federal Reserve and policymakers plenty to consider: stubborn inflation resulting from extreme monetary and fiscal stimulus, an unusually low unemployment rate due to declining workforce participation, higher than expected consumer spending, and a war in Europe. The Fed has made it clear that it will remain steadfast in tightening monetary policy until inflation abates, even if that means overcorrection.
The continuing low unemployment rate also provides political cushion for further tightening if needed. With that in mind, while we expect the Fed will continue to raise rates in 2023, that does not necessarily mean the 10-year U.S. Treasury yield will increase in lockstep. The bond market, and particularly longer-term treasury bond buyers, respond favorably when inflation expectations are reduced. After hitting an all-time low yield of 0.52% in 2020, the 10-year U.S. Treasury yield surpassed many long-term averages when it hit 4.34% in October 2022 (its yield averaged 2.91% and 3.90% over that last 20 and 30 years, respectively).
Changes in demographics are also a factor for both policymakers and property owners to consider. One reason unemployment has remained low is because we are seeing, and will continue to see, a trend of fewer working-age Americans and more retirees. According to the Bureau of Labor Statistics, the labor force is projected to grow over the next 10 years at an average annual rate of 0.5%, which is a slower rate in comparison to recent decades. Factors include slower population growth and the aging of the U.S. population in addition to the declining labor force participation rate. In other words, finding good employees will continue to be a challenge so property owners should be prepared to budget for higher payroll expenses. Additionally, this demographic trend will have implications for required amenities and services for properties to remain competitive.
Certainly, there is a lot for property owners to consider when making business plans. From a financing perspective, we believe a case can be made that the worst of the increasing interest rate adjustment period is behind us, barring a reversal of the recent improvement in inflation measures. For property owners considering the timing and structure of their next financing, inflation will be key. While there has been much discussion about a likely recession on the horizon, it is important to remember that this is coming after a prolonged period of higher property values following the Great Recession and that periodic adjustments are healthy for the market over the long term.
About the Authors
Tony Petosa, Nick Bertino, and Matt Herskowitz are loan originators at Wells Fargo MultifamilyCapital, specializing in providing financing for manufactured home communities through theirdirect Fannie Mae and Freddie Mac lending programs and correspondent lending relationships.If you would like to receive future newsletters from them, or a copy of their Manufactured Home Community Market Update and Financing Handbook, they can be reached at tpetosa(at)wellsfargo.com, nick.bertino(at)wellsfargo.com and matthew.herskowitz(at)wellsfargo.com.
YES Communities Plans to add 162 Homesites to an existing 111-site community in 2023
The Estates, located in Princeton, Texas, has added 162 new sites with the most recent expansion with new homes being scheduled for delivery now. In addition to the expansion, a new amenity center has been constructed that includes a beautiful clubhouse, playground, walk-in pool, picnic pavilion, walking trails, and a pond with a pier.
YES, a Colorado-based private real estate investment trust, or REIT, will have a total of 273 total homesites at The Estates with the expansion.
The homes currently placed in the community — a mix of single and multi-section homes — come from Oak Creek Homes, built in nearby Lancaster, Texas.
Each home has a front-loaded deck constructed in the factory, and the sites have tandem parking down the side of the home, which allows for a sizable front yard.
Buyers at The Estates can rent or purchase a home.
More than two dozen homes were placed at The Estates in the second half of 2022, and there are plans for adding another 50 homes in 2023.
“With the growing need for attainable housing in North Texas, the opportunity to expand and deliver modern new homes at The Estates in Princeton was an obvious decision,” YES Communities Senior Division Vice President Trent Wagstaff said. “Building a beautiful new community center, along with a pool, playground and pond were also important in ensuring that our residents and future residents would be proud of this community.”
The residents at The Estates can enjoy a beautifully appointed clubhouse. Photos courtesy of YES Communities.
The James E Forrestal Building, Washington, D.C. offices for the U.S. Department of Energy.
The Manufactured Housing Institute and Texas Manufactured Housing Association announced Feb. 14 that the two have combined efforts to take legal action aimed at a delay in implementation of the Department of Energy’s “Energy Conservation Standards for Manufactured Housing” changes that are scheduled to take effect on May 31.
MHI said it has been pursuing a multi-pronged approach to the proposed DOE standards for several years, the ultimate goal being to have energy standards housed and managed by the U.S. Department of Housing and Urban Development, which is the industry’s longstanding primary federal regulatory body.
