Análisis de 5 Fuerzas de UMH Properties, Inc. (UMH) [Actualizado en enero de 2025]

Sumérgete en el panorama estratégico de UMH Properties, Inc., donde la intrincada dinámica del mercado inmobiliario fabricado revela una interacción compleja de fuerzas competitivas. Como un fideicomiso de inversión inmobiliaria líder que navega por el sector de vivienda asequible, UMH enfrenta un entorno matizado con forma de relaciones con proveedores, preferencias de clientes, rivalidad del mercado, posibles sustitutos y barreras de entrada. Este análisis revela los factores críticos que impulsan el posicionamiento estratégico de la compañía y la ventaja competitiva en el panorama de viviendas fabricadas en evolución.

UMH Properties, Inc. (UMH) - Las cinco fuerzas de Porter: poder de negociación de los proveedores

Vivienda fabricada y arrendamiento de tierras Community Provisor Landscape

A partir de 2024, el mercado de proveedores de viviendas fabricadas demuestra una concentración significativa:

Concentración del mercado de proveedores

El mercado de proveedores de viviendas fabricadas exhibe una alta concentración con alternativas limitadas:

• 3 principales fabricantes controlan el 85.5% de la oferta total del mercado
• Número limitado de proveedores de componentes de infraestructura especializados
• 6-8 proveedores principales estimados para infraestructura comunitaria crítica

Costos de cambio de proveedor

Métricas de dependencia del proveedor

El análisis de dependencia del proveedor de las propiedades de UMH revela:

• Clayton Homes Supply representa el 54.3% de las adquisiciones totales de la unidad de vivienda
• Costo de reemplazo de componente de infraestructura promedio: $ 24,500
• Gastos estimados de cambio de proveedor anual: $ 1.2 millones - $ 2.7 millones

UMH Properties, Inc. (UMH) - Las cinco fuerzas de Porter: poder de negociación de los clientes

Diversa base de clientes

UMH Properties administra 127 comunidades de vivienda fabricada en 8 estados a partir del cuarto trimestre de 2023, con una ocupación total en 77.4% en propiedades residenciales.

Análisis de costos de cambio

Costo promedio de reubicación para residentes de hogares fabricados: $ 3,500 a $ 5,200.

• Los gastos de mudanza oscilan entre $ 1,000 y $ 4,000
• Costos de preparación del sitio: $ 500- $ 1,200
• Tarifas de transporte: $ 2,000- $ 3,500

Sensibilidad al precio

Alquiler de lotes mensual promedio: $ 450- $ 650 en las comunidades UMH en 2023.

Riesgo de concentración del cliente

Distribución de inquilinos residenciales: 68% de propietarios individuales, 22% grupos familiares pequeños, 10% demografía mixta.

UMH Properties, Inc. (UMH) - Las cinco fuerzas de Porter: rivalidad competitiva

Mercado de fideicomiso de inversión inmobiliaria (REIT) fragmentada en viviendas fabricadas

A partir de 2024, el mercado de REIT de viviendas fabricadas consta de aproximadamente 12 empresas que cotizan en bolsa. UMH Properties compite con jugadores clave como:

• Sun Communities (SUI): capitalización de mercado de $ 16.7 mil millones
• Propiedades de estilo de vida de capital (ELS): capitalización de mercado de $ 14.3 mil millones
• Hometown America (HAMA): capitalización de mercado de $ 2.1 mil millones

Análisis de paisaje competitivo

Barreras de expansión competitiva

Las barreras de entrada incluyen:

• Costos de adquisición de tierras: promedio de $ 50,000- $ 150,000 por acre
• Desarrollo de infraestructura inicial: $ 3- $ 5 millones por comunidad
• Gastos de cumplimiento regulatorio: $ 250,000- $ 500,000 anualmente

Gestión de la cartera geográfica estratégica

Las propiedades de UMH se diferencia a través de:

• Cartera concentrada en 10 estados del noreste/del Atlántico medio
• Propiedad de 134 comunidades de vivienda fabricada
• Activos inmobiliarios totales valorados en $ 1.2 mil millones

UMH Properties, Inc. (UMH) - Las cinco fuerzas de Porter: amenaza de sustitutos

Opciones alternativas de vivienda

A partir del cuarto trimestre de 2023, las tasas de alquiler de apartamentos tradicionales promediaron $ 1,702 por mes a nivel nacional. El precio mediano de la familia unifamiliar alcanzó los $ 416,100 según la Oficina del Censo de EE. UU.

Apelación de la comunidad de viviendas fabricadas

UMH Properties opera 127 comunidades de vivienda fabricada en 8 estados, con una tasa de ocupación del 86.3% en 2023.

