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Posts Tagged ‘rents’

Study Shows Rents Remain Equal to or Below Market Rate

January 19th, 2017 Comments off

Credit: ROC USA.

Resident Owned Communities USA (ROC USA) tells MHProNews that their latest study shows that rents in their communities remain equal to or below market rate after five years.

Every five years, ROC USA hires an independent third-party appraiser to analyze monthly rents in ROCs and compare them to similar commercially owned communities nearby. Affordable monthly rent is one of the primary motivations of ROC members to pursue a purchase.

paul bradley roc usa founder fosters.com cedit

Paul Bradley. Credit: Fosters.

The size of the study nearly doubled and the results are the same: Rents in ROCs continue to be at or below market by as much as 17% after five years of ownership,” said ROC USA President Paul Bradley.

The study also discovered that ROCs have an average annual rent increase of slightly less than one percent.  This compares favorably to the 2.5 percent annual increase experienced by one of the subject communities before they bought it and became a ROC.

The full ROC USA report is linked here.

For more on ROC USA, including their work with NYS Homes and Community Renewal on a $3.4 million loan, click here. ##

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Arcata, CA Residents Concerned about Rents in MH Community

June 22nd, 2016 Comments off

Calif_humboldt_county__the_times_dash_standard__shaun_walker__rent_controlFollowing concerns expressed by manufactured home community (MHC) residents in Arcata, California regarding rising site rents, the Arcata City Council directed the Community Development Department to take a demographic survey of MHC residents as well as the history of rents.

As times-standard tells MHProNews, Community Development Department specialist Mohamad Alnakhlawi said the results will be presented to the council in the fall. “We’re looking at the full spectrum of solution strategies. Rent control is just one tool,” Arcata City Councilman Mark Wheetley said.

The MHC was sold to Follett USA in 2013, and CFO Casey Kelly said the majority of the increases at Lazy J’s Mobile Home Park have been to cover property taxes, while in the third year there was a stabilized real rent increase of $9 per month.

Carman Gentile, a nine-year resident of Lazy J, said he hopes for an alternative to rent control since that has been controversial in many cities. “This is a big task for the Arcata City Council to embark on,” he said. “I would prefer a more congenial relationship with the park owners and more transparency about their long-term plans.”

Doug Johnson, of the Western Manufactured Housing Communities Association, which represents mobile home park owners in various issues and legal disputes, opposes rent control. “It’s very complicated and it pits the owners against the residents,” Johnson said. “We don’t believe rent control works — it raises mobile home prices and is expensive for the taxpayer.

Alnakhlawi says preliminary results indicate site rents in Arcata average $300-500 a month. Golden State Manufactured Home Owners League representative Karilee Shames, while noting the risks residents face without regulation, said site rents in Sonoma where she lives runs around $1,300 a month. Arcata is far north on the coast, while Sonoma is just north of the Bay Area.

Johnson said space rents in Arcata are already affordable, and that is without government involvement. ##

(Photo credit: times-standard/Shaun Walker–Humboldt County, Calif.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

City wants to Retain Manufactured Home Communities

September 23rd, 2013 Comments off

In an attempt to avoid the conversion of manufactured home communities (MHC) to other uses and thereby force people to move, the Spokane Valley City Council, while conscious of private property rights, want to increase the density in existing communities. According to spokanevalleyonline, it could also hold down rents, retain the communities and gain income for owners. The Association of Manufactured Home Owners wants the city to develop stricter zone provisions to prevent conversion. Several of the owners of the largest MHCs surveyed object to more restrictions. Robert Cochran, state president of the Manufactured Housing Communities of Washington, says there are already enough protections for residents of MHCs. MHProNews has learned Council Member Arne Wood summed it up: “There are lease rights and there are land-holder rights. It’s a complicated issue.”

(Photo credit: Rudgate manufactured housing community)

City seeks balance on Rent control issue?

August 23rd, 2013 Comments off

lakeport-1-ca-image-google-maps-posted-manufactured-home-professional-daily-business-news-mhpronews-com-The Lakeport, CA City Council voted to wait for a report from an agency before proceeding on a proposed rent control initiative that has enough petitioners to achieve ballot status. Save our Seniors (SOS) members derided the decision. SOS leader, Nelson Strasser. said: “When the park owners have to bring in a senior Sacramento lobbyist to defend their case against a pensioner in the council meeting, it has to be pretty weak.” The RecordBee told MHProNews that SOS Chairman Bill Eaton pointed to an alleged internal document from one community owner who stated his intention was to raise the rents as much and as often possible, “because residents were mostly ignorant and could do nothing about it.” Local community owners have brought in Doug Johnson, a Sacramento lobbyist, to lead the opposition to the measure. As most MHProNews readers know, advocates for rent control often don’t realize such measures tend to harm affordable housing options, limiting over time the very quality of life community residents seek and want to protect. Land-lease community owners typically know they must balance the interests of residents with rising costs, regulatory impacts and the natural desire for a reasonable return on their investment. The council’s move to consider MHC owners rights thus make sense. Lakeport is about a 126 mile drive from Sacramento, a desirable locale. ##

(Image credit: Google Maps)

Rent Control for Town Passed by State House

August 13th, 2013 Comments off

Residents at Brookside Mobile Home Park complaining about rising rents in their community has led to a state bill authorizing rent and eviction control rules in Acushnet, Massachusetts. Town Meeting members approved a home rule petition in June, 2012 that established a rent control board to oversee the town’s four manufactured housing communities. Sponsored by state Rep. Robert H. Koczera, D-New Bedford, southcoasttoday tells MHProNews the measure was approved by the House of Representatives and was sent to the Senate.

