Berkadia | Manufactured Housing Expense Survey Report 2025

NATIONWIDE MANUFACTURED HOUSING EXPENSE REPORT 2025

STATEMENT OF PURPOSE Berkadia Manufactured Housing is delighted to present the 2025 Nationwide Manufactured Housing Expense Report. Sound investment decisions stem from a comprehensive understanding of the facts; the more facts you verify, the more you mitigate risk. This report is designed to enhance your insight into the financial aspects of manufactured housing investments and operations, providing key operating metrics at your fingertips. While this report is a valuable resource, it should complement—not replace—thorough due diligence and market experience. We hope it aids you in making informed investment and management decisions.

Southeast

Northeast

Midwest

West

Southwest

M A N U FAC T U R E D H O U SIN G E X P E N SE S U RV E Y R E P O R T // T A B L E O F C O N T E N T S

04

06

10

EXECUTIVE SUMMARY

MIDWEST EXPENSE BREAKDOWN

NORTHEAST EXPENSE BREAKDOWN

14

18

22

SOUTHEAST EXPENSE BREAKDOWN

SOUTHWEST EXPENSE BREAKDOWN

WEST EXPENSE BREAKDOWN

26

29

31

EXPENSE REPORT GLOSSARY

ABOUT BERKADIA

MANUFACTURED HOUSING TEAM

EXECUTIVE SUMMARY This report provides operational data and represents 50 manufactured housing communities consisting of approximately 1,055 units across the United States. The parameters used for the data selection include properties comprised of 50 units or more. While these averages are representatives of a select pool of participants, the average expense information and trends are typically consistent across the market. The data compiled in this report is based on actual 2025 profit and loss statements provided from owners. We hope this will assist you in making well-informed investment and management decisions in operating your manufactured housing community.

50

Assets Surveyed

1,055 Total Units

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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EXPENSE BREAKDOWN SUMMARY Controllable Expenses it is helpful to separate expenses by those that can be controlled and those that are less controllable. While controllable expenses can be adjusted, there is still a point at which compressing them too much is detrimental to the property. Salaries and Payroll continues to be the largest single controllable expense for properties.

Non-Controllable Expenses While non-controllable expenses are less easily manipulated, they are important to understand and can be used as identifiers for potential problems. Recognizing a spike in utility expenses could uncover a costly problem or influence operating decisions, such as implementing a utility conservation program. insurance and Real Estate Taxes are both items which are relatively fixed and can be specifically measured by either calculating the real estate taxes based on the county’s tax rate or getting an insurance quote prior to closing. However, both make up a significant portion of the non-controllable expenses.

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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MIDWEST

MANUFACTURED HOUSING OPERATING DATA MIDWEST

Total Operating Expenses Per Unit PER UNIT

Expense Type

Repairs & Maintenance

$261

Controllable

General & Admin

$218

Controllable

$750

$600

Marketing

$12

Controllable

Salaries and Payroll

$510

Controllable $450

Professional Fees

$60

Controllable

Other

$21

Controllable $300

Management Fee

$258

Non-Controllable

Insurance

$133

Non-Controllable $150

$0

er

$2,639

Ot h

Operating Expenses

s

Non-Controllable

Fe e

$386

al

Real Estate Taxes

on

Non-Controllable

si

$781

Pr of es

Utilities

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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CONTROLLABLE VS. NON-CONTROLLABLE EXPENSES MIDWEST

CONTROLLABLE EXPENSES PER UNIT

PER UNIT

% OF TOTAL

Repairs & Maintenance

$261

24%

General & Admin

$218

20%

Marketing

$12

1%

Salaries and Payroll

$510

47%

Professional Fees

$60

6%

Other

$21

2%

Controllable Expenses

$1,082

100%

NON-CONTROLLABLE EXPENSES PER UNIT

PER UNIT

% OF TOTAL

Management Fee

$258

17%

Insurance

$133

9%

Utilities

$781

50%

Real Estate Taxes

$386

25%

Non-Controllable Expenses

$1,558

100% BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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CONTROLLABLE VS. NON-CONTROLLABLE EXPENSES MIDWEST

Expenses % ofCONTROLLABLE Controllable Expenses% of Non-Controllable EXPENSES NON-CONTROLLABLE EXPENSES 2% 2% 6% 24%

CONTROLLABLE VS. NONCONTROLLABLE EXPENSES

17%

25%

9%

41% 59%

47%

20% 50%

1%

airs & Maintenance

General & Admin

ries and Payroll

Repairs & Maintenance Professional Fees

Marketing Fee Management Other

Insurance

Utilities

Management Fee

General & Admin

Insurance

Marketing

Utilities

Salaries and Payroll

Real Estate Taxes

Real Estate Taxes

Controllable Non-Controllable

Professional Fees Other

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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NORTHEAST

