Mobile home park REIT investing remains a cornerstone of affordable housing, with Sun Communities, Equity LifeStyle Properties, UMH Properties, and Flagship Communities REIT leading the charge. In Q1 2025, these companies navigated economic challenges while capitalizing on strong demand. Below, we dive into the performance metrics, including stock prices, net operating income (NOI), occupancy, lot rent, acquisitions, and portfolio trends, offering a snapshot of their strategic moves. Here’s how mobile home park REIT investing shaped up in Q1 of 2025.

Watch the full recap here:

Sun Communities: Q1 2024 Performance Overview

Sun Communities is a leading REIT focused on mobile home parks, recreational vehicle communities, and marinas. Here, we explore key performance metrics for Q1 2025, based on their recent earnings report.

Stock Price Trends

Sun Communities, Inc. reported a stock price of $128.64 in Q1 2025, up from $122.97 in Q4 2024. Compared to $122.27 in Q1 2024, the stock showed modest growth. For the past 12 months, the stock price trended upward, likely driven by strong operational performance. However, market volatility may have impacted future gains.

Net Operating Income (NOI) Performance

Sun Communities achieved an NOI of $172.5 million for its mobile home park segment, up 6.4% from $162.2 million in Q1 2024. Compared to $161.9 million last quarter, NOI rose, reflecting robust growth. Over the past year, NOI trended upward, fueled by increased rents and effective cost management. Consequently, this strengthened financial stability.

Occupancy Rates in Mobile Home Parks

Occupancy in mobile home parks held steady at 97.3% in Q1 2025, unchanged from Q4 2024 but down slightly from 97.5% in Q1 2024. For the past year, occupancy dipped marginally, despite strong demand for affordable housing. Still, high occupancy underscored the sector’s appeal as a cost-effective housing option.

Lot Rent Growth

Lot rent averaged $724 per site in Q1 2025, up 2.3% from $708 in Q4 2024. Compared to $686 in Q1 2024, it grew 5.2% year-over-year. Over the past 12 months, lot rent rose, driven by inflation and tight supply. Thus, these increases boosted revenue growth.

Portfolio Size and Trends

In Q1 2025, Sun Communities sold three mobile home parks, totaling 136 sites in Florida, for $27.8 million. Sun Communities now owns 285 mobile home parks, down from 288 in Q4 2024 and 295 in Q1 2024. Total lots numbered 97,320, slightly down from 97,430 in Q4 2024 and 99,280 in Q1 2024. Over the past year, the portfolio shrank, likely due to a strategic shift toward marinas. Yet, a focus on high-quality assets could spur future growth.

Download our FREE eBook on the Top 10 things to know BEFORE investing PASSIVELY in mobile home parks!

Equity LifeStyle Properties: Q1 2025 Performance Overview

Equity LifeStyle Properties, Inc., a prominent REIT specializing in mobile home parks, RV resorts, and marinas, capitalizes on affordable housing demand. Below, we analyze Q1 2025 performance metrics.

Stock Price Trends

Equity LifeStyle Properties, Inc. (ELS Stock Price, News, Quote & History – Yahoo Finance) reported a stock price of $66.43 in Q1 2025, up slightly from $66.00 in Q4 2024. Compared to $64.17 in Q1 2024, it shows modest growth. However, over the past year, the stock trended downward, likely due to market volatility and rising rates.

Net Operating Income (NOI) Performance

In Q1 2025, Equity LifeStyle reported net income per share of $1.97 to $2.07 million, a shift from $211.4 million in rental income as NOI in Q1 2024. Compared to $180,000 in Q4 2024, performance improved. For the past year, NOI trended upward, driven by rent increases and stable operations.

Occupancy Rates in Mobile Home Parks

Occupancy in mobile home parks was 94.0% in Q1 2025, down slightly from 94.4% in Q4 2024 and Q1 2024. Over the past year, occupancy dipped, possibly due to hurricane disruptions in Florida, costing 170 sites. Still, 97% homeowner occupancy ensures long-term stability.

Lot Rent Growth

Lot rent averaged $895 per site in Q1 2025, up 2.9% from $870 in Q4 2024. Compared to $847 in Q1 2024, it grew 5.7%. Over the past year, lot rent rose about 5.5%, fueled by inflation and strong demand.

Portfolio Size and Trends

As of Q1 2025, Equity LifeStyle owned 206 mobile home parks, up from 203 in Q4 2024. Total lots reached 75,300, compared to 73,008 in Q4 2024 and 72,717 in Q1 2024. For the past year, the portfolio expanded, driven by site expansions in Sunbelt markets.

UMH Properties: Q1 2025 Performance Overview

UMH Properties, Inc., a REIT focused on mobile home parks, delivers strong results in affordable housing. Below, we review Q1 2025 performance metrics.

Stock Price Trends

UMH Properties, Inc. (UMH Stock Price, News, Quote & History – Yahoo Finance) saw its stock price at $18.70 in Q1 2025, slightly down from $18.88 in Q4 2024. Compared to $15.32 in Q1 2024, it rose significantly. Over the past year, the stock trended upward, reflecting strong performance and investor confidence.

Net Operating Income (NOI) Performance

In Q1 2025, UMH Properties recorded an NOI of $32,537,000, up from $31,108,000 in Q4 2024 and $30,019,000 in Q1 2024, an 8.4% year-over-year rise. For the past year, NOI grew, driven by higher rental income and cost management.

Occupancy Rates in Mobile Home Parks

Occupancy reached 87.9% in Q1 2025, up from 87.3% in Q4 2024 but slightly down from 88.0% in Q1 2024. Over the past year, occupancy dipped slightly, likely due to new rental home integration. Yet, 417 new homes at 94.7% occupancy show strong demand.

Lot Rent Growth

Lot rent averaged $554 per site in Q1 2025, up 1.8% from $544 in Q4 2024. Compared to Q1 2024, rental income rose 11%. Over the past year, lot rent increased, driven by inflation and demand.

Portfolio Size and Trends

As of Q1 2025, UMH Properties owned 141 mobile home parks, up from 139 in Q4 2024 and 135 in Q1 2024. Total lots reached 26,500, compared to 26,259 in Q4 2024 and 25,700 in Q1 2024. For the past year, the portfolio grew, driven by acquisitions and expansions in key markets.

Flagship Communities REIT: Q1 2025 Performance Overview

Flagship Communities REIT, a rising mobile home park operator in the U.S. Midwest and South, focuses on affordable housing. Below, we examine Q1 2025 performance metrics.

Stock Price Trends

Flagship Communities REIT (FLGMF Stock Price, News, Quote & History – Yahoo Finance) reported a stock price of $16.85 in Q1 2025, up from $14.99 in Q4 2024. Compared to $15.35 in Q1 2024, it shows modest growth. However, over the past year, the stock trended downward, likely due to market volatility.

Net Operating Income (NOI) Performance

In Q1 2025, Flagship achieved an NOI of $15.1 million, up from $14.0 million in Q4 2024 and $13.3 million in Q1 2024, a 13.5% year-over-year rise. For the past year, NOI grew, driven by rent increases and occupancy gains.

Occupancy Rates in Mobile Home Parks

Occupancy was 84.4% in Q1 2025, down slightly from 84.8% in Q4 2024 but up from 83.9% in Q1 2024. Over the past year, occupancy rose, fueled by affordable housing demand. Additionally, Same Community occupancy hit 84.9%, up 1.0% from Q4 2024.

Lot Rent Growth

Lot rent averaged $484 per site in Q1 2025, up 8.0% from $448 in Q4 2024. Compared to $447 in Q1 2024, it grew 8.3%. Over the past year, lot rent rose about 8%, driven by inflation and demand.

Recent Mobile Home Park Acquisitions

No new mobile home park acquisitions occurred in Q1 2025. Flagship advanced a lot expansion in Elsmere, Kentucky, adding over 200 lots. This follows 2024 acquisitions in Tennessee and West Virginia, expanding its footprint.

Portfolio Size and Trends

As of Q1 2025, Flagship owned 82 mobile home parks, unchanged from Q4 2024 but up from 75 in Q1 2024. Total lots were 15,138, steady from 15,137 in Q4 2024 but up from 13,780 in Q1 2024. For the past year, the portfolio grew, driven by prior acquisitions and expansions.

Mobile Home Park REIT Investing Q1 2025: Final Thoughts

In Q1 2025, Sun Communities, Equity LifeStyle Properties, UMH Properties, and Flagship Communities REIT showcased resilience amid economic headwinds. Despite stock price volatility, NOI and lot rent growth remained strong, reflecting robust demand for mobile home park REIT investing. Occupancy trends varied, with some REITs facing slight declines due to external factors like hurricanes or new home integration. Portfolio strategies diverged, with UMH and Equity LifeStyle expanding aggressively, while Sun Communities streamlined and Flagship focused on organic growth. Moving forward, these REITs are well-positioned to meet affordable housing needs, leveraging strategic expansions and operational efficiencies to drive future growth.

Are you looking for MORE information? Book a 1-on-1 consultation with Andrew Keel to discuss:

• A mobile home park deal review
• Due diligence questions
• How to raise capital from investors
• Mistakes to avoid, and more!

Disclaimer:

The information provided is for informational purposes only and is not investment advice or a guarantee of any kind. We do not guarantee profitability. Make investment decisions based on your research and consult registered financial and legal professionals. We are not registered financial or legal professionals and do not provide personalized investment recommendations.