(Photo credit: MHProNews–manufactured housing community)

Most Housing Market News is Good, except…

August 1st, 2013 Comments off

The latest data from Harvard University’s Joint Center for Housing Studies reports the rise in housing prices, while lauded by many, is driving many potential home buyers out of the market because incomes are not rising along with home prices. From 2001 to 2011 the number of households paying over 50 percent of their income for housing rose 6.7 million, an increase of 49 percent. This rise in households (includes renters) severely burdened has hit record highs, just as millions of federal rent subsidies will expire over the next ten years. As MHProNews has learned from creditwritedowns.com, the market is demanding one million new residential units annually. If construction cannot keep up this pace, home prices and rents will continue to rise, and if incomes do not then rise, the housing cost burden will spread to more households.

(Image credit: shutterstock–deflated)

Rent Control Passes Massachusetts House

July 31st, 2013 Comments off

Updating a story MHProNews last published Feb. 15, 2013 regarding a freeze on rents residents of Easton Mobile Home Park won in Easton, Mass. in 2005, and then lost in 2011 when the freeze expired, community residents may see a rent control bill passed in the Mass. legislature that they hope will roll back the increase. On July 29 House lawmakers passed House Bill 1106 which the 200 homeowner residents of Easton Mobile Home Park say will protect them from unfair rent hikes and evictions. The bill, which provides for a locally-appointed rent control board, now goes to the Senate. Meanwhile, the residents are negotiating with owner Morgan Management LLC to purchase the community and form a cooperative. According to enterprisenews, a 1993 law requires community owners to assist residents to move if the community closes.

(Photo credit: Greg Derr/patriotledger–Westwood Village Cooperative, Plymouth MA)

City to Build Modular Multifamily Affordable Housing

July 30th, 2013 Comments off

The Portland (Maine) Housing Authority is planning a 42-unit modular apartment building to provide housing for individuals and families who earn between $18,000 and $45,000 a year. With rents ranging from $535 to $1,000 a month, the $7 million project, Bayside Anchor, will be financed with federal tax credits. Projects from various cities compete for the credits, which a bank then buys and takes a write-off. If the city does not win, the affordable modular housing will not go forward, pressherald informs MHProNews. If the project is chosen, it will begin construction in 2014, and be administered by the Maine State Housing Authority and the city. Approximately 200 structures were demolished in the 1960’s in the Bayside area as part of the city’s Slum Clearance and Redevelopment Administration program. Greg Payne, a development officer with Avesta Housing, who has been acting as the project’s development consultant, says, “The project scored well (in the national competition), but we have no certainty that it will be funded. The tax credits are the linchpin of this project.”

(Image credit: Kaplan Thompson Architects/pressherald)

Del. Rent Control Law to be Explained

July 24th, 2013 Comments off

Following the receipt of letters by manufactured housing community residents from landlords allegedly trying to lock them into long-term leases with built-in increases, two Del. lawmakers are holding a meeting on the new rent control measure set to become law Jan. 1. Under the new bill, community owners will be required to justify increasing rents above the Consumer Price Index (CPI) average for the past three years. House Majority Leader Valarie Longhurst (D-Bear) and Sen. Nicole Poore (D-New Castle) will hold the meeting Wed. night, July 24 in Bear, in northern Del. As radio station WDDE informs MHProNews, Longhurst, noting how contentious the issue has become in the last few years, says, “It was a consensus bill. The landowners didn’t get everything they wanted, the homeowners didn’t get everything that they wanted.”

(Photo credit: First State Manufactured Housing Association)

Board Rejects Seizing Manufactured Homes

July 19th, 2013 Comments off

The Board of Selectmen in Exeter, New Hampshire voted unanimously to issue a tax deed on a single-family home, thereby taking ownership of the home, but issued deed waivers on eight manufactured homes (MH) which are located in communities. All of the MHs have delinquent taxes going back to 2009, and some are abandoned, although the assessed value totals $214,000. Seizing the homes would require the town to pay site rents, but by not seizing them they have no right to enter the homes to determine their condition. Selectman Frank Ferraro questioned whether by not seizing the homes might it tell people who own homes there is no consequence to not paying their taxes. Town Manager Russ Dean replied it does not relieve them of their tax burden, as seacoastonline tells MHProNews. If property tax is not paid on an MH the second successive time, a lien can be placed on the property and the interest jumps from 12 percent to 18 percent.

(Photo credit: Matthew J. Silver–factory-built home)