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Innovative Homes of 2040: A Glimpse into Futuristic Materials and Construction Processes https://lnkd.in/en5_fnQG The home of 2040 will likely look similar to modern conventional houses of today but with the advances in materials science, automation, and sustainable technology the construction industry is undergoing today. #offsiteconstruction #futurehousing Sabrina Fiorellino Craig Landri Andy Mest Bruce Bingaman Anna Tolan Bruce Thompson Andrew Seelye Sarah Noel Geoff Cape Yudhisthir Gauli Alex B., Bill Murray Sara.Ann Logan Paul Richards Merrick Macomber

I hate the word "oversupply." It implies a structural problem rather than a temporary, cyclical one. It confuses people who see headlines stating that, as a country, we're undersupplied by millions of homes ... and yet, at the same time, we're also somehow "oversupplied." Of course, we certainly do have more supply than demand right now. Not just in the Sun Belt. But in three-fourths of the country's 150 largest metro areas. Including places like Washington DC, New York, Seattle, Minneapolis and Philadelphia. How do we explain the "we're undersupplied of housing" narrative with this data here showing the top 20 markets for apartment demand ALL have even more supply than they have demand? It's a fair question, and one I've got quite a bit lately. But it's not that complicated. When we think about undersupply, it means there's a lot of pent-up demand for housing. -- Some of that pent-up demand is comprised of folks who have found temporary living arrangements. -- Some of that pent-up demand is comprised of households who can't find housing they can afford. -- Some of that pent-up demand is comprised of households "doubled up" and thus sharing the cost burdens, often for a contracted period of time. -- Some of that pent-up demand is comprised of young adults living with mom and dad, with varying degrees of urgency to venture off on their own. Point being: People aren't lined up on a waiting list ready to move in today for any new apartment that gets built. It takes time to unlock pent-up demand. And there are numerous factors, as well, including location and price and housing type and size. Additionally, it takes time for "filtering" to play out -- where higher-income renters move out of older, moderately priced housing into newer, pricier housing, and then lower/moderate income households move into their old housing units. And that's a multi-step process -- households from A- properties moving to A+, then Bs to A-, then Cs to Bs. All this takes time. But that demand is there, no doubt. So, no, whether we're talking about New York or Austin: We're not "oversupplied." But we do have a temporary supply/demand imbalance in some markets. Does anyone really think we'll still be talking about "oversupply" in a couple years when supply levels plunge? Doubtful, right? More likely, we'll be talking about undersupply again. Because housing supply comes in cycles, but demand is structural. #housing

Most important shift in the real estate capital markets this year?

As we reflect on the recent challenges faced by so many communities across the United States due to the devastating impacts of Hurricane Helene and the severe flooding that followed, our hearts go out to all those affected. We acknowledge the struggles and hardships endured by individuals and families as they navigate the aftermath of this disaster. The resilience and strength shown by these communities inspire us all during such difficult times.

In case you missed it, nearly 200 manufactured housing industry leaders gathered in Phoenix for the MHI Annual Meeting. Thank you to all the members that attended! If you are interested in becoming a member and attending future events, visit https://lnkd.in/gzVcTd2U. Explore our upcoming MHI events: https://lnkd.in/ezupqstz

A walk down memory lane... The commecial real estate sector has been in a balance sheet recession for nearly two years. The Fed's shift in policy likely signals another meaningful turning point, but before we move on... Here's a road map of how we got here, as told by 12 CRE Analyst posts over the last 20+ months.

Are we pointing fingers in the wrong direction on the topic of rental affordability? This data might suggest so. Renters living in apartments and single-family rental homes owned by REITs and other institutions tend to spend a much lower share of income toward rent compared to most U.S. renters -- further illustrating the bifurcation of rental affordability. The Census shows half of American renter households are rent burdened (spending >30% of income toward rent), while the typical rent-to-income ratio nationally is 31% -- where it's been hovering for the last 10+ years. Compare that to REITs, who reported rent-to-income ratios (among new lease signers) ranging between 18-23%. Those numbers have changed relatively little in recent years, even when rents surged in 2021-22, thanks to surging incomes among new renter households, too. (Note: Some large REITs have not disclosed their ratios this year and therefore were excluded from the chart.) Invitation Homes -- who reports average renter household incomes of $158,000 -- reported the lowest rent-to-income ratio of 18%. Many apartment REITs, too, show renter household incomes in the six-figures, too. Additionally, RealPage -- which reports on a broader set of U.S. renters living in professionally managed, market-rate apartments -- shows a median rent-to-income ratio of 22%, and trending downward after peaking near 24% in late 2021. RealPage shows incomes among new lease signers (which includes dual-income roommates) right around $100k. By comparison, analysis of Census data shows renter incomes for the overall population well below $60k. Why the big discrepancy? Well, for one, the professionally managed market caters to mid- and higher-income renters. Over the last decade, three-fourths of all NEW U.S. renter households have had incomes topping $75k (according to Harvard analysis of Census data), and this is the demographic served by most REITs, "private equity" and other institutional capital Additionally, there are a couple key methodology differences. Census includes utilities, which I'd argue paints a misleading picture of true rent. And housing providers can only track income for new lease signers. Regardless, there's obviously a very real affordability crisis among lower-income renter households -- for whom there's a severe deficit of supply. Few of these households live in professionally managed, market-rate apartments or SFR -- now or prior to COVID, either. These renters are far more likely to be rent burdened and have far fewer options for places to live. They're also more likely to double up with other households to share the cost of rent and utilities. Bottom line: We need a lot more housing, especially for lower-income households. We need to keep the spotlight there. Misdirected angst toward higher-income renters is a disservice to low-income renters in far greater need. #housing #affordability #apartments #SFR

CRE Analyst - Great perspective. Our focused reports on #MHP (aka #RymerReport) focuses on this same detail specific to #mobilehomeparks, #affordablehousing and #lowincome. Our contracted analysts work with our CFO Brad Rymer, MBA to hone in on certain factors that most owner/managers disregard in the space. Let's collaborate.

With the upcoming election and looming concern on all of the herein topics, it's the best time to outline the key campaign positions and how it relates to #mobilehomeparks. ?? ?? ?? https://lnkd.in/eHnzYBXr Accredited Investors Email List

Manufactured housing industry leaders gathered in Phoenix for the MHI Annual Meeting. Beyond conducting the business of the association, the association recognized several award winners: Photo 1: Jess Maxcy (right), California Manufactured Housing Institute, receives MHI's 2024 Lifetime Achievement Award from MHI CEO Dr. Lesli Gooch. Photo 2: Karl Radde (right), Southern Comfort Homes, receives the Chairman's Award from MHI Chairman Bill Boor. Photo 3: Knute Chauncey (left), Tie Down Engineering Inc., receives the Frank Walter Standards Award?from Bob Gorleski, chair of MHI's Technical Activities Committee. Photo 4: Tom Dunn (left), MHI of Arizona, receives the Manufactured Housing Executives Council (MHEC) State Association Executive of the Year award from MHEC Chair Randy Grumbine. Photo 5: Janet Williams (right), MHI, receives the Jim Moore Excellence in Communications Award from Mark Brunner, President, Manufactured & Modular Home Association of Minnesota.