Investors are buying mobile home parks across the country, leading to significant rent increases and complaints of neglect from residents.
Jeremy Ward poses for a portrait in front of his home in the Ridgeview Homes mobile home community in Lockport, N.Y., June 23, 2022. Ward is one of the residents at Ridgeview participating in a rent strike after new owners of the park announced they were raising rents by six percent."I moved here because it's basically the most affordable living," said Ward, who is disabled and living off of a fixed income.
He was recently fined $10 for using a leaf blower. “I’m disabled,” he said. “You guys aren’t doing your job and I get a violation?” “You’re putting people in a snare and a trap, where they have no ability to defend themselves,” he added. He was among those singling out Fannie Mae and Freddie Mac for guaranteeing the loans as part of a what the lending giants bill as expanding affordable housing. Since 2014, the Lincoln Institute estimates Freddie Mac alone provided $9.6 billion in financing for the purchase of more than 950 communities across 44 states.
In Minnesota, park purchases by out-of-state buyers grew from 46% in 2015 to 81% in 2021, with rent increases as much as 30%, according to All Parks Alliance For Change, a state association.
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Rents spike as big-pocketed investors buy mobile home parks across USInvestors are buying up mobile home parks across the country, leading to significant rent increases and complaints of neglect from residents.
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Rents spike as big-pocketed investors buy mobile home parksDriven by some of the strongest returns in real estate, investors have shaken up a once-sleepy sector.
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Rents spike as big-pocketed investors buy mobile home parks across USInvestors are buying up mobile home parks across the country, leading to significant rent increases and complaints of neglect from residents.
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