With rents rising at mobile home parks across the U.S., advocates say that offering residents the chance to buy their parks could help preserve a key affordable housing option.
in the U.S. have been bought by such investors since 2015, lured by reliable cash flow and high returns from raising rents at nearly double the general rental market rate, McCarthy said.
At Rimrock Court in the central Oregon town of Madras, rent increased from $350 to $495 over five years. When the owner notified residents he planned to sell, they feared further increases — or worse, that it would be torn down to make way for apartments. So they decided to buy it. The required rent increase to go co-op was even steeper in Evergreen Village Cooperative in Mount Bethel, Pennsylvania, — from $460 a month to $750 to pay off the $12 million loan.
Evergreen Village has earmarked funds for improvement projects for the next decade, and this year plans to enhance the sewer plant and fix electrical issues, he said. Other residents considering buying their parks are running up against the same forces that make them popular with investors — a red-hot market and competition from private equity firms and other prospective buyers.
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