70+ mobile home park terms, defined.
Plain definitions, written by park operators.
A
ACH (Automated Clearing House)
A US bank-to-bank electronic payment system, typically the cheapest way to collect rent.
Adverse Action Notice
A required FCRA notice when a landlord denies or modifies an application based on a consumer report.
Agency Loan
A loan backed by Fannie Mae or Freddie Mac — the most common financing for stabilized parks.
Aging (Delinquency Aging)
A breakdown of unpaid rent by how long it has been overdue.
B
C
Capital Expenditure (CapEx)
Spending on long-lived improvements like roads, water lines, or new homes — excluded from NOI.
Capitalization Rate (Cap Rate)
A property's annual NOI divided by its purchase price, expressed as a percentage.
Cash for Keys
An informal payment to a resident to leave the property voluntarily, avoiding court-ordered eviction.
Certificate of Insurance (COI)
A document showing a vendor's current insurance coverage, required before they work on the park.
Certified Mail with Return Receipt
A USPS service that documents delivery of a letter, used for legally binding notices.
CMBS Loan
A commercial mortgage-backed security loan — bond-financed and typically with stricter prepayment terms.
Collection Loss
Rent that was billed but never collected, written off as uncollectible.
Consumer Report
Any record from a consumer reporting agency containing personal credit, criminal, or rental history.
E
Economic Occupancy
The percentage of expected rent that a park is actually collecting.
Effective Gross Income (EGI)
A park's total potential rent minus vacancy and collection losses, plus other income.
Electronic Signature (E-Sign)
A legally binding signature applied digitally instead of by hand on paper.
Emotional Support Animal (ESA)
An animal that provides emotional comfort to a person with a disability, protected under the FHA.
ESIGN Act
The federal law (2000) that gives electronic signatures the same legal effect as handwritten ones.
Eviction
The legal process of removing a resident who has violated their lease or is delinquent on rent.
F
I
L
Lease
The written contract between a park operator and a resident governing tenancy terms.
Lease Template
A reusable lease document customized for a specific state, park, and tenancy type.
Lot
The individually rented parcel of land within a mobile home park where a single home sits.
Lot Rent
The monthly fee a resident pays to rent the lot their mobile home sits on, separate from the home itself.
Lotly
A full-suite mobile home park management software platform built specifically for MHP operators.
M
Manufactured Housing Shipments
The number of new manufactured homes shipped from factories — a key industry demand indicator.
Master Meter
A single utility meter that measures total park-wide consumption, billed to the operator.
MHI (Manufactured Housing Institute)
The national trade association representing the manufactured-housing industry in the US.
MHVillage
The largest US online marketplace for mobile homes for sale and rent.
Month-to-Month Tenancy
A tenancy that automatically renews each month rather than running for a fixed term.
N
O
P
Park Valuation
The estimated market value of a mobile home park, typically calculated by capitalizing NOI.
Park-Owned Home (POH)
A mobile home owned by the park operator and rented to a resident, who also pays lot rent.
Physical Occupancy
The percentage of lots in a park with a home on them, regardless of whether the resident is paying.
Preventive Maintenance
Regularly scheduled maintenance to catch problems before they fail, reducing emergency repairs.
Price Per Lot
The total purchase price divided by the lot count — a quick benchmark for park acquisition deals.
Property Management Software
Software that handles tenant records, rent collection, accounting, and operations for a property portfolio.
R
Reasonable Accommodation
A change to a rule or policy that allows a person with a disability to use the housing on equal terms.
Rent Collection
The process of receiving, tracking, and reconciling rent payments from residents.
Rent Control
Government-imposed limits on how much rent can be increased in a given period.
Rent Increase
An adjustment to the lot or home rent, governed by the lease and applicable state law.
Rent-to-Own (RTO)
A 36–60 month contract that converts a park-owned home renter into a homeowner once the principal is paid down.
Rental Application
A formal request from a prospective resident to rent a lot or home in a park.
S
Section 8 / HCVP
The federal Housing Choice Voucher Program, where tenants pay rent partially via federal subsidy.
Self-Management
When the park owner manages day-to-day operations directly, without a third-party firm.
SEM (Search Engine Marketing)
Paid advertising on search engines, separate from organic SEO.
SEO (Search Engine Optimization)
The practice of structuring web pages so they rank higher in search-engine results.
Service Animal
An animal trained to perform tasks for a person with a disability, exempt from pet policies.
Submetering
Installing individual utility meters per lot so each resident pays only for their own usage.
T
Tenant Portal
A web app where residents pay rent, submit maintenance, message the manager, and access lease documents.
Tenant Screening
The process of evaluating a rental applicant's creditworthiness, history, and suitability.
Tenant-Owned Home (TOH)
A mobile home owned by the resident, who pays only lot rent to the park operator.
Third-Party Management
Hiring an external company to manage day-to-day park operations, typically for 5–10% of revenue.
TransUnion
One of three major US consumer credit bureaus, frequently used in mobile-home-park screening.