SIC 6515 Operators of Residential Mobile Home Sites

Encyclopedia of American Industries | 2005 | Copyright

SIC 6515
OPERATORS OF RESIDENTIAL MOBILE HOME SITES

This category covers establishments primarily engaged in the operation of residential mobile home sites. Establishments primarily engaged in the operation of sites for overnight or transient use for travel trailers are classified in SIC 7033: Recreational Vehicle Parks and Campsites.

NAICS Code(s)

531190 (Lessors of Other Real Estate Property)

Industry Snapshot

Mobile homes account for about 6 percent of the total U.S. housing stock. There are an estimated 50,000 income-producing properties and manufactured-home communities throughout the United States and Canada. Of these, approximately 24,000 consist of at least 50 to 75 rental home sites per property.

Increasingly, mobile homes are approaching the average size and amenities of conventional housing units, as the share of mobile homes consisting of multiple sections has grown. Mobile homes are coming into direct competition with conventional units, especially as more double-wide units are built.

The industry remained generally unsophisticated in the 1980s in comparison to other sectors of the housing ownership and operation industry. However, during the 1990s, it underwent a transformation based on its significant affordability advantage over single-family, site-built housing. As a result, the manufactured housing industry accounts for about a 33 percent share of new homes.

Organization and Structure

Land owners who get permission from local zoning authorities can develop a mobile home park with a relatively small investment. The only significant costs involve bringing utilities—including water, gas, sewerage, and electricity—into each site and developing automobile access within the park. For parks that are unpaved, improvement costs are negligible compared to the costs associated with traditional site-built housing communities. Because there are so few barriers to entry, the mobile home operation industry has traditionally been dominated by small companies. According to the 1996 Allen Report on the Largest Community Owners, 500 major multiple-property portfolio owners control about 15 percent of the total property count and one-third of the investment-grade manufactured-home communities.

How the Industry Operates. Mobile home buyers can choose "singlewide" homes that average 980 square feet in size, or "doublewide" multisectional homes, averaging 1,440 square feet. Some new multisectional homes also allow "triplewide" structures. Although residents usually rent their lots, most buy their dwellings. The standard purchase agreement allows the dealer a markup of 20 percent to 25 percent over the wholesale price of the home. The dealer sometimes arranges...

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