By John Turzer

National community consulting firm, JLT, recently released new rent surveys for manufactured home communities in Michigan. As of February 2004 in the nine markets surveyed, repossessed homes reported by the communities decreased by 20 percent to 997 homes (1.1% of surveyed homesites) from 1,249 homes at February 2003. These figures do not include repossessed homes reported by the communities in the February 2004 and 2003 occupancy numbers. As of February 2004, community managers reported that they currently collect the monthly rent from “some/a few” of the finance companies. The number of repossessed homes reported by each community is in the community profile section of our reports. In the summaries presented below, the number of repossessed homes in each market is noted.

Summary of “All Ages” Communities

The Michigan surveys cover nine major markets and include 251 “All Ages” communities with 87,871 homesites. In these markets, the overall occupancy rate decreased two percent from February 2003 to February 2004. The February 2004 occupancy rate was 88% throughout these major markets. At February 2004, the average adjusted monthly homesite rent is $327, a 2.9% ($9) increase over February 2003.

Summary of “55+” Communities

The “55+” communities are located in six of the nine major markets. The surveys include 12 “55+” communities with 3,887 homesites. In these markets, the overall occupancy rate de-creased one percent from February 2003 to February 2004. The February 2004 occupancy rate was 92% in the twelve communities. At February 2004, the average adjusted monthly homesite rent is $357, a 4.8% ($16) increase over February 2003.

Allegan/Muskegon/Ottawa Counties

This survey includes 34 “All Ages” communities with 10,939 homesites. The occupancy rate is 86%, a .4% decrease from February 2003. The February 2004 occupancy rate does not include 123 repossessed homes reported by the communities (1.1% of “All Ages” homesites). At Febru-ary 2003, the community managers reported 188 repossessed homes. At February 2004, the aver-age adjusted monthly homesite rent is $272, a 4% ($10) increase over February 2003.

Hunter’s Glenn opened 129 new homesites in May 2003. 116 additional sites can be built. Deerfield Manor can build an additional 223 homesites, West Olive Estates can build an addi-tional 460 homesites and Egelcraft can build an additional 93 homesites.

Barry/Kalamazoo Counties

This survey includes 17 “All Ages” communities with 4,598 homesites and 2 “55+” communities with 508 homesites. The occupancy rate in the “All Ages” communities is 84%, a 2.7% decrease from February 2003. The February 2004 occupancy rate does not include 54 repossessed homes reported by the communities (1.2% of “All Ages” homesites). At February 2003, the community managers reported 109 repossessed homes. The occupancy rate in the “55+” communities is 92%, a .7% increase (+3 homes) from February 2003.

At February 2004, the average adjusted monthly homesite rent in the “All Ages” communities is $285, a 3.3% ($9) increase over February 2003. At February 2004, the average adjusted monthly homesite rent in the “55+” communities is $343, 7.5% ($24) increase over February 2003.

Genesee County

This survey includes 37 “All Ages” communities with 11,608 homesites and 3 “55+” communities with 1,162 homesites. The occupancy rate in the “All Ages” communities is 74%, a 5% decrease from February 2003. The February 2004 occupancy rate does not include 161 repossessed homes reported by the communities (1.4% of “All Ages” homesites). At February 2003, the community managers reported 252 repossessed homes. The occupancy rate in the “55+” communities is 87%, the same as February 2003.

At February 2004, the average adjusted monthly homesite rent in the “All Ages” communities is $304, a 3.8% ($11) increase over February 2003. At February 2004, the average adjusted monthly homesite rent in the “55+” communities is $330, 3.4% ($11) increase over February 2003.

Timber Heights can build an additional 79 homesites. Shiawassee Shores opened 51 new home-sites during 2003. Marshal’s Crossing was dropped from the survey. The owners are currently marketing the community as a subdivision and are selling land/home packages.

Kent County

This survey includes 33 “All Ages” communities with 8,146 homesites and 1 “55+” community with 239 homesites. The occupancy rate in the “All Ages” communities is 91%, a 2% decrease from February 2003. The February 2004 occupancy rate does not include 83 repossessed homes reported by the communities (1% of “All Ages” homesites). At February 2003, the community managers reported 86 repossessed homes. The occupancy rate in the “55+” community is 99%, down 1.3% (3 homesites) from February 2003.

