The following is a summary of our January 2010 Southeast Region Manufactured Home Community rent surveys. Occupancy numbers DO NOT INCLUDE repossessed homes as reported by the on-site personnel. We listed the number of repossessed homes reported by each community in the community profile section of our reports. In the summaries presented below, we include the number of repossessed homes in each market for the past two years. Please feel free to share this information with your staff and associates. As always, just call us at 808-283-3380 with any questions.
Surveys can be ordered by calling 808-283-3380, sending a email to JohnTurzer@aol.com or visiting our website www.jlt-associates.com where you can download reports using your VISA or Mastercard!
MANUFACTURED HOME COMMUNITY RENT SURVEYS SUMMARY
SOUTHEAST REGION – JANUARY 2010
CHARLOTTE
The Charlotte survey includes fourteen (14) communities with 2,733 homesites. 13 are classified as “all ages” and one is classified as “55+”. There are 2,542 “all ages” homesites and 191 “55+” homesites.
The January 2010 occupancy rate in the “all ages” communities is 74%, an increase of 1.1% (+21 homesites) over January 2009. Repossessed homes are not significant in this market. The January 2010 occupancy rate does not include 5 repossessed homes (down from 10 at January 2009) reported by the communities.
The January 2010 occupancy rate in the “55+” community is 92%, a 3.8% decrease (-7 homesites) over January 2009.
The average adjusted monthly rent (rent after deducting services) in the “all ages”” communities is $255, an increase of $6 (2.4%) over January 2009. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.
Only nine (9) communities implemented a rent increase during the past year.
The average adjusted monthly rent (rent after deducting services) in the “55+” community is $237, a decrease of $17 (-6.7%) over January 2009. The decrease is attributed to the increased cost of services included in the rent.
Only two (2) communities (14%) reported occupancies of 95% or higher.
RALEIGH
The Raleigh survey includes 12 “all ages” communities with 2,542 homesites.
The January 2010 occupancy rate is 89%, a .5% increase (+11 homesites) over January 2009. Repossessed homes are not significant in this market. The January 2010 occupancy rate does not include 7 repossessed homes (down from 16 at January 2009) reported by the communities.
The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $352, an increase of $10 (2.9%) over January 2009. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.
Only seven (7) communities implemented a rent increase during the past year.
Only four (4) communities (33%) reported occupancies of 95% or higher.
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John Turzer is the President of JLT & Associates, a full service real estate market research company specializing in the manufactured housing industry. The company conducts pre-acquisition and new community development market research, due diligence, a one-day sales training program and client specific consulting projects. JLT & Associates also prepares and markets manufactured home community rent surveys for 71 markets nationwide including Albuquerque, Atlanta, Las Vegas, Greater Phoenix, Tucson, Salt Lake City, Kansas City, Minneapolis/St. Paul, Raleigh, Charlotte, Seattle and major markets in Florida, Texas, Michigan, New York, Colorado, Indiana, Ohio and Oregon. He can be reach at (808) 283-3380, (808) 442-9950 (fax) or by email at JohnTurzer@aol.com. Website: www.jlt-associates.com
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Executive Summary: 2010 Southeast Region Manufactured Home Community Rent Surveys JLT & Associates - Manufactured Housing News
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