Mobile Home Park REIT Investing: Q2 2025 Summary
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Tristan Hunter - Investor Relations
Mobile home park investing continues to attract attention as both institutional and individual investors seek affordable housing exposure. The four largest mobile home park REIT investing companies—Sun Communities (SUI), Equity LifeStyle Properties (ELS), UMH Properties (UMH), and Flagship Communities (FLGMF)—provide valuable insight into the health and direction of this sector.
By reviewing their quarterly reports, investors can better understand trends in net operating income (NOI), occupancy, lot rent growth, acquisitions, and portfolio changes. These factors give a clearer picture of the broader industry and highlight where opportunities may exist in the mobile home park space.
This report summarizes the Q2 2025 performance of the four leading mobile home park REITs. Check out the video summary below!
Sun Communities, Inc. (SUI) – Q2 2025 Update
Overview
Sun Communities is one of the largest and most influential players in the mobile home park industry. The company’s results often serve as a benchmark for the entire sector because of its expansive footprint across North America and the UK. Q2 2025 reflected steady operations but also highlighted some portfolio adjustments.
Stock Performance
- Q1 2025: $128.64
- Q2 2024: $118.76
- Q2 2025: $126.49
Over the past year, Sun Communities’ stock has moved both up and down, reflecting a mix of investor optimism and broader market volatility.
Net Operating Income (NOI)
- Q1 2025: $172.5M
- Q2 2024: $160.7M
- Q2 2025: $168.6M
NOI increased year-over-year due to rental growth, showing steady financial performance despite quarterly fluctuations.
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Occupancy Trends
- Q1 2025: 97.3%
- Q2 2024: 97.2%
- Q2 2025: 97.4%
Occupancy rose slightly, supported by strong demand for affordable housing.
Lot Rent Growth
- Q1 2025: $724
- Q2 2024: $692
- Q2 2025: $730
Lot rents grew 5.2% year-over-year, driven by inflationary pressures and consistent demand.
Portfolio Overview
- Current: 284 communities / 97,380 lots
- Q1 2025: 284 communities / 97,320 lots
- Q2 2024: 291 communities / 99,390 lots
The portfolio size decreased slightly as Sun Communities sold properties, reflecting a strategy to focus on core assets.
Closing Statement
Sun Communities remains a leader in mobile home park investing, showing resilience in occupancy and rent growth despite portfolio downsizing. The consistent NOI increases indicate that their strategy of refining assets while leveraging demand for affordable housing is keeping performance steady.
Equity LifeStyle Properties, Inc. (ELS) – Q2 2025 Update
Overview
Equity LifeStyle Properties has long been known for its diverse portfolio and steady financial discipline. Q2 2025 results highlighted both strengths and challenges, particularly in stock performance and occupancy levels.
Stock Performance
- Q1 2025: $66.43
- Q2 2024: $64.60
- Q2 2025: $61.67
ELS stock price declined year-over-year, showing investor caution.
Core Income
- Q1 2025 Core Income: $181.9M
- Q2 2024 Core Income: $176.7M
- Q2 2025 Core Income: $193.5M
Core income from property operations rose by nearly $17 million year-over-year, highlighting strong operating performance and consistent demand across Equity LifeStyle’s mobile home communities.
Occupancy Trends
- Q1 2025: 94.0%
- Q2 2024: 94.4%
- Q2 2025: 93.9%
Occupancy dipped slightly compared to the prior year, though it remains above 93%.
Lot Rent Growth
- Q1 2025: $895
- Q2 2024: $854
- Q2 2025: $904
Lot rents rose 5.5% year-over-year, showing consistent pricing power amid inflationary conditions.
Acquisitions & Sales
ELS sold 116 new homes in Q2 2025, with 233 homes sold in the first half of the year.
Portfolio Overview
- Current: 206 communities / 73,220 lots
- Q1 2025: 206 communities / 75,300 lots
- Q2 2024: 73,006 lots
Portfolio growth was modest, with community count stable but fluctuations in total lots due to dispositions and new home sales.
Closing Statement
Equity LifeStyle Properties maintained steady rental growth and NOI increases but faced small headwinds with occupancy and stock performance. Even so, its consistent home sales activity and strong rent growth position the REIT as a stable operator in the mobile home park industry.
UMH Properties, Inc. (UMH) – Q2 2025 Update
Overview
UMH Properties is often considered a growth-focused REIT, and Q2 2025 results reinforced that reputation. With acquisitions, higher NOI, and modest rent increases, UMH continues to expand its footprint in the mobile home park sector.
