In recent years, large investment firms have shifted their focus from single-family homes to trailer parks, exploiting the lack of regulations to maximize profits at the expense of residents. This has led to significant rent increases, pushing many low-income residents out of their homes. This article explores the impact of this trend and provides practical advice for those affected.
Rising Rents in Trailer Parks
Home news Corporate Greed in Trailer Parks: Skyrocketing Rents Force Out Low-Income Residents (Video)
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Corporate Greed in Trailer Parks: Skyrocketing Rents Force Out Low-Income Residents (Video)
By Jamahl Davis- June 7, 20240587
The Last Option for Affordable Housing is Being Stolen: The Crisis of Mobile Home Parks
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Introduction
In recent years, large investment firms have shifted their focus from single-family homes to trailer parks, exploiting the lack of regulations to maximize profits at the expense of residents. This has led to significant rent increases, pushing many low-income residents out of their homes. This article explores the impact of this trend and provides practical advice for those affected.
Rising Rents in Trailer Parks
Investment firms have been purchasing trailer parks and increasing lot rents dramatically. For example, Florida Sun Estates raised rents from $389 to $895. This trend is causing financial strain for residents who initially saw these parks as a stable, affordable housing option.
Understanding Trailer Parks
Trailer parks are an affordable housing option for over 22 million Americans. Residents typically own their trailers but rent the land underneath. Historically, rent increases were modest, covering maintenance and taxes. However, recent acquisitions by corporate investors have led to exponential rent hikes.
The Impact on Residents
Many residents who have paid off their trailers now face unaffordable rent increases. For instance, some areas have seen rent hikes of up to 50%. This practice is forcing residents to leave, allowing investors to acquire their homes cheaply and resell them.
Lack of Regulation
Unlike other housing sectors, trailer parks lack regulation on rent increases and property maintenance. During the pandemic, while other renters received financial relief, trailer park residents had no such protections, making them vulnerable to eviction.
READ MORE:
www.theindustry.biz/affordable-housing-crisis-theft-of-mobile-home-parks-video/
Related:
- Investment Trends: There has been a noticeable shift by large investment firms towards acquiring trailer parks. This trend is driven by the potential for strong returns in real estate.
- Impact on Residents: The acquisition of trailer parks by corporate investors has led to significant rent increases. For instance, Florida Sun Estates raised rents from $389 to $895, which has caused financial strain for residents.
- Regulatory Environment: Trailer parks have historically been an affordable housing option for many Americans. However, the lack of regulations has allowed investors to increase rents without much oversight.
- Residents’ Response: In response to these rent hikes, some residents have organized rent strikes and associations to protest against the unaffordable increases1