- the MHC weekend
- Posts
- Have Rents and Home Prices Peaked?
Have Rents and Home Prices Peaked?
Rent and home prices are cooling and we might already be in a recession
Christopher Ebert
July 11, 2022
Good morning, folks in the MH space must have taken the week off because outside of the usual fires (here and here) and floods (here) at MHPs, there wasn’t much happening in our world.
However, in the single-family and multifamily world, there was a lot of chatter about rents, home prices and recession. Since we are all in the housing game, we follow these reports closely. MHC operators offer the best value in housing but we can’t take that for granted. If you start pushing rents in a market with falling multifamily rents, pay attention.
Let’s dive in.
What We Are Reading
Northmarq - National Sales Report - June 2022
26 Properties | 3,053 Sites | $81,381 Avg. Price Per Site | $265M Total Sales Volume
Roaring US Rental Market Shows Early Signs of Slowing Down
One-bedroom rents fell month-over-month in formerly hot cities like Miami, San Diego, Fort Lauderdale and Nashville.
Rental markets in some of the hottest US cities are showing early signs of cooling down. After surging 11.4% over the past 12 months, the median national rent for a one-bedroom apartment rose just 0.5% in June compared to a month earlier, while the median two-bedroom rent fell 2.9%, according to data from rental marketplace Zumper.
Rent prices are starting to cool down: The 5 cities with the most significant decreases
Summer is a notoriously busy moving season — and high rent prices often reflect that.
But prices seem to be cooling a little compared to the last 12 months overall. Median rent prices for one-bedroom apartments are only up 0.5% month over month, and prices for two-bedrooms are down 2.9% as of June, according to the National Rent Report for June 2022 from Zumper, a hub for people to find houses, apartments, rooms and condos for rent.
Majority of Consumers Say They Would Consider Purchasing a Manufactured Home
Two years of significant home price appreciation has resulted in national concerns about housing affordability. However, in new research by Freddie Mac, 6-in-10 individuals say they would consider purchasing the type of dwelling that has become the largest source of unsubsidized affordable housing in the United States: manufactured housing.
Plans to replace mobile home park move forward
Timing is apparently everything, at least when it comes to converting a mobile home park in west Imperial into a subdivision of 48 small-lot homes.
The Jefferson County Council voted 6-0 on June 27 to advance to a final vote a request from Meridian Development to rezone a 23-acre parcel on Rhonda Sue Drive near Old Hwy. 21 and East Swaller Road from planned mixed residential to planned single-family, which would pave the way for the subdivision to be developed.
SoCo mobile home park residents brainstorm to avoid August 1 evictions
Residents of a South Austin RV park are gathering to try to save their homes. The property their homes sit on has been sold and all the residents have now received an eviction notice.
Wall Street Says a Recession Is Coming. Consumers Say It's Already Here
The recession calls are getting louder on Wall Street, but for many of the households and businesses who make up the world economy the downturn is already here.
Charts Making Us Smarter
Public Markets Corner
Equity LifeStyle Properties, Inc. Announces Second Quarter 2022 Earnings Release and Conference Call
quity LifeStyle Properties, Inc. (NYSE:ELS) (referred to herein as the "Company," "we," "us," and "our") announced today that the Company’s second quarter 2022 earnings will be released on Monday, July 18, 2022 after market close. The Company’s executive management team will host a conference call and audio webcast on Tuesday, July 19, 2022 at 11:00 a.m. Eastern Time to discuss the Company’s operating and financial results.
Flagship Communities Real Estate Investment Trust to host conference call for second quarter 2022 results
Flagship Communities Real Estate Investment Trust (TSX: MHC.U) ("Flagship REIT" or the "Company") today announced that senior management will host a conference call on Thursday August 11, 2022 at 8:30 a.m. ET to discuss the Company's second quarter 2022 results.
UMH Properties CEO Sees Multi-Year Demand from Affordable Housing Shortage
Sam Landy, president and CEO of UMH Properties, Inc. (NYSE: UMH), participated in a video interview in conjunction with Nareit’s REITweek: 2022 Investor Conference in New York on June 7-9.
Recent Acquisitions
Dallas company buys 2 mobile home parks in Loveland, may buy another in Fort Collins
A mobile home park with 299 units has changed hands for $45.5 million. The 60.66-acre Lago Vista mobile home park at 420 E. 57th St. in Loveland sold June 6.
Longtime owner James Croul, who used Lago Vista Owner LLC based in Sun Valley, Idaho, as the legal entity for the property, sold it to Dallas, Texas, company CH Realty X-Legacy MHC Denver Lago Vista.
Parkakeet Communities buys Florida/North Carolina portfolio
Deals We’re Reviewing
Price: $5,800,000 | Sites: 89
Current Average Lot Rent : $275 | Lots: 73 | # of Parks: 1 | Tenants : 56
What Else Are We Reading?
Why Mobile Home Parks are the most “American” form of housing
There’s nothing more American than baseball, hot dogs, apple pie … and mobile homes? It’s true. There is no more “American” form of housing than the good old trailer park. How did that happen and why are so few people aware of this fact?
City of La Crosse and Rivercrest Village compromise on mobile home property rent
A lease is likely to be renewed between the city and Rivercrest Village after officials reached a compromise on rent rates for property located in the mobile home park.
What the housing market correction will do to home prices in 2023
There's no doubt about it: The Pandemic Housing Boom was an inflationary engine. Elevated homebuyer demand during the pandemic simply overwhelmed inventory. It translated into fierce bidding wars and double-digit home price growth.
Video Gallery
Non-profit building tiny homes in Chapel Hill, trying to help end affordable housing crisis | Watch Video ▶
'I should not have to struggle': Renters battle to find apartments in Raleigh's hot housing market | Watch Video ▶
Mobile homes on the rise in Lowndes County | Watch Video ▶
Podcast Picks
Interview with Ryan Hill and Brett Bowman of Suncrest Capital. — Listen Now →
How to Keep Your W2 & Grow a MHP Portfolio: Interview of Ryan Hill. — Listen Now →
Episode 48: Mobile Home Park Succession Planning. — Listen Now →
Social Section
Sponsored By —
This could be you!
Contact us at [email protected]