Park-Owned Home (POH)

A mobile home owned by the park operator and rented to a resident, who also pays lot rent.

A park-owned home is a mobile home or manufactured home that the park operator owns and rents out to a resident. The resident pays both lot rent (for the land) and home rent (for the structure). POH inventory is common when operators want to fill vacant lots quickly without waiting for a buyer to purchase a home outright, and it generates higher per-lot revenue but adds capex, turnover, and maintenance responsibilities for the operator. POH residents do not have the same exit-cost barrier that tenant-owned-home residents do, so turnover tends to be higher than in a TOH-only park. Lenders typically discount cap rates on POH-heavy parks by 25 to 50 basis points relative to comparable TOH parks because the income stream is considered less durable.

Related Terms

Lot Rent

The monthly fee a resident pays to rent the lot their mobile home sits on, separate from the home itself.
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.
Tenant-Owned Home (TOH)

A mobile home owned by the resident, who pays only lot rent to the park operator.

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