Investors raising mobile home park rent in Iowa

CEDAR RAPIDS, Iowa (KCRG) – Actual property corporations and fairness corporations see Cell house parks as a beautiful funding, providing a few of the finest returns within the property sector. Rents are spiking in Cell Dwelling parks nationwide as buyers see them as a approach to become profitable.

Trade officers argue that by elevating lease and hitting tenants with charges, cell house parks shall be a greater place to stay. However many individuals residing there say they find yourself struggling to afford the upper rents and updates typically don’t come as promised.

In 2019 Havenpark had raised lease after buying the Golfview Cell Dwelling Park in North Liberty by 67 %.

The Utah-based funding firm had comparable lease hikes in different parks it purchased in Iowa, inflicting outrage amongst some residents and elected officers.

This prompted Iowa lawmakers to move a brand new regulation earlier this 12 months which:

• Requires a 90-day discover of lease hikes – up from the earlier 60 days.
• Requires a 90-day discover on a non-renewal of a lease – up from 30 days.
• Provides tenants extra authorized cures if a park proprietor isn’t offering important companies.

Nevertheless, tenant teams argue the regulation doesn’t repair the difficulty – by not limiting the quantity and frequency of lease hikes.

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