Issue link: https://read.dmtmag.com/i/303813
MAY 2014 25 THE JOURNAL No. 14 on Get It Quick Page JLT & Associates (JLT), the nation's #1 market research company for the manufactured housing industry, today announced a 14-year summary report of its manufactured home com- munity rent surveys for 13 Michigan markets. Recognized as the industry standard for man- ufactured home community market analysis for over 20 years, JLT Rent Surveys provide de- tailed research and information on communities located in 72 markets throughout the United States, including the latest rent trends and sta- tistics, marketing programs and a variety of other useful management insights. The most recent JLT Rent Surveys for the Michigan markets were released in February 2014 and include 315 communities encompass- ing 107,528 homesites. This summary report is based on rent and occupancy trends from Feb- ruary 2000 to February 2014. Findings and Observations Occupancy Stabilizing According to the summary, occupancy rates in Michigan "All Ages" manufactured home communities appear to have stabilized at an av- erage of 74% occupancy in February 2014 after 12 years of consecutive declines. This reflects an overall decrease of 21.5% since a recorded high of an average 94.3% occupancy rate in February 2000. As of November 2013, the na- tional average for All Ages communities is 82%. Average occupancy rates among "55+" com- munities increased by a modest 1% to an aver- age of 81.3% in February 2014, the first increase in 13 years of consecutive declines. Overall, average occupancy rates at 55+ com- munities are down by 14.7% since a recorded high of 95.4% in February 2000. The national average for 55+ communities as of November 2013 is 92%. Regionally, as of February 2014, Michigan ranks 18 th for average occupancy in All Ages manufactured home communities out of the 19 regions in which JLT rent surveys are published. Of the 14 regions that include 55+ communi- ties, Michigan ranks 14 th for average occupancy among this segment. The recent modest, yet steady occupancy gains may reflect a positive outlook for expan- sion among community owners in the Michigan markets. Despite 14 out of 315 profiled com- munities in February 2014 reporting the ability to expand by a total of 2,417 homesites, ex- pansion of any size has been limited over the 14-year summary period. A planned expansion in the Lansing, Michigan MSA is noteworthy because it is scheduled to bring 99 homesites to market by Spring 2014. Rents Continuing Upward Trend Average rents in Michigan manufactured home communities continue to show a positive upward trend following a prolonged period of minimal movement during the post-recession recovery. In February 2014, the average adjusted rent in All Ages communities increased by 1.6% for the second consecutive year to $378, the largest increase since 2009. In comparison, the na- tional average adjusted rent for All Ages com- munities increased 2.4% to $393, as of November 2013. The average adjusted rent among 55+ com- munities in February 2014 increased by 3.1% to $399, the largest increase since 2007. By con- trast, the average adjusted rent for 55+ com- munities nationally increased 2.4% to $444, as of November 2013. Michigan manufactured home community rents ranked 13 th out of 19 regions tracked by JLT for All Ages communities as of February 2014, and 11 th out of 14 regions for 55+ com- munities. All Michigan man- ufactured housing re- search is based on data published in JLT Rent Survey reports. Com- plete reports, includ- ing detailed infor- mation on manufac- tured home communi- ties in 13 Michigan markets, are available for online purchase by major credit card at w w w . j l t a s s o c i a t e s . com or by calling 800.588.5426. Each Michigan manufac- tured home rent sur- vey, fully updated in February 2014, is a comprehensive look at investment grade properties within a market, enabling owners and managers, lenders, ap- praisers, brokers, and other organizations to ef- fectively benchmark those communities and make informed decisions. About JLT & Associates For more than 20 years, countless profes- sionals have trusted JLT & Associates for timely and accurate management reports on land lease manufactured home communities. JLT Rent Surveys are currently published for 72 markets nationwide and are recognized as the industry standard for community market analysis. In 2014, JLT merged its resources, skills and ex- pertise with Datacomp, the industry's oldest and largest national manufactured housing ap- praisal company, and MHVillage, the premier website for advertising manufactured homes for sale and rent in land lease communities. For more information, or to purchase complete JLT Rent Survey reports, call 800.588.5426 or visit www.jlt-associates.com 7 YEARS WARRANTY COVERAGE "The Perfect Addition For Your Home Sales" Most Competitive & Comprehensive Program in the Manufactured Home Industry Up to 7 Years Structure Coverage 7 Years Systems (Heating, A/C, Plumbing & Electrical) 7 Years Appliance Coverage Component Only Coverage Coverage Available for New & Pre-Owned Homes FHA/VA/HUD Coverage Offered Renewable Coverage Available Coverage Available For: Manufactured / Modular / Park Model Homes HomeCarePlus A Complete Package Designed for Today's Homes For More Information Contact: Diversified Profits, Inc. (800) 851-3738 Office 651-458-2905 Fax E-Mail: diversifiedprofits@comcast.net Welcoming Former American Modern Manufacturer's, Lenders, Communities & Dealers Michigan Mfd. Home Community Occupancy Stabilizing Rents On Upward Trend, According to JLT & Associates' 14-Year Market Summary Report Send your company news to: news@journalmfdhousing.com