Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Manufactured Housing REITs: Beat, Raise, Repeat

  • For the full report, click here to visit Seeking Alpha!

  • Perhaps, the biggest beneficiaries of the mounting housing shortage, the Manufactured Housing REIT sector, has continued their stellar run into 2019. The already sector-leading fundamentals have improved further this year.

  • Surging nearly 30% so far this year, the manufactured housing REIT sector is on pace to outperform the REIT index for a remarkable seventh straight year.

  • As the most affordable non-subsidized housing option in most markets manufactured housing demand has benefited from the long-awaited acceleration in wage growth among blue-collar workers.

  • 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.

  • Home sales of manufactured housing and RV units, however, were not immune to the broader housing market slowdown last year. The magnitude of the dip in sales raises some concern.


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