Rents spike as big-pocketed investors buy mobile home parks

By MICHAEL CASEY and CAROLYN THOMPSON
Associated Press

LOCKPORT, N.Y. (AP) — 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 proven 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 myriad 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.