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Institutional investors are buying up local mobile home parks nationwide and raising the rent and fees mobile home owners pay to park their homes.
The parks, which for decades were mostly owned and operated like small businesses, have proven an attractive investment for private equity firms and large real estate companies.
LOCKPORT, N.Y. — For as long as anyone can remember, rent increases rarely happened at Ridgeview Homes, a family-owned mobile home park in upstate New York. That changed in 2018 when corporate owners took over the 65-year-old park located amid farmland and down the road from a fast food joint
WBAL Radio 1090 AM - Rents spike as big-pocketed investors buy mobile home parks
Institutional investors, led by private equity firms and real estate investment trusts and sometimes funded by pension funds, swoop in to buy mobile home parks.