STARK COUNTY, Ohio — Neighbors in several Northeast Ohio retirement communities are grappling with drastic rent hikes after a company took over properties in Navarre and Elyria. The seniors, many of whom are living on fixed incomes, worry how they’ll afford to stay in their homes.

News 5 stories highlighting the concerns are now being cited by Congress in a demand for answers.

Monday, U.S. Senator Sherrod Brown issued a letter to Legacy Communities, LLC about the steep rent hikes at Navarre Village and Twin Lakes. He also sent one to the Federal Home Loan Mortgage Corporation, better known as Freddie Mac, requesting a review of its...

On Tuesday, the National City Council moved forward with a new ordinance that will provide a temporary rent cap for all mobile home parks within city limits. The ordinance goes into effect on Jan. 1, 2023, and is good through the end of 2024. 

The decision to intervene in mobile home parks, which typically fall under state jurisdiction, comes after the Keystone Trailer Park increased its rent by 20 percent on July 1. Elected officials said the ordinance was a good first step but acknowledged that more work needed to be done to keep the cost of housing low. 

“It is long overdue,” said City Councilman Jose Rodriguez. “We need to make sure...

John Piazza remembers when he first moved to Lee’s Trailer Park in Revere in 2000, after his rent skyrocketed in Boston.

Piazza fell in love with a 720-square-foot mobile home, finding it more spacious and affordable than his small apartment in the North End.

He said the park owners charge him just $575 a month for the lot under his home — a fraction of what he would pay in rent for an apartment in Greater Boston. He also paid $20,000 for the mobile home itself, far less than the cost of a traditional single-family home or condo.

The 84-year-old planned to spend the rest of his days at Lee's Trailer Park. But last year, the park was sold...

On the first day of December in 2018, Sharon Parmelee moved into Greenwood Village RV Park with her mobile home. She signed a month-to-month rental agreement and started paying $312 per month in lot rent fees in the park, which is located just outside of Kalispell city limits along U.S. Highway 2.

The mobile home park, which has roughly 85 manufactured homes and RVs in addition to a hotel and cabin accommodations called Greenwood Village Inn and Suites, is home mostly to individuals over the age of 50, many of whom are veterans, senior citizens or people living with disabilities on a fixed income.

About six months after Parmelee moved...

• Manufactured Housing REITs snapped an incredible streak of nine straight years of outperformance over the REIT Index in 2022, impacted by headwinds from higher interest rates and hurricane-related disruptions.
• Despite their REIT-leading growth rates, Manufactured Housing ("MH") REITs have historically been among the most interest rate-sensitive sectors due to their counter-cyclical demand profile and remarkable operational consistency.
• While rent growth has moderated from record-high levels across other residential property types, MH revenue growth is poised to accelerate in 2023, driven by their under-appreciated...