With home affordability collapsing and traditional vacation habits changing, a new breed of real estate companies is consolidating underdeveloped RV parks and building resort-style modular housing — and investors are beginning to pay attention.
North America is undergoing two seismic shifts that most investors still underestimate.
The first is a collapse in housing affordability. The CMHC now projects Canada alone will need an additional 3.5 million affordable homes by 2030 just to stabilize demand​. Meanwhile, traditional real estate development remains burdened by permitting delays, construction costs, and NIMBY politics.
The second is the redefinition of travel. A generation of post-COVID remote workers and downsizers have embraced recreational vehicle (RV) living — not just for weekend escapes, but as a new way of life. Over 87.9 million North Americans are campers , and nearly half of them travel by RV.
The U.S. RV sector now contributes over $140 billion annually to the economy​, and it’s currently estimated that around 11.2 million US households own an RV . Modern RVs today offer amenities that rival small homes, but the supply of modern RV parks and long-term stay options hasn't kept pace with demand.
It’s in the crosshairs of these two trends — the need for affordable housing and the hunger for lifestyle mobility — that a new asset class has quietly emerged: professionally managed, upgraded RV parks and modular housing communities with resort-style amenities.
Investors seeking defensive growth are increasingly looking toward this niche, which blends the best of two worlds: real estate stability and consumer lifestyle flexibility.
Click here to explore a detailed report on a promising publicly-traded recreational real estate opportunity with a line of sign on $400M in modular housing community projects.
Sector Activity: Who’s Moving In
- Equity LifeStyle Properties, Inc. (NYSE: ELS) A pioneer in manufactured home and RV communities , ELS operates over 450 properties across the U.S. and Canada. Its model blends real estate stability with lifestyle flexibility, making it one of the earliest public companies in this niche.
- Sun Communities, Inc. (NYSE: SUI) One of the largest publicly traded REITs in the sector, Sun owns, operates, or has an interest in a portfolio of 645 developed properties comprising approximately 176,390 developed sites and approximately 48,760 wet slips and dry storage spaces across the U.S., Canada, and the U.K.
- UMH Properties, Inc. (NYSE: UMH) Focused on manufactured home communities across the U.S., UMH targets affordable housing solutions in growing regions. Their portfolio fits the trend toward modular, land-lease living that offers price stability without sacrificing lifestyle.
- Flagship Communities REIT (TSX: MHC.U) Specializing in manufactured housing communities across the Midwest and Southeast U.S., MHC.U provides a public Canadian-listed option for investors looking to tap into the North American modular and land-lease housing boom.
Why the Market Is Just Catching On
Despite the stability and revenue-generating nature of these assets, most publicly traded REITs in the sector trade at a significant premium. Smaller consolidators, however, remain under-the-radar — and in many cases, deeply undervalued.
That’s why some early-stage companies are getting noticed.
For example, one Vancouver-based operator has been tied to a $300 million pipeline of RV park acquisition targets , along with $400 million in modular housing development opportunities —including an LOI to acquire 40% interest in a developing Okanagan modular home community developer.
Final Thought: Real Returns Start with Real Assets
At a time when many tech and growth stocks remain wildly overvalued — and residential housing increasingly out of reach for average families — the appeal of yield-backed, real asset strategies is growing. Modular housing and upgraded RV parks may not dominate headlines, but for long-term investors looking for exposure to recession-resistant, utility-rich sectors, this emerging corner of the market could be the next big move.
Click here to read a full report on another promising publicly-traded recreational real estate opportunity with a current pipeline of $300M in acquisition and consolidation targets.
