The growing appeal of the recreational vehicle (RV) lifestyle to a broader swath of the population, increased demand for a more upscale camping experience, and continued strength in operations points to solid fundamentals for those REITs that own RV resorts.
Ipsos, a global market research firm that surveys RV customer characteristics for the RV Industry Association, reports that significant owner demographic changes have occurred since 2021. During that time period, RV owners have trended younger—a median age of 49 versus 53—with a larger percentage of owners now earning more than $100,000 a year.
The findings show that 46% of owners fall within the 35-54 age range. At the same time, there has been a notable increase in first-time owners, who now comprise 36% of all RV owners.
Shifting RV demographics and a growing appetite for “glamping” (resort-style glamorous camping) are helping to fuel upgrades at RV parks. Amenities like movie theaters, pickleball, tennis and basketball courts, biking and hiking trails, swimming pools, boat rentals, libraries, wi-fi, clubhouses, and banquet halls are becoming as standard as general stores, utility hookups, and dump stations.
At the same time, many of those RV resorts already have the advantage of being in attractive mountain, desert, coastal, lakeside, and national forest and park destinations.
The formula has helped attract wealthier people to the RV scene, many of whom discovered the lifestyle during the pandemic, says Dirk Aulabaugh, executive vice president and global head of advisory services at Green Street. Over the last few years, he has observed more of his finance colleagues take extended family RV vacations instead of traveling overseas, he adds.
“The RV space has become more sophisticated. RVs have gotten bigger and more luxurious, and more people than ever before are open to that type of travel,” Aulabaugh says. “The REITs in this space have done a nice job taking advantage of the trend. They’ve really upped the amenities and have made it more appealing for people to say, ‘Hey, let’s do an RV trip.’”
REIT in the RV Business
REITs Sun Communities, Inc. (NYSE: SUI) and Equity LifeStyle Properties, Inc. (NYSE: ELS) lease mobile home (MH) and RV sites to tenants and provide utility services for a range of needs, alongside access to resort-style amenities. In addition to their neighborhoods offering MH’s available for lease or to purchase, these REITs also aim to provide affordable vacation and new or second-home alternatives to families in desirable resort and retirement areas.
The RV divisions contribute about 30% percent of company rental revenue. All told, Equity LifeStyle owns more than 90,000 RV sites in more than 200 campgrounds in the United States and Canada, while Sun Communities, through its Sun Outdoors brand, owns 57,000 RV sites in 166 campgrounds in the U.S. Sun Communities also owns U.K. holiday parks in a separate division.
The REITs’ RV businesses cater to transient vacationers and longer-term campers who can lease an RV site for a year or on a seasonal basis. Additionally, Equity LifeStyle offers annual subscriptions to its Thousand Trails brand, which allows members to continuously travel between its RV campgrounds for stays of 14 days or longer, depending on the level of membership.
Speaking on the 2025 third quarter earnings call, Equity LifeStyle CEO Marguerite Nader noted that annual rates for 2026 have already been set for more than 95% of the REIT’s annual RV sites, with an average rate increase of 5.1%.
“We continue to engage with our residents to identify and prioritize capital improvements within our communities. These efforts not only enhance the resident experience but also support the long-term value of our assets. The anticipated rent increases position us to extend our long-standing track record of leading revenue growth,” she said.
During the third quarter, Equity LifeStyle filled approximately 475 annual RV sites, which Nader described as “a very high watermark for us.”
For Sun Communities, annual RV rental rates for 2026 are being set with an estimated average annual increase of approximately 4%. In the third quarter earnings call, Sun Communities President John McLaren stressed that rates are set with the goal of driving retention. “The experience that our guests have at the properties frankly is far more valuable than anything we can do from an external marketing perspective…retention really remains one of the most valuable drivers for consistent long-term growth for us, particularly in the RV space.” He told analysts that Sun is seeing improved trends.
Meanwhile, the regional weather outlook for the winter season looks favorable, Patrick Waite, Equity LifeStyle president and COO, said on the third quarter earnings call. “This season's forecast calls for warmer, drier conditions in the south, along with cooler weather conditions in the north, making the Sun Belt particularly attractive for winter getaways,” he noted.