Southeast Mobile Home Park Market Report 2026

The Southeast manufactured housing community market enters 2026 with strong fundamentals: sustained population growth, significant below-market lot rents at most legacy communities, operator-friendly regulatory environments, and cap rates that still offer genuine return potential for disciplined buyers.

This report — compiled by Keel Team Real Estate Investments from primary market data, industry research, and our own transaction pipeline — covers the four states where we focus our acquisition activity: North Carolina, Tennessee, Georgia, and South Carolina.

Key Data Points

• Average Southeast manufactured housing lot rent: ~$755/month (2025) vs. $1,800+ for comparable apartments
• National manufactured home shipments up 161% since 2014 — new home supply supporting infill programs
• Year-to-date cap rates averaged 5.9% nationally in mid-2025 (Northmarq)
• South Carolina led the region with 13.3% lot rent growth in 2025
• Approximately 85% of the 44,000 mobile home parks in America remain mom-and-pop owned
• 103,000+ manufactured homes shipped in 2024

North Carolina

North Carolina remains one of the most attractive states for manufactured housing investment in the Southeast. A combination of strong population inflows (particularly from the Northeast and Midwest), an operator-friendly regulatory environment, and no statewide rent control makes it a primary focus for Keel Team.

• Lot rents: $450–$650/month across most markets; below-market at legacy communities
• Cap rates: 5.5%–7.5% depending on market and asset quality
• Regulatory environment: Operator favorable; NC Mobile Home Park Act governs notice requirements but does not restrict rent increases
• Investment outlook H2 2026: Strong — continued population growth, limited new supply, significant mark-to-market opportunity

The Charlotte, Raleigh-Durham, and Triad MSAs continue to drive demand in surrounding secondary markets. Communities within 60 minutes of these population centers command premium rents and benefit from lower vacancy risk.

Tennessee

Tennessee offers a compelling combination of no state income tax, strong population growth (Nashville and Knoxville MSAs in particular), and a significant inventory of legacy communities with below-market rents. Secondary markets in East and Middle Tennessee represent meaningful opportunity for operators willing to look beyond the major metros.

• Lot rents: $400–$600/month; significant mark-to-market in secondary markets
• Cap rates: 5.5%–7.25%
• No state income tax: A structural advantage for Tennessee-based income
• Investment outlook H2 2026: Strong in secondary markets; major MSA communities are highly competitive

Georgia

Georgia presents a bifurcated market: communities in the Atlanta MSA and its suburbs are priced aggressively and face stiff institutional competition, while rural and secondary market communities offer more attractive entry points for value-add operators.

• Lot rents: $450–$600/month; rural markets lower
• Cap rates: 5.75%–7.5% depending on location
• Atlanta MSA dynamics: High institutional interest; cap rate compression in well-located assets
• Investment outlook H2 2026: Selective — best opportunities in secondary markets 60–90 minutes from major population centers

South Carolina

South Carolina led the Southeast in lot rent growth in 2025 at 13.3%, reflecting significant catch-up from historically low legacy rents. The state has seen notable population growth driven by coastal markets (Charleston, Myrtle Beach) and inland growth from Charlotte overflow. Cap rates are slightly higher than NC/TN, reflecting the smaller overall market and more limited liquidity.

• Lot rents: $400–$550/month; below national averages
• Cap rates: 6.0%–8.5%
• Rent growth: 13.3% in 2025 — highest in the Southeast
• Investment outlook H2 2026: Positive — continued rent growth expected as rents converge toward NC/TN levels

National Trends Affecting the Southeast

Supply Constraints Remain Structural

No meaningful new manufactured housing community supply has been added in the Southeast — or nationally — in decades. Zoning opposition, land costs, and infrastructure requirements make new park development economically unviable in most markets. The 44,000 existing parks are effectively the entire supply.

Manufactured Home Shipments Supporting Infill

103,000+ manufactured homes were shipped in 2024, up 161% since 2014. This has meaningfully improved the availability and cost of new homes for infill programs — a key value-add lever for operators with vacant lots.

Mom-and-Pop Transition Opportunity

Approximately 85% of mobile home parks nationally are still owned by individual operators, many of whom are approaching retirement age with no succession plan. This creates a sustained pipeline of off-market acquisition opportunities for operators with direct outreach programs and the ability to close without broker intermediary costs.

Regulatory Environment to Watch

The NC Mobile Home Park Act (effective 2023) introduced new resident protections including extended notice requirements for lot rent increases and community sales. While operator-friendly compared to states with rent control, it’s important for operators to stay current with state-specific regulatory changes. ROFR (right of first refusal) legislation has been introduced in several states, though not yet enacted in Keel Team’s primary markets.

H2 2026 Investment Outlook

The Southeast manufactured housing market remains one of the strongest regional opportunities for value-add real estate operators. Key factors supporting continued investment activity:

• Below-market rents: Most legacy communities remain 20–40% below market rate, providing significant NOI growth runway without requiring occupancy improvement
• Financing environment: Agency financing (Fannie/Freddie) remains available for stabilized communities; local/regional bank financing for value-add
• Cap rate stability: Despite broader CRE cap rate pressure, MHP cap rates have held relatively stable due to strong NOI fundamentals
• Institutional competition: Growing but still concentrated on larger (200+ lot) communities, leaving significant opportunity in the 70–150 lot segment

Data sources: Northmarq, Skyview Advisors, U.S. Census Bureau, HUD/Census manufactured housing shipment data. Educational resource. Not investment advice. © 2026 Keel Team Real Estate Investments | keelteam.com