Renting out a trailer can be much like renting out a home, only with some additional considerations. Mobile homes are typically located within a trailer park, so possible tenants will need to be approved by the park management prior to taking occupancy. Renting out a manufactured home can have many benefits and some disadvantages. Owners will need to screen prospective tenants carefully prior to signing a lease.
Pro: Income
Homeowners that are forced to relocate or vacate in a manufactured home for some reason can find the extra rental income precious. Since mobile homes are usually located on leased land — for instance, in a “trailer park” — a manmade homeowner is liable for paying lot rent to the park even if not occupying the premises. Having residents within the house can help satisfy this monthly obligation and avoid the owner from having to pay two home payments if he relocates.
Con: Depreciation
Since manufactured homes have a tendency to depreciate in value with time, obtaining a renter reside within a trailer can cause difficulties. Owners who rent out their mobile homes need to worry about normal value depreciation as well as tenants who hurt property, which makes it increasingly challenging for the house to maintain its worth. Continuous repair of damages caused by tenants can cause a homeowner to waste considerable amounts of cash for the already depreciating property.
Guru: Winter Maintenance
A mobile home that sits vacant during the winter time can pose certain maintenance issues. Typically mobile homes have skirting that surrounds the house, with a couple feet of open space right beneath the construction between the bottom plate and the ground. During very cold weather, this poses a danger for freezing pipes if the home is vacant. Possessing a tenant that specializes in the water periodically, checks the heat thermostat and calls for the landlord if repair issues arise can alleviate winter damage.
Con: Park Rules
A tenant in a manufactured home is required to adhere to the rules of their neighbors as well as those of the surrounding mobile home park. Parks typically insist that the exterior grounds be maintained and that pets be kept on a leash at all times. Tenants who do not adhere to the park rules might have to deal with an eviction notice, leaving the homeowner without a reliable tenant in the house. If a lot rent falls behind for over 30 or 60 times, the parks might require an owner to move the house.
