Executive Summary
- Manufactured housing communities (MHCs) play a vital role in meeting housing needs in the United States by providing tenants an affordable alternative to housing options such as site-built single-family homes.
- MHCs offer stable and growing cash flows. Property income growth has remained consistently positive even during economic recessions. With a declining supply of manufactured homes and the need for affordable housing intact, we expect strong NOI growth to drive go-forward returns.
- There is scope for institutional ownership to increase. Strong and stable cash flow growth with relatively low capital expenditure requirements can improve the risk/return profile of institutional real estate portfolios.
