Mobile Home Park Pad Rent Calculator

MHP pad rent is the core revenue driver; tenants typically own the home and rent the land.

Pads total

Pad rent / month

POH rent premium / month

Park-owned homes

Occupancy %

Annual rent growth %

Annual revenue

$736,920

Year 5 revenue

$940,517

Revenue per pad

$6,141

How the math works

Revenue = occ pads × pad rent × 12 + POH count × POH × 12. Year 5 = current × (1 + g)^5.

110×$475×12 + 15×$650×12×92% = $627k + $108k = $735k → $938k in 5 years at 5%.

How to Use

Enter pads total.
Enter monthly pad rent.
Enter park-owned home rent premium.
Enter park-owned home count.
Enter occupancy %.
Enter annual rent growth %.
Read current and stabilized NOI.

Frequently Asked Questions

MHP business model?

Park owner owns the land and infrastructure (streets, utilities, amenities). Tenants own the manufactured home (vintage: 1970s-2020s, newer preferred). Tenant pays monthly 'lot rent' ($350-900/mo typical) for land + services. Park owner has very low service intensity (no indoor maintenance, no turnover within the home). Excellent stability: tenants rarely move (cost to move home $5-15k). 5-10 year stays common.

Park-owned homes (POH)?

Some parks rent out park-owned homes in addition to collecting pad rent. Park-owned home rent: pad rent + $400-1,000 extra for home rental. Economics: higher revenue but higher maintenance, higher turnover, higher risk. Ratio target: <20% POH in mature park, <40% in transitioning. 100% POH = effectively a multifamily property with mobile homes, not a land-rent model. Pure land-rent (0% POH) is the cleanest model.

Rent growth dynamics?

MHP rent growth: 3-6% annually in recent years (demand outstrips constrained supply). Reasons: NIMBY prevents new park construction, existing parks are undersupplied. Industry consolidation: ELS, Sun Communities, Inspire, Yes Communities aggregating portfolios, pushing rents. Rent control regulation emerging (CA, OR, WA, MD) caps growth at 2-5% + CPI. Still attractive for stable yield.

Cap rates?

Stabilized MHP cap rates: 5.5-7% primary markets, 6-8% secondary/tertiary. Institutional-quality MHP (Sun, ELS): 5-6% cap. Value-add parks (underwater rents): 7-9% in-place, 5.5-6.5% stabilized. Much lower volatility than multifamily. NOI margin: 60-75% (very high). Unlike multifamily, low capex intensive. Returns-to-asset-class among best in CRE.