RIET Hoya Capital High Dividend Yield ETF.png
HOMZ_Logo_Just Ticker.png
  • Alex Pettee, CFA

Manufactured Housing: The Answer To The Affordable Housing Crisis?


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

  • 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.



high yield REIT investing hoya capital logo.png

Hoya Capital Research & Index Innovations is an affiliated index provider and research firm that builds custom indexes tracking U.S. commercial and residential real estate sectors, including indexes tracked by exchange-traded funds (ETFs). 

Hoya Capital Research & Index Innovations