By John Turzer

National community consulting firm, JLT, recently released new rent surveys for Charlotte and Raleigh, N.C., Minnepolis-St. Paul, Las Vegas, Phoenix, Tucson, Albuquerque, Salt Lake City and Kansas CityTexas, Ohio, Indiana and Atlanta markets. Occupancy numbers do not include repossessed homes as reported by the on-site personnel.

Charlotte

The Charlotte survey includes 17 “all ages” communities with 3,418 homesites. The January 2004 occupancy is 72%, down 2% over January 2003. The January 2004 occupancy rate does not include 51 repossessed homes (down from 63 at January 2003) reported by the commu-nities (1.5% of “all ages” homesites).

The survey includes 1“55+” community with 191 homesites. The January 2004 occupancy rate is 100%, the same as January 2003.

The average adjusted monthly rent (rent after deducting services) in the “all ages”” communities is $202, an increase of $6 (3%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted monthly rent (rent after deducting services) in the “55+” community is $211, the same as January 2003.

Only 10 communities (56%) implemented a rent increase during the past year. Only 5 communi-ties (28%) reported occupancies of 95% or higher.

Raleigh

The Raleigh survey includes 12 “all ages” communities with 2,656 homesites. The January 2004 occupancy rate is 83%, down 4% over January 2003. The January 2004 occupancy rate does not include 54 repossessed homes (down from 69 at January 2003) reported by the commu-nities.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $295, an increase of $5 (2%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Only 6 communities (50%) implemented a rent increase during the past year. Only 2 communities (17%) reported occupancies of 95% or higher.

Minneapolis – St. Paul

The Minneapolis-St. Paul survey includes 50 “all ages” communities and 14,336 homesites. Oc-cupied homesites do not include repossessed homes, however Repossessed homes are not sig-nificant in this market. Community managers stated that they collect the monthly rent from “some/a few” of the finance companies. The occupancy rate at December 2003 is 97%, a de-crease of 1% over December 2002. Community managers reported only 107 repossessed homes as of December 2003, an increase of 26 repossessed homes over December 2002.

At December 2003, the average adjusted rent is $296, an increase of $13 (3.8%) over December 2002. During the past year, only thirty-five (35) communities (70%) implemented rent increases. The increases ranged from $5 to $24.

Las Vegas

The Las Vegas survey includes 29 “all ages” communities with 7,289 homesites. Occupancy con-tinues to decline. The January 2004 occupancy is 81%, down 3% over January 2003. The Janu-ary 2004 occupancy rate does not include 127 repossessed homes (down from 216 at January 2003) reported by the communities (1.7% of “all ages” homesites). The occupancy decrease is attributed primarily to repossessed homes being removed from the communities. Some communi-ties are offering cash incentives to local retailers to refer new customers and promotional rents to attract new residents who have purchased new or late model pre-owned homes.

The survey includes 19 “55+” communities with 5,895 homesites. The January 2004 occupancy rate is 94%, the same as January 2003. The January 2004 occupancy rate does not include 30 repossessed homes (down from 71 at January 2003) reported by the communities.

The average adjusted monthly rent (rent after deducting services) in the “all ages”” communities is $402, an increase of $8 (2%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted monthly rent (rent after deducting services) in the “55+” communities is $423, an increase of $9 (2.2%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Only 33 communities (69%) implemented a rent increase during the past year. Only 18 communi-ties (38%) reported occupancies of 95% or higher.

Albuquerque

The Albuquerque survey includes 18 “all ages” communities with 5,586 homesites. The January 2004 occupancy rate is 79%, the same as January 2003. The January 2004 occupancy rate does not include 63 repossessed homes (down from 136 at January 2003) reported by the commu-nities (1.1% of “all ages” homesites).

The survey includes 3 “55+” communities with 880 homesites. The January 2004 occupancy rate is 99%, the same as January 2003.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $313, an increase of $7 (2.3%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted monthly rent (rent after deducting services) in the “55+” communities is $379, an increase of $16 (4.4%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Only 11 communities (52%) implemented a rent increase during the past year. Only 7 communi-ties (33%) reported occupancies of 95% or higher.

Tucson

The Tucson survey includes 18 “all ages” communities with 4,730 homesites. The January 2004 occupancy rate is 87%, down 2% over January 2003. The January 2004 occupancy rate does not include 59 repossessed homes (down from 65 at January 2003) reported by the commu-nities (1.2% of “all ages” homesites).

The survey includes 12 “55+” communities with 3,847 homesites. The January 2004 occupancy rate is 92%, an increase of 1% over January 2003.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $259, an increase of $5 (2%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted monthly rent (rent after deducting services) in the “55+” communities is $305, an increase of $7 (2.3%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Only 20 communities (67%) implemented a rent increase during the past year. Only 10 communi-ties (34%) reported occupancies of 95% or higher.

Salt Lake City

The Salt Lake City survey includes 31 “all ages” communities with 6,507 homesites. The Janu-ary 2004 occupancy is 89%, the same as January 2003. The January 2004 occupancy rate does not include 195 repossessed homes (down from 289 at January 2003) reported by the com-munities (3% of “all ages” homesites).

The survey includes 6 “55+” communities with 1,236 homesites. The January 2004 occupancy rate is 95%, a 2% decrease over January 2003.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $309, an increase of $10 (3.3%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted monthly rent (rent after deducting services) in the “55+” is $319, an increase of $8 (2.6%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Only 29 communities (78%) implemented a rent increase during the past year. Only 13 communi-ties (32%) reported occupancies of 95% or higher.

Greater Kansas City

The Greater Kansas City survey includes 25 “all ages” communities with 7,639 homesites. The January 2004 occupancy rate is 84%, down 3% over January 2003. The January 2004 occu-pancy rate does not include 113 repossessed homes (down from 123 at January 2003) re-ported by the communities (1.5% of “all ages” homesites).

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $256, an increase of $6 (2.4%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.
     
Only 17 communities (68%) implemented a rent increase during the past year. Only 7 communi-ties (28%) reported occupancies of 95% or higher.

Greater Phoenix

The Greater Phoenix Area survey includes communities located in the following sub-markets: Apache Junction, Chandler, Glendale, Mesa, Peoria, Phoenix, Scottsdale and Tempe. 116 com-munities are included in our report.

The survey includes 31 “all ages” communities with 7,828 homesites. Occupancy continues to decline. The January 2004 occupancy rate 85% is, down 2% over January 2003. The January 2004 occupancy rate does not include 210 repossessed homes (down from 244 at January 2003) reported by the communities (2.7% of “all ages” homesites).

The survey includes 85 “55+” communities with 22,895 homesites. The January 2004 occupancy rate is 91%, the same as January 2003. The January 2004 occupancy rate does not include 85 repossessed homes (down from 109 at January 2003) reported by the communities.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $318, an increase of $7 (2.2%) over January 2003. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted rent (rent after deducting services) in the “55+” communities is $339, an in-crease of $10 (3.1%) over January 2003. Many communities include some service(s) such as wa-ter, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Ninety-three (93) communities (80%) implemented a rent increase during the past year. Only 52 communities (45%) reported occupancies of 95% or higher.

The complete and in-depth survey for each market can be ordered through the MHI Bookstore by calling (800) 505-5500, ext. 646 or online by clicking here. Prices range from $159-$250 per market. Additional surveys prepared by JLT & Associates for 55 markets nationwide can also be ordered through the MHI Bookstore or online.

John Turzer is the president of JLT & Associates, a full service real estate market research com-pany specializing in the manufactured housing industry.