• Alquiler promedio de lotes: $ 412 por mes
• Contejo de vivienda de la comunidad: 18,733 unidades
• Ingresos comunitarios anuales totales: $ 93.4 millones

Factores económicos que influyen en las preferencias de vivienda

Ingresos familiares medios para residentes de la casa fabricada: $ 41,300 en comparación con $ 74,580 para propietarios tradicionales en 2023.

Tendencias demográficas

Tasa de crecimiento del segmento de la vivienda fabricada: 3.7% anual de 2020-2023.

UMH Properties, Inc. (UMH) - Las cinco fuerzas de Porter: amenaza de nuevos participantes

Requisitos significativos de capital para el desarrollo de la comunidad de arrendamiento de tierras

UMH Properties requiere una inversión de capital inicial promedio de $ 15.2 millones para desarrollar una nueva comunidad de viviendas fabricadas. A partir del cuarto trimestre de 2023, los costos totales de adquisición y desarrollo de la comunidad de arrendamiento de tierras de la compañía fueron de $ 42.3 millones.

Complejidades regulatorias en el sector inmobiliario y de la vivienda

UMH Properties enfrenta barreras regulatorias significativas en 14 estados, con costos de cumplimiento estimados en $ 2.3 millones anuales.

• Restricciones de zonificación en 8 estados
• Requisitos de permiso ambiental
• Regulaciones de vivienda específicas del estado

Actores de mercado establecidos con economías de escala

UMH Properties opera 127 comunidades de vivienda fabricada con 21,500 sitios. Las métricas de concentración del mercado indican altas barreras para los nuevos participantes.

Altas barreras de inversión iniciales para posibles nuevos participantes del mercado

Los costos iniciales de entrada al mercado para las comunidades de vivienda fabricada varían de $ 18.6 millones a $ 24.9 millones, creando obstáculos financieros sustanciales.

• Costo mínimo de adquisición de tierras: $ 6.7 millones
• Desarrollo de infraestructura: $ 5.4 millones
• Gastos de cumplimiento regulatorio: $ 2.3 millones
• Configuración operativa y de marketing: $ 4.5 millones

UMH Properties, Inc. (UMH) - Porter's Five Forces: Competitive rivalry

You're looking at the competitive landscape for UMH Properties, Inc. (UMH) right now, late in 2025. The rivalry here isn't a simple head-to-head slugfest; it's more about outperforming in a sector with strong tailwinds.

UMH Properties, Inc. faces direct competition from larger, more diversified Manufactured Housing REITs (MHC REITs) like Sun Communities and Equity LifeStyle Properties. These peers often have broader portfolios that include RV resorts and marinas, which can temper their pure-play manufactured housing performance metrics. Still, the rivalry is intense at the operational level, particularly concerning site occupancy and rental rate increases.

Where UMH Properties, Inc. clearly separates itself is in organic growth. UMH's same-store Net Operating Income (NOI) growth has been running closer to 10% annually over the last decade. For the third quarter of 2025, UMH reported same property community NOI growth of 12.1% year-over-year, with year-to-date growth at 10.1%. To put that in perspective, the larger, mixed-asset peers have been averaging about 5% same-store NOI growth over the same decade.

This performance gap is reflected in valuation, which signals how the market views the rivalry. You see a clear difference in multiples based on this organic growth profile:

Competition from smaller, private community operators remains fragmented, which generally benefits the larger, institutional players like UMH Properties, Inc. when it comes to acquiring assets or setting market standards. UMH Properties, Inc. currently owns 145 communities with approximately 27,000 developed homesites. The sector itself is seeing consolidation, but local competition is less structured.

The broader industry dynamic is actually easing direct price wars. The entire sector's growth is fundamentally driven by a severe shortage of affordable housing. This macro condition means demand is structurally high, allowing operators to focus on maximizing existing asset performance rather than aggressively undercutting competitors on price.

• The national manufactured housing stock is approximately 7.9 million units, representing only 5.4% of all housing units.
• The average new site-built home price in 2024 was around $424,176, while a new manufactured home averaged about $123,300 (excluding land).
• UMH Properties, Inc.'s rental occupancy rate improved from 84.0% in 2020 to 93.9% in Q3 2025.
• National manufactured housing occupancy has risen by an average of 90 basis points annually since 2014.

So, while UMH Properties, Inc. competes with giants, its superior organic growth-evidenced by its 10.1% to 12.1% same-property NOI growth in 2025-allows it to outperform operationally, even while trading at a lower multiple than its larger peers.

UMH Properties, Inc. (UMH) - Porter's Five Forces: Threat of substitutes

The threat of substitutes for UMH Properties, Inc. is primarily driven by the high cost of traditional homeownership, which pushes potential buyers toward renting or manufactured housing as a more accessible alternative. This dynamic is amplified by persistent high interest rates in the conventional mortgage market.

