Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Ground Zero Of The Housing Shortage

  • Beneficiaries of the intensifying affordable housing shortage, manufactured housing ("MH") REITs have been the top-performing property sector over the past decade, continuing the strong momentum into 2021.

  • Consistent with the trends across the residential REIT industry over the past quarter, MH REITs significantly boosted their growth outlook, citing strong rental housing demand and substantial upward rent pressure.

  • MH REITs' amplified focus on analogous asset classes - RV parks and marinas - was perfectly-timed, providing an added external growth tailwind. "Work-From-Anywhere" has fueled soaring RV, boat, and vacation home sales.

  • Harvard's annual housing report last week concluded that the country is nearly 4-million housing units short of meeting long-term demand, a compelling backdrop for companies across the broader housing industry.

  • Following a double-digit rally over the last quarter, MH REITs are again trading at the loftiest valuations in the REIT sector. Other segments of the housing sector currently look more attractive, but don't bet against these perennial outperformers.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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