• Alex Pettee, CFA

Manufactured Housing: The Answer To The Affordable Housing Crisis?


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  • The lingering underinvestment in residential housing continues to put upward pressure on housing costs. Manufactured Housing fundamentals reflect a significant shortage of affordable housing.

  • Manufactured Housing REITs have outperformed the broader REIT index for six straight years, and are on pace to push it to seven. Same-Store NOI growth topped 7% in 2018.

  • Rising construction costs, not speculation, have been responsible for much of the post-recession rise in home values and rents. Manufactured housing remains cheap largely because of lower construction costs.

  • The affordability of manufactured housing, which is held to relatively more relaxed building standards, reflects the unintended costs of overly burdensome building codes, pushing up housing costs across the country.

  • 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.



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