Mobile Home Park Glossary

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55+ Community

A mobile home park where at least 80% of occupied homes must have at least one resident aged 55 or older. This designation is governed by the federal Housing for Older Persons Act (HOPA). 55+ communities often have amenities targeted at retirees like shuffleboard, organized social activities, and stricter community rules. Also called "age-restricted community" or "senior community."

A

All-Ages Park

A mobile home park with no age restriction. Families with children, working adults, and retirees can all live there. In contrast with 55+ communities, all-ages parks typically have fewer organized social activities and less restrictive community rules.

Amenities

Shared facilities and features offered by a mobile home park. Common amenities include a clubhouse, swimming pool, laundry room, fitness center, pickleball or shuffleboard courts, playground, and dog park. Parks with more amenities generally charge higher lot rent.

C

Cap Rate (Capitalization Rate)

A real estate investment metric calculated by dividing a property's net operating income (NOI) by its market value or purchase price. Mobile home park investors use cap rates to evaluate acquisitions. A park with higher lot rents, fully occupied lots, and stable expenses will generally have a higher NOI and a more favorable cap rate.

Chapter 723 (Florida Mobile Home Act)

The Florida state law that governs the relationship between mobile home park owners and residents. Key provisions include the requirement for 90 days written notice before lot rent increases, the right to mediation for unreasonable increases, 12 months notice before park closure, and the right for residents to form homeowners associations. Full text: Chapter 723, Florida Statutes.

See also: Your rights under Chapter 723

Comp (Comparable)

A comparable park used to benchmark lot rent pricing. Investors pull comps to evaluate whether a park's rents are below, at, or above market. Good comps match on county, park size, age restriction, and amenity level. FairLot's investor dashboard provides comps across parks in Vermont and Nevada.

D

Industry Comp Services

PDF-based mobile home park comp services that existed before FairLot. The dominant provider is owned by one of the largest park operators in the United States, creating an inherent conflict of interest. FairLot is independent.

DBPR (Department of Business and Professional Regulation)

The Florida state agency that regulates mobile home parks, among other industries. DBPR receives and maintains prospectus filings from parks with 26+ lots. These filings are public records and include lot rent data. DBPR also handles complaints and mediates rent increase disputes. Website: myfloridalicense.com.

E

Large Park Operators

Several publicly traded REITs are among the largest owners and operators of mobile home parks in the United States, with parks across the country. One of these operators owns the dominant industry comp service, which was the only lot rent data product before FairLot.

F

Florida Mobile Home Act

See Chapter 723.

H

HOA (Homeowners Association)

A resident-organized group in a mobile home park. Many states give residents the right to form an HOA. The HOA can negotiate with the park owner on rent increases and other matters on behalf of all residents. Not all parks have active HOAs.

HOPA (Housing for Older Persons Act)

A federal law that allows housing communities to restrict residency to people aged 55 and older without violating fair housing rules. To qualify, at least 80% of units must have at least one occupant aged 55+. This is what legally enables 55+ communities.

HUD Code

The federal building standard for manufactured homes, established in 1976 by the U.S. Department of Housing and Urban Development. Homes built after June 15, 1976 must meet HUD standards for construction, safety, and energy efficiency. This is the legal distinction between "manufactured homes" and older "mobile homes."

L

Lot (Site, Space, Pad)

The individual parcel of land within a mobile home park where a manufactured home is placed. Each lot is rented by the homeowner. Lot size varies but typically ranges from 3,000 to 6,000 square feet. Also called a site, space, or pad depending on regional terminology.

Lot Count

The total number of individual lots in a mobile home park. Lot count is a primary metric for investors because it determines the maximum revenue potential. Parks range from under 10 lots to over 1,000. FairLot tracks lot counts for all parks in our database.

Lot Rent (Space Rent, Site Rent)

The monthly fee a manufactured homeowner pays to rent the land underneath their home in a mobile home park. Lot rent is separate from any mortgage on the home itself. It typically covers use of the land, common area maintenance, and access to park amenities. Whether utilities are included varies by park.

Lot rent is the single most important data point for both residents (who need to know if they are paying a fair price) and investors (who use it to calculate revenue, NOI, and cap rates). FairLot exists because this data was historically impossible to compare across parks.

See also: Lot Rent Guide

M

Manufactured Home

A factory-built home constructed after June 15, 1976 that meets HUD Code building standards. Transported to a site on a permanent chassis. The term "manufactured home" replaced "mobile home" in federal law in 1980, though "mobile home" is still widely used in common language. Both terms are used interchangeably in practice.

MHP (Mobile Home Park)

Common industry abbreviation for mobile home park. Also called a manufactured housing community (MHC), manufactured home community, trailer park (informal), or land-lease community.

Mobile Home

In strict legal terms, a factory-built home constructed before June 15, 1976 (before the HUD Code took effect). In everyday usage, "mobile home" is still the most common term for any manufactured home in a park, regardless of when it was built.

P

Pad

See Lot. The concrete or gravel surface on which a manufactured home is placed within a mobile home park.

Park-Owned Homes (POH)

Manufactured homes that are owned by the park operator rather than by individual residents. In POH situations, the resident is a renter of both the home and the lot. Some parks have a mix of resident-owned and park-owned homes. From an investor perspective, POH adds complexity but can also add revenue.

Prospectus

A legal document that some states require mobile home parks to file with the state regulatory agency. The prospectus includes lot rent information, park rules, a description of amenities, and other terms of the rental agreement. Prospectus filings are public records and are one of FairLot's primary data sources for lot rent information.

R

Rent Increase Notice (90-Day Notice)

In many states, park owners must give residents advance written notice before increasing lot rent. The notice must state the amount of the increase and the reasons for it. Residents who believe the increase is unreasonable can pursue mediation. Check your state's manufactured housing laws for specific requirements.

REIT (Real Estate Investment Trust)

A company that owns, operates, or finances income-producing real estate. Several publicly traded REITs operate mobile home parks across the United States. REIT-owned parks are often larger and may push lot rents higher than independently owned parks.

Resident-Owned Community (ROC)

A mobile home park where the residents collectively own the land through a cooperative or nonprofit structure. In a ROC, there is no external landlord setting lot rents. Lot fees cover operating expenses and are set by the resident board. ROCs are relatively rare but do exist in some states.

S

Space Rent

See Lot Rent. Same concept, different regional terminology.

Site Rent

See Lot Rent. Same concept, different terminology.

T

Title (Mobile Home Title)

The legal document proving ownership of a manufactured home. The home's title is separate from land ownership. When you sell a manufactured home in a park, you transfer the title to the buyer. Title processes vary by state.

Mediation

A dispute resolution process where a neutral third party helps park owners and residents reach agreement. In many states, residents can petition the state regulatory agency for mediation when they believe a lot rent increase is unreasonable. Mediation is not binding unless both parties agree to the outcome.

Z

Zoning

Local government land use regulations that determine where mobile home parks can be built and operated. Zoning is a critical factor for investors: parks in areas zoned exclusively for mobile homes have strong barriers to entry (no new competition can easily be built nearby). Restrictive zoning also makes existing parks more valuable.