With rents rising at mobile home parks across the U.S., housing advocates are urging state legislatures to pass bills that would help residents buy their parks if they’re put up for sale.
in the U.S. have been bought by such investors since 2015, lured by reliable cash flow and high returns from raising rents at nearly double the general rental market rate, McCarthy said.
At Rimrock Court in the central Oregon town of Madras, rent increased from $350 to $495 over five years. When the owner notified residents he planned to sell, they feared further increases — or worse, that it would be torn down to make way for apartments. So they decided to buy it. The required rent increase to go co-op was even steeper in Evergreen Village Cooperative in Mount Bethel, Pennsylvania, — from $460 a month to $750 to pay off the $12 million loan.
Co-ops can also provide social support to residents. At Liberty Landing Cooperative in Missouri, residents started a food pantry to help neighbors in need.
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