Investors raising mobile home park rent in Iowa

Published: Jul. 25, 2022 at 5:05 PM CDT
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CEDAR RAPIDS, Iowa (KCRG) - Real estate companies and equity firms see Mobile home parks as an attractive investment, offering some of the best returns in the property sector. Rents are spiking in Mobile Home parks nationwide as investors see them as a way to make money.

Industry officials argue that by raising rent and hitting tenants with fees, mobile home parks will be a better place to live. But many people living there say they end up struggling to afford the higher rents and updates often don’t come as promised.

In 2019 Havenpark had raised rent after purchasing the Golfview Mobile Home Park in North Liberty by 67 percent.

The Utah-based investment company had similar rent hikes in other parks it bought in Iowa, causing outrage among some residents and elected officials.

This prompted Iowa lawmakers to pass a new law earlier this year which:

  • Requires a 90-day notice of rent hikes - up from the previous 60 days.
  • Requires a 90-day notice on a non-renewal of a lease - up from 30 days.
  • Gives tenants more legal remedies if a park owner is not providing essential services.

However, tenant groups argue the law does not fix the issue - by not limiting the amount and frequency of rent hikes.

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