Average rents in Southwest manufactured home communities have begun to edge slightly higher following a prolonged period of smaller than average increases during the post-recession recovery.
Grand Rapids, MI (PRWEB) July 09, 2014
JLT & Associates (JLT), the nation’s #1 market research company for the manufactured housing industry, today announced a 14-year summary report of its manufactured home community rent surveys for 6 Southwest markets.
Recognized as the industry standard for manufactured home community market analysis for over 20 years, JLT Rent Surveys provide detailed research and information on communities located in 72 markets throughout the United States, including the latest rent trends and statistics, marketing programs and a variety of other useful management insights.
The most recent JLT Rent Surveys for the Southwest region cover 261 manufactured home communities encompassing 69,728 homesites in Albuquerque, Greater Kansas City, Greater Phoenix, Las Vegas, Tucson and Salt Lake City. This summary report is based on rent and occupancy trends from 2000 to 2014.
Findings and Observations
Occupancy on the Rise
According to the summary, occupancy rates in the Southwest region “All Ages” manufactured home communities increased by 1.3% to an average 86.4% occupancy in 2014 after several years of declines and relatively stagnant growth. This represents the first increase since 2012 and the largest increase in occupancy since 2007. Overall, manufactured home occupancy rates in the Southwest have declined by 7.3% since a recorded high of an average 93.1% occupancy rate in 2000. Occupancy rates continue to outpace the national average of 82% for All Ages communities.
Average occupancy rates among “55+” communities increased slightly by .4% to an average of 91% in 2014, the first increase in 4 years of consecutive declines. Overall, average occupancy rates at 55+ communities are down by 3.7% since a recorded high of 94.5% in 2000. Occupancy in the Southwest region remains slightly lower than the national average of 92% for 55+ communities.
Regionally, as of November 2013, the Southwest region markets rank 7th for average occupancy in All Ages manufactured home communities out of the 11 regions in which JLT rent surveys are published. Of the 9 regions that include 55+ communities, the Southwest ranks 6th for average occupancy among this segment.
Rents Begin to Edge Slightly Higher
Average rents in Southwest manufactured home communities have begun to edge slightly higher follow-ing a prolonged period of smaller than average increases during the post-recession recovery.
In 2014, the average adjusted rent in All Ages communities increased by 3% to $422, the largest increase since 2009. In comparison, the national average adjusted rent for All Ages communities increased 2.4% to $393, as of November 2013.
The average adjusted rent among 55+ communities in 2014 increased by 2.5% to $489, the first increase in the overall annual percentage change since 2007. In contrast, the average adjusted rent for 55+ communities nationally increased 2.4% to $444, as of November 2013.
Southwest manufactured home community rents ranked 4th highest in average adjusted rent out of 11 regions tracked by JLT for All Ages communities as of November 2013, and 4th highest in average adjusted rent out of 9 regions for 55+ communities.
All Southwest manufactured housing community research is based on data published in JLT Rent Survey reports. Complete reports, including detailed information on manufactured home communities in 6 Southwest markets, are available for online purchase by major credit card at http://www.jlt-associates.com or by calling 800.588.5426. Each Southwest manufactured home community rent survey, fully updated in 2014, is a comprehensive look at investment grade properties within a market, enabling owners and man-agers, lenders, appraisers, brokers, and other organizations to effectively benchmark those communities and make informed decisions.
About JLT & Associates
For more than 20 years, countless professionals have trusted JLT & Associates for timely and accurate management reports on land lease manufactured home communities. JLT Rent Surveys are currently published for 72 markets nationwide and are recognized as the industry standard for community market analysis. In 2014, JLT merged its resources, skills and expertise with Datacomp, the industry’s oldest and largest national manufactured home appraisal company, and MHVillage, the premier website for advertising manufactured and mobile homes for rent in land lease communities. For more information, or to purchase complete JLT Rent Survey reports, call 800.588.5426 or visit http://www.jlt-associates.com.