ORANGE COUNTY, Fla. – Federal mortgage giants are helping corporate investors acquire mobile home communities across Florida, leading to dramatic lot rent increases, a News 6 investigation revealed.
Florida leads the nation with 235 private equity-owned mobile home parks containing nearly 56,000 lots, according to data from the Private Equity Stakeholder Project, a nonprofit research organization.
News 6 has been investigating rising lot rents at mobile home parks across Florida. Residents tell us corporations are buying their communities then jacking up the lot rent. In a lot of these mobile home parks, residents own the home but lease the land.
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“When a private equity company buys a park, they buy it not because of the money that the park is making currently. They buy because they see an opportunity to make even more money.” Jordan Ash, housing director at the Private Equity Stakeholder Project, explained. “So they raise the rents, they add on fees and then they reduce their expenses. Residents report a very stark contrast in the upkeep of the park.”
According to the organization, corporate investors have dramatically expanded their presence in manufactured housing communities. Institutional investors accounted for 23% of all manufactured home purchases in 2020-2021, up from 13% between 2017-2019.
Nearly half of mobile home parks purchased by private equity companies received financing through Fannie Mae and Freddie Mac, the government-sponsored mortgage buyers, Ash told News 6.
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Ash said there should be standards attached to the financing these companies get. He suggested the standards have some protection for residents, including restrictions on rent increases.
“The biggest thing is right now, there are no restrictions in terms of how much the new owners can increase the rents and so, if the private equity companies are benefiting from lower interest financing through Fannie Mae or Freddie Mac, there should be something in return for that. Fannie May and Freddie Mac’s missions are to support affordable housing and to preserve affordable housing and the private equity companies that are using Fannie Mae and Freddie Mac financing to buy these properties are basically getting rid of affordable housing,” Ash told News 6.
News 6 contacted Fannie Mae and Freddie Mac regarding potential lending standards for corporate and private equity borrowers. We have not yet heard back.
Ash said Congress can also create these standards because both mortgage buyers are backed by the federal government.
In Florida, there is no cap on lot rents or how often they can be raised. A 2023 Florida law, House Bill 1417, further reduced resident protections by prohibiting local governments from implementing rent control measures.
If you live in a mobile home and are experiencing a similar situation, email investigator Louis Bolden.
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