Investors buy up mobile home parks as U.S. housing shortage worsens
Investors are buying up mobile home parks across the country, leading to significant rent increases and complaints of neglect from residents.
The parks, which for decades were mostly owned and operated like small businesses, have become an attractive investment for private equity firms and large real estate companies.
They offer some of the best returns in the property sector, money that is made by raising rent and saddling tenants with a multitude of fees.
The industry argues these investments are making parks more livable, but residents - many on fixed incomes - say they can't afford the rent increases and improvements often don't come.
This comes at a time when is a nationwide housing shortage, with high demand and short supply driving availability and pricing.