Sam Landy, president and CEO of UMH Properties (NYSE: UMH), joined REIT.com for a CEO Spotlight video interview during REITWeek 2015: NAREIT’s Investor Forum, held in New York.
Landy said sales of manufactured housing are slow because buyers are struggling to find financing. However, UMH is doing “very well” with its rental business, Landy said.
Occupancy rates in most of UMH’s housing communities should reach “high 90 percent,” according to Landy.
UMH has said in the past that it intends to add 500 rental units to its portfolio every year. Landy picked out some of the markets where UMH has thrived: Nashville, Pittsburgh, eastern Pennsylvania, New Jersey and eastern New York.
“At a certain price point, we are basically unbeatable, and at that price point, we fill up," he said.
On the other hand, UMH has encountered difficulties in manufacturing-heavy markets, such as Indiana, Ohio and Michigan, according to Landy.