Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Manufactured Housing REITs: Find Shelter Amid Volatility

  • Powered by the macroeconomic tailwinds associated with the affordable housing shortage, Manufactured Housing REITs were the best-performing real estate sector of the past decade, and it wasn't particularly close.

  • The sector produced cumulative returns that nearly doubled the next closest REIT sector. MH REITs outperformed the REIT average for a remarkable seventh straight year in 2019, surging nearly 50%.

  • The most affordable housing option in most markets, regulatory impediments to housing supply growth have supported sector-leading NOI growth for MH REITs, which has averaged more than 6% since 2015.

  • 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.

  • Trading at the loftiest valuations in the REIT sector, investors will continue to demand perfection but haven't been let down in quite some time. Low supply and strong, demographic-driven demand for housing continue to provide a compelling backdrop.

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Hoya Capital Real Estate, LLC

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Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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