“Progress has been made with HUD and lawmakers, and we are continuing to work with DOE and HUD to find a workable and affordable solution,” the communication sent by MHI Chairman Leo Poggione stated. “However, with the looming deadline and continued lack of clarity from DOE, MHI decided legal action was the only option available.”
MHI contends DOE set an arbitrary and unrealistic one-year deadline, and that the proposed requirements are not ready for implementation on May 31.
The Energy Department failed to consult with HUD, MHI stated, and the standards are misaligned with the HUD code, they contain inaccurate cost estimates, do not take current manufactured home construction methods into consideration, and fail to address testing, inspection, and certification of homes.
MHI said it is dedicated to working toward a solution through:
Continuing to work with regulatory agencies to delay implementation of the DOE standard until there is alignment between DOE and HUD regulations.
Ensuring HUD’s Manufactured Housing Consensus Committee’s (MHCC) proposed changes to incorporate the DOE standards into the HUD code are finalized.
Supporting legislation to guarantee HUD is the primary regulator for all construction standards for manufactured housing.
TMHA Communicates with Members on DOE Filing
In a letter to members on Feb. 16, TMHA reiterated MHI’s intent for the legal filing, citing Freddie Mac language from a recent study the explains the exceptional level of attention the manufactured housing industry puts into energy efficiency.
“Make no mistake, our industry is an avid proponent of innovation and effective conservation efforts,” TMHA stated in its communication. “This commitment spans across the production, sales, transportation, and site-construction processes. A prime example being the minimal amount of waste created during our factory-built construction, along with our comprehensive recycling programs.”
The Consumer Price Index released Feb. 14 came in slightly hotter than analysts anticipated, with an increase of 0.5 in January that sets inflation at 6.4 percent year over year. The CPI report combined with the recent unexpected jobs report, an increase of 517,000 nonfarm payroll positions — more than double the estimate — means the Federal Reserve likely will turn back to a 0.5 rise in March and re-set its course for the year.
Consumer categories that increased in January include shelter, motor vehicle insurance, recreation, apparel, household furnishings, and operations.
By continuing to raise rates the Fed hopes to cool growth back toward a steady 4 percent from a 12-month high of more than 9 percent in mid-2022. The Fed reduced its activity in the bond market and made a series of half-point and three-quarter-point increases prior to the most recent 0.25 hike.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, released on Jan. 31, covers all nine U.S. census divisions. It reported a 7.7 percent annual gain in November, down from 9.2 percent the previous month.
The 10-City Composite annual increase came in at 6.3 percent, down from 8.0 percent the previous month. The 20-City Composite posted a 6.8 percent year-over-year gain, down from 8.6 percent in the previous month.
Datacomp, the publisher of JLT Market Reports and the nation’s #1 provider of market data for the manufactured housing industry, announces the publication of its February 2023 mobile home park comps with occupancy and other vital data on manufactured home communities from 18 markets in Michigan.
Recognized as the industry standard for manufactured home community market analysis for more than 20 years, JLT Market Reports provide detailed research and information on manufactured home communities located in 187 primary housing markets throughout the United States. This includes the latest rent trends and statistics, marketing programs, and a variety of other useful management insights.
Datacomp’s manufactured housing market data published in the February 2023 JLT Market Reports includes information on investment-grade “all ages” and “55+” manufactured home communities. Altogether, the Michigan reports include data representations on 417 communities and 114,048 homesites.
What’s in JLT Market Reports?
Each JLT manufactured home community rent and occupancy report from Datacomp has detailed information about investment-grade communities in the major markets. The detailed information includes:
Number of homesites
Occupancy rates
Average community rents, and increases
Community amenities
Vacant lots
Repossessed and inventory homes, and much more
Established reports show trends in each market with a comparison of February 2023 rents and occupancy rates to February 2022. In addition, JLT Market Reports include a historical recap of rents and occupancy from 1996 to the present date in most markets.
The February 2023 JLT Market Reports for 18 markets in Michigan are available for purchase and immediate download online at the Datacomp JLT Market Reports, or they may be ordered by phone in electronic or printed editions at (800) 588-5426.
Each fully updated report for mobile home communities is a comprehensive look at investment-grade properties within a market, enabling owners and managers, lenders, appraisers, brokers and other organizations to effectively benchmark those communities and make informed decisions.
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The Biloxi Manufactured Housing Show &...
