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.