MANUFACTURED HOUSING OPERATING DATA NORTHEAST

Total Operating Expenses Per Unit

$533

Professional Fees

$94

Other

$55

Management Fee

$299

Insurance

$165

Utilities

$801

Real Estate Taxes

$693

Operating Expenses

$3,252

$450

$300

$150

$0

er

Salaries and Payroll

Ot h

$9

s

Marketing

$600

Fe e

$288

al

General & Admin

on

$313

si

Repairs & Maintenance

$750

Pr of es

PER UNIT

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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CONTROLLABLE VS. NON-CONTROLLABLE EXPENSES NORTHEAST

CONTROLLABLE EXPENSES PER UNIT

PER UNIT

% OF TOTAL

Repairs & Maintenance

$313

24%

General & Admin

$288

22%

Marketing

$9

1%

Salaries and Payroll

$533

41%

Professional Fees

$94

7%

Other

$55

4%

Controllable Expenses

$1,292

100%

NON-CONTROLLABLE EXPENSES PER UNIT

PER UNIT

% OF TOTAL

Management Fee

$299

15%

Insurance

$165

8%

Utilities

$801

41%

Real Estate Taxes

$693

35%

Non-Controllable Expenses

$1,958

100% BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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CONTROLLABLE VS. NON-CONTROLLABLE EXPENSES NORTHEAST

% ofCONTROLLABLE Controllable Expenses% of Non-Controllable Expenses EXPENSES NON-CONTROLLABLE EXPENSES 7%

15%

24%

35%

8%

40% 60%

41%

rs & Maintenance

es and Payroll

4%

CONTROLLABLE VS. NONCONTROLLABLE EXPENSES

22%

41% 1% General & Admin

Marketing Fee Management Repairs & Maintenance Professional Fees Other

Insurance

Utilities

Management Fee

General & Admin

Insurance

Marketing

Utilities

Salaries and Payroll

Real Estate Taxes

Real Estate Taxes

Controllable Non-Controllable

Professional Fees Other

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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SOUTHEAST

MANUFACTURED HOUSING OPERATING DATA SOUTHEAST

Total Operating Expenses Per Unit

General & Admin

$233

Marketing

$17

Salaries and Payroll

$553

Professional Fees

$58

Other

$28

Management Fee

$310

Insurance

$223

Utilities

$852

Real Estate Taxes

$514

Operating Expenses

$3,141

$600

$450

$300

$150

$0

Fe e Pr of es

si

on

al

er

$352

s

Repairs & Maintenance

$750

Ot h

PER UNIT

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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CONTROLLABLE VS. NON-CONTROLLABLE EXPENSES SOUTHEAST

CONTROLLABLE EXPENSES PER UNIT

PER UNIT

% OF TOTAL

Repairs & Maintenance

$352

28%

General & Admin

$233

19%

Marketing

$17

1%

Salaries and Payroll

$553

45%

Professional Fees

$58

5%

Other

$28

2%

Controllable Expenses

$1,241

100%

NON-CONTROLLABLE EXPENSES PER UNIT

PER UNIT

% OF TOTAL

Management Fee

$310

16%

Insurance

$223

12%

Utilities

$852

45%

Real Estate Taxes

$514

27%

Non-Controllable Expenses

$1,899

100% BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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CONTROLLABLE VS. NON-CONTROLLABLE EXPENSES SOUTHEAST

Non-Controllable Expenses EXPENSES EXPENSES % ofCONTROLLABLE Controllable Expenses % of NON-CONTROLLABLE

CONTROLLABLE VS. NONCONTROLLABLE EXPENSES

2% 5%

16%

27%

28%

12%

40% 60%

45% 19%

45% 1%

airs & Maintenance

General & Admin

aries and Payroll

Repairs & Maintenance Professional Fees

Marketing Fee Management Other

Insurance

Utilities

Real Estate Taxes

Management Fee

Controllable

General & Admin

Insurance

Non-Controllable

Marketing

Utilities

Salaries and Payroll

Real Estate Taxes

Professional Fees Other

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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SOUTHWEST

MANUFACTURED HOUSING OPERATING DATA SOUTHWEST

Total Operating Expenses Per Unit

$574

Professional Fees

$58

Other

$15

Management Fee

$338

Insurance

$200

Utilities

$1,046

Real Estate Taxes

$440

Operating Expenses

$3,302

$600

$400

$200

$0

er

Salaries and Payroll

Ot h

$15

s

Marketing

$800

Fe e

$254

al

General & Admin

on

$361

si

Repairs & Maintenance

$1,000

Pr of es

PER UNIT

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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CONTROLLABLE VS. NON-CONTROLLABLE EXPENSES SOUTHWEST

