Grand Rapids, Mich. (August 2, 2017) – Datacomp, publisher of JLT Market Reports and the nation’s #1 market data company for the manufactured housing industry, today announced a 17-year summary report of its manufactured home community rent surveys for 32 Florida markets.
Recognized as the industry standard for manufactured home community market analysis for more than 20 years, JLT Market Reports provide detailed research and information on communities located in 131 markets throughout the United States, including the latest rent trends and statistics, marketing programs and a variety of other useful management insights.
The most recent JLT Market Reports for the Florida markets were released in May 2017 and include 752 communities encompassing 208,881 homesites. This summary report is based on rent and occupancy trends from May 2000 to May 2017.
Findings and Observations: Occupancy Continues to Outpace National Average
For the seventh consecutive year, occupancy rates for Florida “All Ages” manufactured home communities increased. As of May 2017, the occupancy rate for All Ages communities is 91 percent, up 1.8 percent compared with May 2016. The national average for All Ages communities as of May 2017 was 89 percent.
For the fifth consecutive year, occupancy rates for Florida “55+” communities increased. As of May 2017, the occupancy rate is 95 percent, up 0.9 percent compared with May 2016. The national average for 55+ communities as of May 2017 is 95 percent.
As of May 2017, Florida ranks third for average occupancy in All Ages manufactured home communities among the five states in the South region where JLT market reports are published. Of the four states within the South region that include 55+ communities, Florida ranks second for average occupancy among this segment.
Nationally, Florida ranks eighth for average occupancy among All Ages manufactured home communities and fifth among 55+ communities in the 33 states where JLT market reports are published.
Trend of Strong Rent Growth
Average rents in All Ages Florida manufactured home communities continued to increase for the 17th consecutive year.
In May 2017, the average adjusted rent in Florida All Ages communities increased by 2.1 percent to $497, which is lower than the average annual compounded increase of 3.5 percent during the last 17 years. In comparison, the national average adjusted rent for All Ages communities was $458, as of May 2017.
The average adjusted rent among 55+ communities in May 2017 increased by 4.2 percent to $498, which is higher than the average annual compounded increase of 3.7 percent through the last 17 years. In contrast, the national average adjusted rent for 55+ communities was $519 as of May 2017.
As of May 2017, Florida manufactured home community rents ranked first for average adjusted rent out of the five states in the South region where JLT market reports are published, as well as first for average adjusted rent among the four states in the South region that include 55+ communities.
Nationally, Florida ranks 8th in average adjusted rent for both All Ages and 55+ manufactured home communities in the 33 states where JLT market reports are published.
All Florida manufactured housing research is based on data published in JLT Market Reports. Complete reports, including detailed information on manufactured home communities in 32 Florida markets, are available for online purchase with a major credit card at www.datacompusa.com/JLT or by calling (800) 588-5426. Each Florida manufactured home rent survey, fully updated in May 2017, is a comprehensive look at investment grade properties within a market, enabling owners and managers, lenders, appraisers, brokers and other organizations to effectively benchmark those communities and make informed decisions.
About JLT Market Reports
For more than 20 years, countless professionals have trusted JLT Market Reports for timely and accurate management information on land lease manufactured home communities. JLT Rent Surveys are currently available for 131 markets nationwide and are recognized as the industry standard for community market analysis. JLT Market Reports are published by Datacomp, the industry’s oldest and largest national manufactured home appraisal company and operator of MHVillage, the premier website for advertising manufactured and mobile homes for rent in land-lease communities. For more information, or to purchase complete JLT Market Reports, call (800) 588-5426 or visit www.datacompusa.com/JLT.