Northeast U.S. Communities’ Average Rent, Occupancy on the Rise
JLT Manufactured Home Community Market Reports show growth in rental price and occupancy in six of seven markets surveyed in New York, New Hampshire and Maryland for the March 2018 publication.
Datacomp, the nation’s top provider of market data for the manufactured housing industry, in its March 2018 JLT Rent and Occupancy Reports for New York, New Hampshire and Maryland show almost comprehensive growth across three states.
Occupancy for all ages communities in four New York markets rose 0.4 percent year over year, while occupancy growth in all ages parks in Maryland and Southern New Hampshire was 0.5 percent and 0.2 percent respectively.
Age restricted parks (55+) in New York experienced an 0.8 percent increase in occupancy, while the Southern New Hampshire markets surveyed shows a 1.2 percent increase in age restricted parks.
The only market to experience a year over year dip in occupancy was Buffalo/Niagara age restricted communities, which went down 0.3 percent.
Adjusted rents in all seven markets were on the rise, with communities in New York increasing 3.3 percent, Maryland 4.1 percent and Southern New Hampshire 1.9 percent year over year. Rental increases in 55+ communities in those markets slightly outpaced overall adjusted rent growth.
JLT Manufactured Home Community Market Reports
The JLT Manufactured Home Market Reports for more than 20 years has been the industry standard for market analysis. JLT Market Reports provide detailed research and information on communities located in 135 major housing markets throughout the United States. Information includes the latest rent trends and statistics, marketing programs and a variety of other useful management insights.
Manufactured home community market reports published in March 2018 includes information on 188 “All ages” and “55+” manufactured home communities. Throughout the six markets, the reports include data representations for 89,558 homesites.
“The 2018 reports for New York, New Hampshire and Maryland have information from major metro population centers and important lower density markets,” Datacomp Co-President and Chief Business Development Officer Darren Krolewski said. “All but one market in the March reports show occupancy increases for communities we track, and adjusted rents increased in all March markets.
“We believe our latest reports will help improve business decision making for managers, investor, owners and other manufactured housing professionals with specific interests in these northeast markets,” Krolewski added.
Manufactured Home Community Reports Rent & Occupancy Trends
National trailing data for 2017 show occupancy rates rising for “all ages” and “55+” communities in all U.S. regions. The trend shows rent increases across the board at a national average for all communities, as well.
Each JLT manufactured home community rent and occupancy report published includes information on investment grade communities in major markets. This includes number of homesites, occupancy rates, rents and increases, community amenities, vacant sites, and repossessed and inventory homes.
JLT Market Reports include management insights that rank communities by number of homesites, occupancy rates and highest to lowest rents. Established reports show trends in each market with a comparison of March 2018 rents and occupancy rates to March 2017.
They also include a historical recap of rents and occupancy from 1996 to present date in most markets.
The March 2018 JLT Market Reports for New York, New Hampshire and Maryland are available for purchase and immediate download online at the Datacomp JLT Market Report website at www.datacompusa.com/JLT. Or, they may be ordered by phone in electronic or printed editions at (800) 588-5426. Each manufactured home community market report is a comprehensive look at investment grade properties within a market. This enables owners and managers, lenders, appraisers and brokers benchmark those communities and make informed decisions.