CONTROLLABLE EXPENSES PER UNIT

PER UNIT

% OF TOTAL

Repairs & Maintenance

$361

28%

General & Admin

$254

20%

Marketing

$15

1%

Salaries and Payroll

$574

45%

Professional Fees

$58

5%

Other

$15

1%

Controllable Expenses

$1,277

100%

NON-CONTROLLABLE EXPENSES PER UNIT

PER UNIT

% OF TOTAL

Management Fee

$338

17%

Insurance

$200

10%

Utilities

$1,046

52%

Real Estate Taxes

$440

22%

Non-Controllable Expenses

$2,024

100% BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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CONTROLLABLE VS. NON-CONTROLLABLE EXPENSES SOUTHWEST

Expenses EXPENSES NON-CONTROLLABLE EXPENSES % ofCONTROLLABLE Controllable Expenses% of Non-Controllable

CONTROLLABLE VS. NONCONTROLLABLE EXPENSES

1% 5%

22%

28%

17% 10%

39% 61%

45% 20%

52%

1%

airs & Maintenance

General & Admin

ries and Payroll

Repairs & Maintenance Professional Fees

Marketing

Management Fee Other

Insurance

Utilities

Management Fee

General & Admin

Insurance

Marketing

Utilities

Salaries and Payroll

Real Estate Taxes

Real Estate Taxes

Controllable Non-Controllable

Professional Fees Other

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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WEST

MANUFACTURED HOUSING OPERATING DATA WEST

Total Operating Expenses Per Unit

$731

Professional Fees

$84

Other

$18

Management Fee

$450

Insurance

$214

Utilities

$1,325

Real Estate Taxes

$607

Operating Expenses

$4,171

$600

$400

$200

$0

er

Salaries and Payroll

Ot h

$23

s

Marketing

$800

Fe e

$294

al

General & Admin

on

$425

si

Repairs & Maintenance

$1,000

Pr of es

PER UNIT

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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CONTROLLABLE VS. NON-CONTROLLABLE EXPENSES WEST

CONTROLLABLE EXPENSES PER UNIT

PER UNIT

% OF TOTAL

Repairs & Maintenance

$425

27%

General & Admin

$294

19%

Marketing

$23

1%

Salaries and Payroll

$731

46%

Professional Fees

$84

5%

Other

$18

1%

Controllable Expenses

$1,575

100%

NON-CONTROLLABLE EXPENSES PER UNIT

PER UNIT

% OF TOTAL

Management Fee

$450

17%

Insurance

$214

8%

Utilities

$1,325

51%

Real Estate Taxes

$607

23%

Non-Controllable Expenses

$2,596

100% BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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CONTROLLABLE VS. NON-CONTROLLABLE EXPENSES WEST

EXPENSES EXPENSES Non-Controllable Expenses % ofCONTROLLABLE Controllable Expenses % of NON-CONTROLLABLE

CONTROLLABLE VS. NONCONTROLLABLE EXPENSES

1% 5%

17%

23%

27%

8%

38% 62%

46% 19%

51% 1%

airs & Maintenance

General & Admin

ries and Payroll

Repairs & Maintenance Professional Fees

Marketing Fee Management

Insurance

Utilities

Real Estate Taxes

Management Fee

Controllable

General & Admin

Insurance

Non-Controllable

Marketing

Utilities

Salaries and Payroll

Real Estate Taxes

Other

Professional Fees Other

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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UNDERSTANDING THE MANUFACTURED HOUSING EXPENSE REPORT The chart of accounts used is comprised of the most commonly used line items based on the total properties surveyed. The data is gathered from various properties—all larger than 50 units and of varying ages. The purpose of this report is to provide a benchmark against which property managers, owners/investors, developers, appraisers, and other industry professionals can compare their own operating data. The properties surveyed were selected based on unit count and location and do not encompass every possible type of property in the market. Caution should be exercised when underwriting a specific property and should take into consideration things that are beyond the scope of this report, such as property-specific influencers that can increase or decrease certain expenses.

Examples include the age of the property, location, and overall level of deferred maintenance. For instance, a property that is in the desert will have lower landscaping expenses than one that withstands all the seasons in the year. Likewise, a property that pays for the utilities or bills-back utilities to the residents will have a higher utility expense than one where the residents are direct-billed for their usage. These types of considerations must be made to accurately determine a property’s potential operating expense.

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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GLOSSARY Controllable Expenses Repairs & Maintenance: Cost incurred to bring property back to an earlier condition or to keep the property operating in its present condition, generally referred to as routine maintenance. Examples include but are not limited to plumbing repairs, clubhouse repairs, general exterior repairs, swimming pool or other amenity repairs. Any large-scale items that are considered to extend the property’s useful life are often not categorized in Repair & Maintenance but are typically listed in capital expenses and are depreciated over the asset's remaining life.

Contractor Services: Any contractors or services used that are outside the typical ongoing operations or unable to be performed by in-house staffing. Examples include exterior maintenance such as lawn care, mowing, snow removal, pest control, sidewalk repairs, flower garden maintenance, etc.

Marketing/Advertising: Any monies spent on advertising or promotional activities used to entice prospective tenants to move into a property.

Salaries and Payroll: Total monies spent on all employment payroll, benefits, and costs to administer payroll including costs paid to third party payroll, providers, employment side expenses like social security, unemployment, taxes, etc. Also included in payroll costs are contract services for routine items that would likely have been performed by onsite staff, for example, painting contractors (excluding large capital expense projects), lawncare, or park-owned home maintenance.

General & Administrative: Total monies spent on general administrative items such as office equipment, bank charges, dues/subscriptions, postage/shipping, resident screening, clubhouse supplies, seminars, training, permits, data processing, etc. This will also include any legal or professional fees such as any monies spent on eviction proceedings, attorney fees, accounting fees, or any general costs related to court or professional services other than maintenance related.

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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GLOSSARY Non-Controllable Expenses All Utilities: Total monies spent on any utility item such as Water, Sewer, Gas, Electricity, Trash, and Cable & internet.

Utility Plant Operation: Total monies spent on a private utility system, such as operating and maintaining a well, septic, lagoon, and/or wastewater treatment plant. This is reported when a property reports the testing, servicing, or treatment of the private utility system.

Insurance: Total monies spent on insurance for the property, general liability, flood, earthquake, or any other insurance coverage received.

Real Estate Taxes: Total monies spent on county real estate (property) taxes. Rates vary based on location and primarily the property’s school district.

Property Management Fee: Total monies spent for third party property management. This fee is usually based on the Effective Gross Revenue and does not typically cover any payroll costs associated with the property, as those costs are still born by the property.

Marketing/Advertising: Any monies spent on advertising or promotional activities used to entice prospective tenants to move into a property.

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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ABOUT BERKADIA National Reach, Local Expertise

70+

Locations throughout the United States and India

2,890+

Team Members

380+

Producers

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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WHY BERKADIA

ABOUT BERKADIA BERKADIA Berkadia is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Powered by deep relationships.

At Berkadia, we believe in providing you with the most comprehensive and seamless real estate experience possible. Our Investment Sales and Mortgage Banking teams work closely together to ensure that you benefit from: Customized Client Solutions:

We develop tailored solutions that address both your investment and financing needs, optimizing outcomes for your specific situation.

MANUFACTURED HOUSING TEAM

Accurate Value Consultancy:

Berkadia Manufactured Housing provides best-in-class mortgage banking, investment sales, and advisory services to owners of manufactured housing communities and RV resorts. With decades of experience and strong partnerships, we specialize in comprehensive solutions tailored to your unique investment or divestment needs. With our unparalleled expertise and commitment to client success, Berkadia Manufactured Housing is your trusted partner.

our Broker Opinions of Value are accurate and based on real time market intelligence.

In 2023 alone, Berkadia financed over $1 billion in loans for manufactured housing communities, earning recognition as one of the top MHC lenders by Fannie Mae and Freddie Mac. We facilitate transactions of all sizes, ranging from $5 million to $200 million, encompassing both middle market and institutional assets.

The combination of Berkadia’s Investment Sales and Mortgage Banking teams ensures that

Marketing Phase - Buyer Education:

Our combined IS and MB teams provide dual source for buyer education both on the investment highlights of the offering and the available financing to maximize price and terms for our seller client.

What sets us apart?

VERTICALLY INTEGRATED TEAMS*

Marketing Phase - Buyer Selection:

*Investment Sales & Mortgage Banking

Deal Execution:

Our mortgage banking team is involved in the vetting process of buyers, observing the financial readiness for interested buyers to execute on a deal.

Buyers utilizing Berkadia as their source for financing affords our seller clients full transparency into the progress towards closing.

Risk Mitigation:

By understanding both the sales and financing aspects, we conduct thorough risk assessments to protect your interests throughout the transaction process.

Competitive Advantage:

Our ability to provide integrated services sets us apart from competitors, enhancing our appeal and ensuring you receive top-tier support.

BERKADIA MANUFACTURED HOUSING EXPENSE SURVEY REPORT

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BERKADIA MANUFACTURED HOUSING Investment Sales Kevan Enger Senior Managing Director

Ian Hilpl

Brian Hummell

Managing Director

Director

Hunter LaRocca Director

407.494.8541

315.406.0900

614.318.5482

407.227.9643

kevan.enger@berkadia.com

ian.hilpl@berkadia.com

brian.hummell@berkadia.com

hunter.larocca@berkadia.com

Mortgage Banking Art Tuverson

Aron Procuniar

Managing Director

Associate Director

949.283.5020

949.622.9202

art.tuverson@berkadia.com

aron.procuniar@berkadia.com