Issue link: https://read.dmtmag.com/i/355277
AUGUST 2014 24 THE JOURNAL 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 Southwest region cover 261 manufactured home communities encompassing 69,728 homesites in Albuquerque, Greater Kansas City, Greater Phoenix, Las Vegas, Tucson and Salt Lake City. This summary report is based on rent and occupancy trends from 2000 to 2014. Findings and Observations Occupancy on the Rise According to the summary, occupancy rates in the Southwest re- gion "All Ages" man- ufactured home communities increased by 1.3% to an average 86.4% occupancy in 2014 after several years of declines and relatively stagnant growth. This repre- sents the first increase since 2012 and the largest increase in oc- cupancy since 2007. Overall, manufac- tured home occupancy rates in the Southwest have declined by 7.3% since a recorded high of an average 93.1% occupancy rate in 2000. Oc- cupancy rates continue to outpace the national average of 82% for All Ages communities. Average occupancy rates among "55+" com- munities increased slightly by .4% to an average of 91% in 2014, the first increase in 4 years of consecutive declines. Overall, average occu- pancy rates at 55+ communities are down by 3.7% since a recorded high of 94.5% in 2000. Occupancy in the Southwest region remains slightly lower than the national average of 92% for 55+ communities. Regionally, as of November 2013, the Southwest region markets rank 7 th for average occupancy in All Ages manufactured home communities out of the 11 regions in which JLT rent surveys are published. Of the 9 regions that include 55+ communities, the Southwest ranks 6 th for average occupancy among this segment. Rents Begin to Edge Slightly Higher Average rents in Southwest manufactured home communities have begun to edge slightly higher following a prolonged period of smaller than average increases during the post-recession recovery. In 2014, the average adjusted rent in All Ages communities increased by 3% to $422, the largest increase since 2009. In comparison, the national average adjusted rent for All Ages com- munities increased 2.4% to $393, as of No- vember 2013. The average adjusted rent among 55+ com- munities in 2014 increased by 2.5% to $489, the first increase in the overall annual percent- age change since 2007. In contrast, the average adjusted rent for 55+ communities nationally in- creased 2.4% to $444, as of November 2013. Southwest manufactured home community rents ranked 4 th highest in average adjusted rent out of 11 regions tracked by JLT for All Ages communities as of November 2013, and 4 th highest in average adjusted rent out of 9 regions for 55+ communities. All Southwest manufactured housing com- munity research is based on data published in JLT Rent Survey reports. Complete reports, in- cluding detailed information on manufactured home communities in 6 Southwest markets, are available for online purchase by major credit card at www.jlt-associates.com or by calling 800.588.5426. Each Southwest manufactured home community rent survey, fully updated in 2014, is a comprehensive look at investment grade properties within a market, enabling own- ers and managers, lenders, appraisers, brokers, and other organizations to effectively benchmark those communities and make informed deci- sions. About JLT & Associates For more than 20 years, countless profession- als have trusted JLT & Associates for timely and accurate manage- ment 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 expertise with Datacomp, the industry's oldest and largest national manufactured home appraisal com- pany, and MHVillage, the premier website for advertising manufactured and mobile homes for rent in land lease communities. For more infor- mation, or to purchase complete JLT Rent Sur- vey reports, call 800.588.5426 or visit www.jlt-associates.com . Southwest Region Manufactured Home Communities Showing Rent and Occupancy Growth J LT & Associates (JLT), the nation's #1 market research company for the manufactured housing industry, recently announced a 14-year summary report of its manufactured home community rent surveys for 6 Southwest markets. According to the summary, occupancy rates in the Southwest region "All Ages" manufactured home communities increased by 1.3% to an aver- age 86.4% occupancy in 2014 after several years of declines and relatively stagnant growth.