UMH Properties, Inc. (UMH): 5 forças Análise [Jan-2025 Atualizada]

Mergulhe no cenário estratégico da UMH Properties, Inc., onde a intrincada dinâmica do mercado imobiliário fabricado revela uma complexa interação de forças competitivas. Como uma confiança líder em investimentos imobiliários que navega no setor habitacional acessível, a UMH enfrenta um ambiente diferenciado moldado por relacionamentos de fornecedores, preferências de clientes, rivalidade de mercado, substitutos em potencial e barreiras à entrada. Essa análise revela os fatores críticos que impulsionam o posicionamento estratégico da empresa e a vantagem competitiva no cenário habitacional fabricado em evolução.

UMH Properties, Inc. (UMH) - As cinco forças de Porter: poder de barganha dos fornecedores

Paisagem de fornecedores comunitários de habitação e arrendamento de terras manufaturadas

A partir de 2024, o mercado de fornecedores de habitação fabricados demonstra concentração significativa:

Concentração do mercado de fornecedores

O mercado de fornecedores de habitação fabricado exibe alta concentração com alternativas limitadas:

• 3 grandes fabricantes controlam 85,5% da oferta total de mercado
• Número limitado de fornecedores de componentes de infraestrutura especializados
• Estimado 6-8 fornecedores primários para infraestrutura comunitária crítica

Custos de troca de fornecedores

Métricas de dependência do fornecedor

A análise de dependência de fornecedores da UMH Properties revela:

• O Clayton Homes Supply representa 54,3% do total de aquisições de unidades habitacionais
• Custo médio de reposição de componentes de infraestrutura: US $ 24.500
• Despesas de troca anual estimada de fornecedores: US $ 1,2 milhão - US $ 2,7 milhões

UMH Properties, Inc. (UMH) - As cinco forças de Porter: poder de barganha dos clientes

Diversificadas Base de Clientes

A UMH Properties gerencia 127 comunidades habitacionais fabricadas em 8 estados a partir do quarto trimestre 2023, com ocupação total em 77,4% em propriedades residenciais.

Análise de custos de comutação

Custo médio de realocação para residentes domésticos fabricados: US $ 3.500 a US $ 5.200.

• As despesas de mudança variam entre US $ 1.000 e US $ 4.000
• Custos de preparação do local: US $ 500- $ 1.200
• Taxas de transporte: US $ 2.000 a US $ 3.500

Sensibilidade ao preço

Aluguel de lote mensal médio: US $ 450 a US $ 650 em comunidades UMH em 2023.

Risco de concentração do cliente

Distribuição residencial de inquilinos: 68% de proprietários individuais, 22% de pequenos grupos familiares, 10% dados demográficos.

UMH Properties, Inc. (UMH) - As cinco forças de Porter: rivalidade competitiva

Mercado Fragmentado de Investimento Real Estate (REIT) em Habitação Manufatada

A partir de 2024, o mercado de REIT habitacional fabricado consiste em aproximadamente 12 empresas de capital aberto. A UMH Properties compete com os principais atores como:

• Comunidades Sun (SUI): Capitalização de mercado de US $ 16,7 bilhões
• Propriedades do estilo de vida de patrimônio (ELS): Capitalização de mercado de US $ 14,3 bilhões
• Cidade natal America (HAMA): capitalização de mercado de US $ 2,1 bilhões

Análise de paisagem competitiva

Barreiras de expansão competitivas

As barreiras à entrada incluem:

• Custos de aquisição de terras: média de US $ 50.000 a US $ 150.000 por acre
• Desenvolvimento inicial de infraestrutura: US $ 3 a US $ 5 milhões por comunidade
• Despesas de conformidade regulatória: US $ 250.000 a US $ 500.000 anualmente

Gerenciamento estratégico de portfólio geográfico

A UMH Properties diferencia -se:

• Portfólio concentrado em 10 estados do nordeste/meio do Atlântico
• Propriedade de 134 comunidades habitacionais fabricadas
• Total de ativos imobiliários avaliados em US $ 1,2 bilhão

UMH Properties, Inc. (UMH) - As cinco forças de Porter: ameaça de substitutos

Opções de moradia alternativas

A partir do quarto trimestre de 2023, as taxas tradicionais de aluguel de apartamentos eram em média de US $ 1.702 por mês nacionalmente. O preço médio de venda em casa unifamiliar atingiu US $ 416.100, de acordo com o US Census Bureau.

Recurso da comunidade habitacional fabricada

A UMH Properties opera 127 comunidades habitacionais fabricadas em 8 estados, com uma taxa de ocupação de 86,3% em 2023.

• Aluguel de lote médio: US $ 412 por mês
• Contagem de casas comunitárias: 18.733 unidades
• Receita anual total da comunidade: US $ 93,4 milhões

Fatores econômicos que influenciam as preferências da habitação

Renda familiar mediana para residentes domésticos fabricados: US $ 41.300 em comparação com US $ 74.580 para proprietários tradicionais em 2023.

Tendências demográficas

Taxa de crescimento do segmento de mercado imobiliário fabricado: 3,7% anualmente de 2020-2023.

UMH Properties, Inc. (UMH) - As cinco forças de Porter: ameaça de novos participantes

Requisitos de capital significativos para o desenvolvimento da comunidade de arrendamento de terras

A UMH Properties requer um investimento médio inicial de capital de US $ 15,2 milhões para desenvolver uma nova comunidade habitacional manufaturada. A partir do quarto trimestre de 2023, os custos totais de aquisição e desenvolvimento da comunidade de arrendamento de terras da empresa foram de US $ 42,3 milhões.

Complexidades regulatórias no setor imobiliário e imobiliário

A UMH Properties enfrenta barreiras regulatórias significativas em 14 estados, com custos de conformidade estimados em US $ 2,3 milhões anualmente.

• Restrições de zoneamento em 8 estados
• Requisitos de licença ambiental
• Regulamentos habitacionais específicos do estado

Tocadores de mercado estabelecidos com economias de escala

A UMH Properties opera 127 comunidades habitacionais fabricadas com 21.500 locais. As métricas de concentração de mercado indicam altas barreiras para novos participantes.

Altas barreiras iniciais de investimento para possíveis novos participantes de mercado

Os custos iniciais de entrada no mercado para comunidades habitacionais fabricadas variam de US $ 18,6 milhões a US $ 24,9 milhões, criando obstáculos financeiros substanciais.

• Custo mínimo de aquisição de terras: US $ 6,7 milhões
• Desenvolvimento de infraestrutura: US $ 5,4 milhões
• Despesas de conformidade regulatória: US $ 2,3 milhões
• Marketing e configuração operacional: US $ 4,5 milhões

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.