At February 2004, the average adjusted monthly homesite rent in the “All Ages” communities is $307, a 4.4% ($13) increase over February 2003. At February 2004, the average adjusted monthly homesite rent in the “55+” community is $305, 3.4% ($10) increase over February 2003.

Leonard Gardens can build an additional 56 homesites.

Lansing MSA

This survey includes 22 “All Ages” communities with 5,866 homesites and 1 “55+” community with 227 homesites. The occupancy rate in the “All Ages” communities is 91%, a .3% increase from February 2003. The February 2004 occupancy rate does not include 46 repossessed homes reported by the communities. At February 2003, the community managers reported 61 repos-sessed homes. The occupancy rate in the “55+” community is 100%, the same as February 2003.

At February 2004, the average adjusted monthly homesite rent in the “All Ages” communities is $290, a 2.8% ($8) increase over February 2003. At February 2004, the average adjusted monthly homesite rent in the “55+” community is $342, 6.2% ($20) increase over February 2003.

Hamlin added 23 new homesites during 2003. Independence Commons can build an additional 120 new homesites and Sunset Ridge plans to open 46 new homesites during 2004 and can build an additional 310 homesites.

Macomb County

This survey includes 24 “All Ages” communities with 13,200 homesites. The occupancy rate is 91%, a 2.5% decrease from February 2003. The February 2004 occupancy rate does not include 180 repossessed homes reported by the communities (1.4% of “All Ages” homesites). At Febru-ary 2003, the community managers reported 168 repossessed homes. At February 2004, the aver-age adjusted monthly homesite rent is $380, a 1.6% ($6) increase over February 2003.

Meadow Creek opened 59 new homesites during 2003.

Oakland County

This survey includes 42 “All Ages” communities with 16,115 homesites and 2 “55+” communities with 945 homesites. The occupancy rate in the “All Ages” communities is 91%, a 2.7% decrease over February 2003. The February 2004 occupancy rate does not include 158 repossessed homes reported by the communities (1% of “All Ages” homesites). At February 2003, the community managers reported 190 repossessed homes. The occupancy rate in the “55+” communities is 90%, a 3.7% decrease from February 2003.

At February 2004, the average adjusted monthly homesite rent in the “All Ages” communities is $348, a 2% ($7) increase over February 2003. At February 2004, the average adjusted monthly homesite rent in the “55+” communities is $427, 5.2% ($21) increase over February 2003.

Holly Hills can build an additional 471 new homesites and Ridgewood can build an additional 142 new homesites.

Washtenaw County

This survey includes 14 “All Ages” communities with 5,702 homesites. The occupancy rate is 90%, a 1% increase over February 2003. The February 2004 occupancy rate does not include 55 repossessed homes reported by the communities. At February 2003, the community managers re-ported 31 repossessed homes. At February 2004, the average adjusted monthly homesite rent is $360, a 4% ($14) increase over February 2003.

Augusta Woods opened 124 new homesites in July 2003. The owners can build an additional 191 new homesites. Whitaker Oaks plans to open 85 new homesites in the fall of 2004.

Wayne County

This survey includes 28 “All Ages” communities with 11,697 homesites and 3 “55+” communities with 806 homesites. The occupancy rate in the “All Ages” communities is 91%, a 1.7% decrease from February 2003. The February 2004 occupancy rate does not include 137 repossessed homes reported by the communities (1.2% of “All Ages” homesites). At February 2003, the community managers reported 164 repossessed homes. The occupancy rate in the “55+” communities is 98%, a .6% decrease (5 homes) from February 2003.

At February 2004, the average adjusted monthly homesite rent in the “All Ages” communities is $349, a 2.5% ($8) increase over February 2003. At February 2004, the average adjusted monthly homesite rent in the “55+” communities is $342, 4.7% ($14) increase over February 2003.

Huron Estates opened 104 new homesites in September 2003.

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.