More Investors Are Buying Mobile Home Parks, Leaving Residents Behind
Newsy
One of America's more affordable housing options is now a target of investors, leaving tenants out from the decision to move.
Housing in the U.S. is getting more expensive all the time — especially lately. A real estate research firm found rent across the country increased by about 11% last year. Now one of the last affordable housing options left in America are mobile homes, but people are being priced out of those, too.
A growing number of investors are buying up these parks as many of the long-time owners are retiring and looking to sell. While many people own their mobile homes, they still have to pay rent for the land they sit on. When investors come in, they’re known to raise that rent and other fees.
One report from June 2021 showed investors made up almost a quarter of mobile home park purchases between 2019 and 2021. Compared to the two-year period before, there was a 13% increase in investor ownership.
