• Alex Pettee, CFA

Manufactured Housing REITs: Housing Shortage Intensifies

Updated: Sep 10, 2020

  • It'll take more than a pandemic to slow down the perennially outperforming manufactured housing REIT sector. These REITs have proven to be immune from coronavirus-related headwinds, collecting nearly 100% of rents.

  • Powered by the macroeconomic tailwinds associated with the affordable housing shortage and favorable demographics, Manufactured Housing REITs have been the best-performing real estate sector of the past decade.

  • The positive momentum should be enough to keep the sector rolling in 2020. Beyond the sector-leading internal growth, external growth through acquisitions and site expansions have provided an added boost.

  • Near-term headwinds related to delayed openings at RV resorts, impaired rent-paying capacity among lower-income residents, and a slowdown in RV and MH unit sales remain risks to monitor.

  • 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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