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Corporations Are Buying Up Trailer Park Land
Posted
August 30, 2022
Views
225
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August 30, 2022
225
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1:10Now PlayingAre trailer park millionaires a real thing? Check out the video to learn more.
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They do, but they don't live in trailer parks. Corporations, like non-mobile housing markets, are buying up trailer park land and hiking rents.
This is not a new practice. In fact, Clayton Homes is owned by Warren Buffett's Berkshire Hathaway and has been involved in trailer park ownership since 2003.
And millions of Americans have chosen to abandon the cookie-cutter suburbia lifestyle in order to live free in a trailer or a fixed mobile home.
However, the owners of these vast tracts of land are making millions from their renters, and it appears that this is insufficient.
Price for trailer park lot spaces typically grows by 4 to 6% each year, but companies aren't cooperating, and many tenants are facing significant rent increases or eviction from their new landlords.
After corporate owners took over, the lot fee at one Idaho trailer park increased from $270 to $400 per month earlier this year. That's nearly a 50% increase in rent.
And, because trailer park lots are often regulated by local governments, there is no apparent safety net for the millions of Americans who already live in trailer parks.
Would you live in a trailer home? Let us know in the comments below.
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