High mortgage rates make traditional single-family homes less affordable. As of the week ending November 21, 2025, the average 30-year fixed-rate mortgage in the US was reported at 6.40%. This level, which has remained consistently in the low-to-mid 6% range throughout the latter half of 2025, keeps the barrier to entry high for conventional buyers. For context, the average 30-year fixed rate has ranged between 6.26% and 7.19% so far in 2025.

The resulting affordability crunch directly benefits the manufactured housing sector where UMH operates. The national affordable housing crisis ensures a large pool of households seeking cost-effective solutions. According to the National Association of Home Builders in 2025, 74.9% of U.S. households-approximately 100.6 million households-cannot afford a median-priced new home of $459,826. Furthermore, research from Harvard's Joint Center for Housing Studies in 2025 indicated that only 6 million of the country's 46 million renters earn enough to qualify for a mortgage on a median-priced home.

Apartment rentals and other multifamily units are direct substitutes for UMH's core offering of community lot rentals and home sales. However, these substitutes often fail to meet the value proposition UMH provides, particularly concerning space and ownership potential. While UMH's Q3 2025 average rental was $1,026 per month, apartment rentals often do not offer the benefit of a private lot, which is a key feature of a manufactured home community site.

Manufactured housing, as offered by UMH Properties, Inc., presents a superior cost-to-quality ratio compared to other low-cost housing options like traditional new builds. The cost differential is stark, positioning manufactured homes as the most cost-effective path to homeownership for many Americans.

The affordability gap is further underscored by the financial realities facing renters. The National Low Income Housing Coalition's 2025 report established the national Housing Wage-the hourly wage needed for a full-time worker to afford a modest rental-at $33.63 per hour for a two-bedroom unit. This high wage threshold for renting solidifies the appeal of owning a manufactured home.

The demand for UMH's cost-effective solution is structurally supported by the following factors:

• Mortgage rates remaining above 6% throughout late 2025.
• 74.9% of U.S. households priced out of median new homes.
• UMH new home sales averaging $140,000 in Q3 2025.
• UMH Q3 2025 rental income averaging $1,026 per month.
• Manufactured home cost per square foot is nearly half that of site-built homes ($87 vs. $166).

UMH Properties, Inc. (UMH) - Porter's Five Forces: Threat of new entrants

The threat of new entrants into the manufactured housing community sector where UMH Properties, Inc. operates is generally considered low to moderate, primarily due to substantial upfront investment requirements and significant regulatory hurdles. New players must overcome the scale UMH has established over five decades.

Significant capital is required to acquire and develop large land parcels for communities. This isn't a small-scale operation; it demands deep pockets for land acquisition, infrastructure build-out, and home inventory. For context on the capital intensity, UMH Properties, Inc. recently secured approximately $91.8 million in proceeds by adding seven communities to its Fannie Mae credit facility. The total investment basis for just those seven communities was $73.2 million, illustrating the capital outlay needed for even moderate portfolio expansion. The appraisal value of those seven properties reached $145.1 million, showing the scale of assets required to generate meaningful returns in this space.

Restrictive local zoning and complex permitting processes create high regulatory barriers. Navigating the municipal and county-level approvals for developing new manufactured home sites or even expanding existing ones is time-consuming and costly. This regulatory friction acts as a significant moat, as new entrants must master these local complexities before breaking ground. UMH Properties, Inc. itself notes risks related to 'changes in real estate and zoning laws and regulations' in its forward-looking statements, confirming the sensitivity of the sector to regulatory shifts. It definitely takes time to get these projects approved.

UMH is entrenched with approximately 27,000 developed homesites across 12 states. The company operates 145 manufactured home communities, giving it a national footprint that provides economies of scale in management, procurement, and financing that a startup simply cannot match initially. This established presence means new entrants face immediate competition for desirable land and residents in key markets.

The company holds a large land bank of 9,600 land plots for future, accretive development. This internal pipeline, sitting on approximately 2,400 acres, represents future capacity that UMH can deploy without the immediate, high-stakes competition of acquiring already-developed, fully occupied assets. This ready-to-develop land bank is a major barrier, as a new entrant would need to secure and entitle similar acreage, a process that can take years.

Here's a quick look at the scale UMH commands, which new entrants must contend with:

The barriers to entry are multifaceted, combining financial muscle with regulatory expertise. New entrants must consider the following structural challenges:

• Securing multi-million dollar financing for land acquisition.
• Mastering varied state and local zoning codes.
• Competing against UMH's 27,000 existing sites.
• Deploying capital for infrastructure upgrades.
• Developing the 9,600 future lots UMH has banked.

Finance: draft 13-week cash view by Friday.