Lot rent
Also called: space rent, ground rent, pad rent
The monthly amount paid to a community for the lot a manufactured home occupies.
Lot rent is the recurring payment for the right to keep your home on a particular lot in a community. What it covers varies a great deal: some communities include water, sewer, trash, and lawn care, while others bill each separately, so two communities with identical lot rent can have very different true costs.
When you compare homes, add lot rent to the loan payment before comparing anything. A $60,000 home with $700 lot rent can cost more each month than a $130,000 home on owned land.
Two questions to ask before committing: what exactly is included, and what has the rent done over the last five years. Also ask what happens to rent when a home is sold, since some communities reset it for the incoming owner.
Where a listing on MHAuthority shows lot rent, it is because the listing supplied it. We never estimate or infer lot rent, if the field is blank, ask the listing agent.
See also
- Land lease, An arrangement where you own the home but rent the ground it sits on, paying monthly lot rent.
- Manufactured-home community, A development of lots designed for manufactured homes, where residents typically own their home and rent the lot.
- Resident-owned community, A community owned collectively by the people who live in it, usually through a cooperative or homeowners association.