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Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Ground Zero Of The Affordable Housing Shortage

  • Click here to read the full article on Seeking Alpha!

  • Beat, Raise, Repeat. The manufactured housing REIT sector delivered another stellar quarter in 3Q19 and is on track to outperform the broader REIT index for a remarkable seventh straight year.

  • 2019 was poised to be the year where cracks in the story began to emerge as manufactured housing and RV home sales showed notable slowing early in the year.

  • Instead, the tailwinds of accelerating blue-collar wage growth and the lingering and mounting affordable housing shortage continue to support robust rent growth and occupancy levels.

  • Beyond the sector-leading internal growth, external growth through acquisitions and site expansions provide an added boost. While competition has heated up, these REITs command a superior cost of capital.

  • The secret is out, however, and manufactured housing REITs command the highest relative valuations across the REIT sector. Investors will continue to demand perfection but haven't been let down in quite some time.

Click here to read the full article on Seeking Alpha! For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Apartments, Homebuilders, Student Housing, Single-Family Rentals, Manufactured Housing, Cell Towers, Healthcare, Industrial, Data Center, Malls, Net Lease, Shopping Centers, Hotels, Office, Storage, Timber, and Real Estate Crowdfunding.

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