Florida has a rich mobile home park culture. It’s easy to see why, too. In general, it attracts hundreds of thousands of transplants a year. Roughly 1,000 people per day, to be exact. It’s got its pros and cons, but neither stop masses of people from migrating there.
It’s a business friendly state, too. Not even a pandemic was able to curb its enterprising nature. This allowed the state to see less of decline in tourism and those moving there. There were the inevitable setbacks expected of such a once in a millennia event. But it powered on, and remains one of biggest recurring growth states.
Why is Florida an MHP hotbed?
Florida is home to a lot of mobile home parks. North Carolina holds the number 1 space, while FL is easily top 5. Population is one of the biggest contributing factors to the industry. It sees an annual growth of 2%, which means a much heftier number than it sounds. That said, affordable housing will always attract a crowd.
In Florida, the market experiences the same bottlenecks in production. There are more lots being torn down and redeveloped than there are being made new. Still, it’s a more MH-positive environment.
The pitfalls of the industry
When parks are torn down, it can hit the tenants hard. In particular, parks that started small have had to adapt to the growing industry around them. When developers approach them to buy the space, it acts as an incentive to struggling owners. This forces tenants to find housing elsewhere. After removal from the home, some are able to relocate. Others aren’t so lucky, though. Some reports show displaced tenants facing homelessness after failing to recover.
Taxes are another inevitability in housing that can leave a lasting impact. There’s no escaping them, and failing to meet them can lead to some major setbacks. Upon closure, both tenants and owners may be met with some real hardship. It’s an unfortunate hazard of the business, and a symptom of the industrial climate. Still, there are people trying to make things easier on both parties!
Doing our part
The state of Florida makes concerted efforts to thwart these concerns. They have a fund established to support tenants’ moving efforts. Still, the minimal amounts it disperses does little to move the needle. These harsh realities make it all the more necessary to celebrate good park growth.
We do our best to preserve long term owners’ stakes in our deals. Take, for example, a recent 250-lot development in FL that we’re handling. Or even the $38million dollar property we just sold in Brevard County. The brand new lots are a shining example of what the industry still has to offer.
Contact The MHP Expert Today!
Have any more questions pertaining to the mobile home park industry? We’re here to help. The Mobile Home Park Expert is a comprehensive powerhouse of relevant market data. You can also contact us here to schedule a consultation.