Stock Performance
- Q1 2025: $18.70
- Q2 2024: $16.04
- Q2 2025: $16.79
UMH stock gained compared to last year, reflecting investor interest in its growth story.
Net Operating Income (NOI)
- Q1 2025: $32.5M
- Q2 2024: $30.9M
- Q2 2025: $34M
NOI rose over 10% year-over-year, supported by new acquisitions and rental growth.
Occupancy Trends
- Q1 2025: 87.9%
- Q2 2024: 87.7%
- Q2 2025: 88.1%
Occupancy improved slightly, reflecting steady demand across UMH’s markets.
Lot Rent Growth
- Q1 2025: $554
- Q2 2024: $534
- Q2 2025: $558
Lot rents grew about 4.5% year-over-year, driven by inflation and supply-demand imbalances.
Acquisitions & Expansion
UMH added new communities in Maryland and expanded its portfolio to 144 total communities and 26,800 lots.
Portfolio Overview
- Current: 144 communities / 26,800 lots
- Q1 2025: 141 communities / 26,500 lots
- Q2 2024: 133 communities / 25,475 lots
UMH expanded significantly compared to last year, demonstrating its active acquisition strategy.
Closing Statement
UMH continues to be a growth-oriented REIT, expanding its community base and steadily increasing NOI. For those following mobile home park investing trends, UMH highlights the potential upside of an acquisition-heavy approach in a market with consistent demand.
Flagship Communities REIT (FLGMF) – Q2 2025 Update
Overview
Flagship Communities REIT is smaller compared to the other three REITs, but it plays an important role in the mobile home park sector as a regional consolidator. Its Q2 2025 performance showed solid rent growth and NOI gains, even with relatively stable portfolio activity.
Stock Performance
- Q1 2025: $16.85
- Q2 2024: $14.00
- Q2 2025: $18.05
Flagship’s stock has risen strongly over the past 12 months, reflecting positive investor sentiment.
Net Operating Income (NOI)
- Q1 2025: $15.1M
- Q2 2024: $14.1M
- Q2 2025: $16.7M
NOI grew year-over-year, supported by revenue growth and stable operations.
Occupancy Trends
- Q1 2025: 84.4%
- Q2 2024: 87.4%
- Q2 2025: 85.1%
Occupancy is slightly lower than the prior year but improved sequentially.
Lot Rent Growth
- Q1 2025: $484
- Q2 2024: $447
- Q2 2025: $484
Lot rents held steady quarter-to-quarter but grew over 8% year-over-year due to inflation and limited supply.
Acquisitions & Portfolio Size
Flagship reported no new acquisitions in Q2 2025, maintaining a stable portfolio.
- Current: 82 communities / 15,140 lots
- Q1 2025: 82 communities / 15,138 lots
- Q2 2024: 82 communities / 15,105 lots
Slight year-over-year growth reflects small expansions within existing assets.
Closing Statement
Flagship may be smaller, but it continues to deliver NOI growth and rising lot rents. Its stability in portfolio size paired with strong rent increases underscores the ongoing demand for affordable housing in its regional markets.
Industry-Wide Takeaways from Q2 2025
Looking across all four REITs, several trends stand out:
- Steady Rent Growth – Lot rents rose across the board, with increases between 4% and 8% year-over-year, showing ongoing pricing power in the mobile home park industry.
- Occupancy Stability – While individual companies showed small fluctuations, average occupancy remains strong, consistently above 85%.
- NOI Growth – All four REITs reported higher NOI compared to last year, largely driven by rental increases and steady demand.
- Portfolio Adjustments – Sun and ELS trimmed some assets, while UMH expanded aggressively. Flagship remained stable.
- Demand Drivers – Affordable housing shortages, inflation, and constrained supply continue to support mobile home park performance.
Conclusion: What Investors Can Learn
The Q2 2025 results from Sun Communities, Equity LifeStyle Properties, UMH Properties, and Flagship Communities show the resilience and steady growth potential of mobile home park investing. Despite slight occupancy fluctuations and selective portfolio changes, rent growth and NOI increases remain consistent themes across the sector.
For passive investors, tracking these REITs quarterly can provide valuable insight into trends shaping the broader mobile home park market. While no investment outcomes are guaranteed, the Q2 2025 performance highlights the continued importance of affordable housing and the strong fundamentals supporting the industry.
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.
Tristan Hunter - Investor Relations
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