Lot

The individually rented parcel of land within a mobile home park where a single home sits.

A lot is the smallest revenue-generating unit in a mobile home park — a discrete parcel of land that can hold one mobile home and one resident household. Lots are typically rented individually under a lot-rent agreement and are tracked separately from the homes that sit on them. A park's total lot count is one of the primary metrics lenders, brokers, and operators use to size, value, and compare parks. Mobile-home-park software treats the lot as the primary record (rather than the unit, the way apartment software does) because the operator owns and rents the lot regardless of whether a home is currently sitting on it.

Related Terms

Infill

The process of bringing in new homes to fill vacant lots, expanding revenue without acquiring new land.
Lot Rent

The monthly fee a resident pays to rent the lot their mobile home sits on, separate from the home itself.
Occupancy

The percentage of lots in a park that have a home on them and a paying resident.

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