Sam Landy, president and CEO of UMH Properties, Inc. (NYSE:UMH), sat down for a video interview during Nareit’s REITworld: 2024 Annual Conference in Las Vegas, Nevada on Nov. 18-21.
Landy discussed the key growth drivers and performance factors for the company. A major advantage for UMH is its 3,300 vacant sites and 2,200 acres of land, which allow the REIT to add homes at a low cost of $70,000 each. This provides a competitive edge in expanding its portfolio.
Geographically, the company has seen strong performance in areas like Cranberry, Pennsylvania, Columbus, Ohio, and Nashville. There is increasing demand due to high housing prices in regions like New Jersey and New York, where there are waiting lists for rental homes.
Landy also shared insights into developments in manufactured home design. UMH has introduced innovative housing solutions such as duplex multi-section houses, which allow for dual income from one lot by splitting a large house into two separate rental units.
Additionally, the company has begun incorporating solar shingles into homes, significantly reducing the cost of solar energy installation. This initiative, along with the planned installation of electric vehicle charging stations in manufactured home communities, positions UMH’s homes as more competitive than traditional housing options, Landy said.