Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Rents spike as big-pocketed investors buy mobile home parks
AP ^ | 07/25/2022 | MICHAEL CASEY and CAROLYN THOMPSON

Posted on 07/25/2022 3:54:38 PM PDT by DFG

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 and grocery store about 30 miles northeast of Buffalo.

Residents, about half of whom are seniors or disabled people on fixed incomes, put up with the first two increases. They hoped the latest owner, Cook Properties, would address the bourbon-colored drinking water, sewage bubbling into their bathtubs and the pothole-filled roads.

When that didn’t happen and a new lease with a 6% increase was imposed this year, they formed an association. About half the residents launched a rent strike in May, prompting Cook Properties to send out about 30 eviction notices.

“All they care about is raising the rent because they only care about the money,” said Jeremy Ward, 49, who gets by on just over $1,000 a month in disability payments after his legs suffered nerve damage in a car accident.

(Excerpt) Read more at apnews.com ...


TOPICS: Business/Economy
KEYWORDS: disabled; housing; mobilehome; poorpeople; privateequity; realty; reit; rent; seniors; trailerpark; trailrs
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-71 next last

1 posted on 07/25/2022 3:54:38 PM PDT by DFG
[ Post Reply | Private Reply | View Replies]

To: All

Well, there goes the neighborhood.


2 posted on 07/25/2022 3:58:15 PM PDT by BipolarBob (Joe Biden has issued a national emergency over the shortage of cue cards.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: DFG

It isn’t just mobile homes. There are “investment” companies that own 25,000 homes across the country. Blackrock is part of that I hear.


3 posted on 07/25/2022 4:01:23 PM PDT by subterfuge (I'm a pure-blood!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: DFG

And RV parking sites/parks. Some near us are $800+/mth. With hook ups.


4 posted on 07/25/2022 4:03:45 PM PDT by rktman (Destroy America from within? Check! WTH? Enlisted USN 1967 to end up with this? 😕)
[ Post Reply | Private Reply | To 1 | View Replies]

To: DFG
...as long as anyone can remember, rent increases rarely happened at Ridgeview Homes

...a new lease with a 6% increase was imposed this year

No rent increases for decades, the place is falling apart, and now a 6% increase sends them into a tizzy? Lots of places see 50% increases with new ownership. They should count themselves lucky with 6%.

5 posted on 07/25/2022 4:04:50 PM PDT by ProtectOurFreedom (“...see whether we in our day and generation may not perform something worthy to be remembered.”)
[ Post Reply | Private Reply | To 1 | View Replies]

To: DFG

Do you want a Revolution? Because this is how you get a Revolution.


6 posted on 07/25/2022 4:05:39 PM PDT by dfwgator (Endut! Hoch Hech!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: DFG

I’m going to build a camouflaged treehouse in the woods...


7 posted on 07/25/2022 4:06:03 PM PDT by EEGator
[ Post Reply | Private Reply | To 1 | View Replies]

To: ProtectOurFreedom

8 posted on 07/25/2022 4:07:47 PM PDT by HombreSecreto (The life of a repo man is always intense)
[ Post Reply | Private Reply | To 5 | View Replies]

To: DFG

“A HUD compliant mobile home that is regularly maintained and repaired as needed will last as long as a traditional home, anywhere between 30 and 50 years.”

https://homenation.com/blog/how-long-do-mobile-homes-last

Seeing that these are rental units even 30 years is a stretch. Some neighborhoods around our city don’t even last 10 years before they become the ‘hood.

A friend has been in real estate 35 years. Investment firms from all over the world ask him to buy up entire neighborhoods for them. The conversation goes like this:

“We want to buy this neighborhood for rental properties.”

“No you don’t.”

“Oh yes, it will be nice, we have property managers.”

“And they will spend all their time at the courthouse.”

“Oh no they won’t, we did this in Norway and Austria, we know how it works.”

“No you don’t, you’ll lose your money. It will be a ghetto.”

“That would never happen. We are professionals.”

“Okay, I will buy it for you. But don’t come back here and complain when you lost your shirts.”


9 posted on 07/25/2022 4:09:45 PM PDT by packagingguy
[ Post Reply | Private Reply | To 1 | View Replies]

To: EEGator
I’m going to build a camouflaged treehouse in the woods...

Sorry…Bill Gates now owns those woods and your Treehouse.
10 posted on 07/25/2022 4:10:04 PM PDT by Jan_Sobieski (Sanctification)
[ Post Reply | Private Reply | To 7 | View Replies]

To: DFG

Rents everywhere have been going up like crazy for quite a while. It’s called inflation and it infects everything. Thanks Joe Biden.


11 posted on 07/25/2022 4:10:57 PM PDT by plain talk
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jan_Sobieski

I will own nothing and like it?


12 posted on 07/25/2022 4:11:41 PM PDT by EEGator
[ Post Reply | Private Reply | To 10 | View Replies]

To: All

Looks like soon tornadoes are going to be a GOOD thing.

And I hope Blackrock, etc. ‘self insure’.


13 posted on 07/25/2022 4:12:13 PM PDT by LegendHasIt
[ Post Reply | Private Reply | To 1 | View Replies]

To: plain talk

We’ve held steady on the rents for our tenants, because it’s cheaper to keep ‘em.


14 posted on 07/25/2022 4:12:58 PM PDT by dfwgator (Endut! Hoch Hech!)
[ Post Reply | Private Reply | To 11 | View Replies]

To: subterfuge; All

Watch the 4-minute video and read the short description about the 1999 repeal of Glass-Steagall:

https://newtube.app/user/Hostage/aZXdOqd

The description will help understand the history that is at the root of what’s happening today.


15 posted on 07/25/2022 4:15:26 PM PDT by Hostage (Article V)
[ Post Reply | Private Reply | To 3 | View Replies]

To: ProtectOurFreedom

Agreed


16 posted on 07/25/2022 4:19:29 PM PDT by rb22982
[ Post Reply | Private Reply | To 5 | View Replies]

To: dfwgator

Sorry, no it’s not. 6% increase is even well below the rate of inflation


17 posted on 07/25/2022 4:20:16 PM PDT by rb22982
[ Post Reply | Private Reply | To 6 | View Replies]

To: Jan_Sobieski; All
This guy had considerable success living in an underground shelter near a river and parking lot.

He messed up by firing a shotgun in frustration that his dog had run off. It attracted the attention of authorities.

Otherwise, he had a vehicle and access to numerous facilities in the urban area.

He lived in a very beautiful setting, essentially as a hermit.

18 posted on 07/25/2022 4:22:33 PM PDT by marktwain
[ Post Reply | Private Reply | To 10 | View Replies]

To: DFG

This is also happening with storage facilities. Out of state corporate “interests” are buying them up and folloing a similar pattern of neglect and spiking rental costs. I have a sister-in-law who works at one previously owned by a local family. Some corp bought out all of their locations. And then the mismanagement fun began.


19 posted on 07/25/2022 4:29:03 PM PDT by Noumenon (You're not voting your way out of this. KTF)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Noumenon

Space rent,
Storage,
Food and Gas.
.
It’s like someone Declared WAR on the U.S. Citizens.
.
Wait, They Did!


20 posted on 07/25/2022 4:38:24 PM PDT by Big Red Badger (We Are JONAH)
[ Post Reply | Private Reply | To 19 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-71 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson