Space Rent Increases - Tustin Village Mobile Home Park

From the 2004 Tustin Village Mobile Home Park Sales Brochure:

Site rents are very reasonable and range from $529-$588 plus sub-metered gas, electric, and a flat charge of $4 per month for water. All tenancies are on month to month or one year rental agreements. There is no rent control in the City of Tustin and comparable all age communities in Orange County have site rents up to $1,000.

In 12 years (2004-2016) space rent has increased approximately $1,162.00 per month (198%). That increase is calculated using the 2004 maximum space rent of $588.00 and the 2016 space rent of $1,750.00 per month for new tenants purchasing resident owned mobile homes for sale.

The Tustin Village Mobile Home Park resident providing the below space rent information signed a long-term lease agreement. The dollar amounts (from 2007 to 2016) represent a "Forbearance" discount of approximately $70.00 per month.

2004 – $588.00 / Month
2005 – $606.00 / Month
2006 – $850.00 / Month
2007 – $950.00 / Month
2008 – $1,007.00 / Month
2009 – $1,068.00 / Month
2010 – $1,132.00 / Month
2011 – $1,175.00 / Month
2012 – $1,246.00 / Month
2013 – $1,321.00 / Month
2014 – $1,400.00 / Month
2015 – $1,484.00 / Month
2016 – $1,573.00 / Month

Utility Increases

According to Mobilehome Magazine, for every $10.00 per month space rent increase you lose approximately $1,000.00 in mobile home equity.

The below table uses the above resident's yearly space rent increases to show the loss in mobile home equity over a seven (7) year period. The starting/ending MH (Mobile Home) Value do not take into account any gains and/or losses in the local real estate market.

	2007	2008	2009	2010	2011	2012	2013	2014	*2014
MH Value	$125,000	$125,000	$119,300	$113,200	$106,800	$102,500	$95,400	$87,900	$80,000
Rent	$950	$1,007	$1,068	$1,132	$1,175	$1,246	$1,321	$1,400	$1,600
Increase	$0	+$57	+$61	+$64	+$43	+$71	+$75	+$79	+$200
Equity Loss	$0	-$5,700	-$6,100	-$6,400	-$4,300	-$7,100	-$7,500	-$7,900	-$20,000
MH Value	$125,000	$119,300	$113,200	$106,800	$102,500	$95,400	$87,900	$80,000	$60,000
MH Book Value Monday, August 18, 2014									$43,500

*2014 – This column is being used to calculate an approximate value of the mobile home based on the $1,600.00 per month space rent for new tenants purchasing a resident owned mobile home for sale.

Tax Year	Parcel Number	Land Value	Improvements	Total Value	Loss/Gain
2013-2014	891-960-14	$0	$0	$50,596	- $2,528
2012-2013	891-960-14	$0	$0	$53,124	- $7,007
2011-2012	891-960-14	$0	$0	$60,131	- $8,637
2010-2011	891-960-14	$0	$0	$68,768	- $5,366
2009-2010	891-960-14	$0	$0	$74,134	- $6,406
2008-2009	891-960-14	$0	$0	$80,540	- $5,491
2007-2008	891-960-14	$0	$0	$86,031	- $38,969 *

* $38,969 loss based on original purchase price.

Tax Year	Parcel Number	Land Value	Improvements	Total Value	Loss/Gain
2017-2018	402-271-18	$763,661	$760,803	$1,524,464	+ $29,891
2016-2017	402-271-18	$748,687	$745,886	$1,494,573	+ $22,449
2015-2016	402-271-18	$737,441	$746,683	$1,472,124	+ $28,836
2014-2015	402-271-18	$722,996	$720,292	$1,443,288	+ $6,522
2013-2014	402-271-18	$719,729	$717,037	$1,436,766	+ $28,171
2012-2013	402-271-18	$705,617	$702,978	$1,408,595	+ $27,619
2011-2012	402-271-18	$691,781	$689,195	$1,380,976	+ $10,321
2010-2011	402-271-18	$686,610	$684,045	$1,370,655

New Tenants Purchasing Resident Owned Mobile Homes:
- $1,600.00 / Month + Utilities
  To Qualify: $1,600.00 x 3 = $4,800.00 Verified Income
- Yearly Space Rent increases at a minimum of 6.0%
New Tenants Purchasing Park Owned Mobile Homes:
- Space Rent Special Year 1: $1,150.00 / Month + Utilities
  To Qualify: $1,600.00 x 3 = $4,800.00 Verified Income
- Space Rent Special Year 2: $1,250.00 / Month + Utilities
- Space Rent Special Year 3: $1,600.00 / Month + Utilities
- Yearly Space Rent increases thereafter at a minimum of 6.0%

Park Name	Address	Rent	Date	Source
Tustin Village Mobile Home Park Spaces: 192, Apartments: 2 Ages: Family Park	15352 Williams Street Tustin, California 92780 714-542-0637	$1,950 $1,600 $1,150	02/2018 10/2014 10/2014	MH Village Resident Park Owned Homes Rent Special
Montesilla Mobilhome Club Spaces: 58 Ages:	15601 South B Street Tustin, California 92780 714-544-1402 Distance from TVMHP: 1.4 Miles	$750 $700	12/2016 07/2014	MH Village Park Management
Parque Santiago Mobile Home Park Spaces: Ages: Senior RV Park	215 South Prospect Avenue Tustin, California 92780 714-544-7360 Distance from TVMHP: 1.4 Miles
Saddleback Mobilodge Club Spaces: 163 Ages: Senior Park	15401 Williams Street Tustin, California 92780 714-542-4967 Distance from TVMHP: 0.2 Miles	$875 $775	02/2018 07/2014	MH Village Park Management
Trail-A-Way Trailer Park Spaces: 100 Ages: Family Park	1782 Nisson Road Tustin, California 92780 714-544-0600 Distance from TVMHP: 1.6 Miles	$880 $761	02/2018 07/2014	MH Village Park Management
New Villa Valencia Mobile Estates Spaces: 150 Ages: Family Park	14092 Browning Avenue Tustin, California 92780 714-544-0311 Distance from TVMHP: 0.3 Miles	$1,150 $950	02/2018 10/2014	MH Village Resident

Apartment Name	Address	Size	Rent	Date	Source
Monterey Pines Apartments	15513 Williams Street Tustin, California 92780 714-555-1212 Distance from TVMHP: 0.2 Miles	1BR/1BA 2BR/1BA	$1,125 $1,465	07/2014	Apartment Manager
Stonebrook Apartments	15631 Williams Street Tustin, California 92780 714-555-1212 Distance from TVMHP: 0.4 Miles	Studio 1BR/1BA 2BR/1BA 2BR/1.75BA	$1,040 $1,260 $1,450 $1,490	07/2014	Apartment Manager
Tustin Parc Apartments	16282 East Main Street Tustin, California 92780 714-555-1212 Distance from TVMHP: 0.6 Miles	2BR/1.5BA	$1,580	07/2014	Apartment Manager
Apartment Rent Note: Gas, Water, Trash and Sewage are included in the monthly rent.

Tustin Village Mobile Home Park

Space Rent Increases 2004 to 2016

How do Space Rent Increases Affect a Mobile Home Seller?

Resident Mobile Home Value Tustin Village Mobile Home Park

Park Property Value Tustin Village Mobile Home Park

2014 New Tennant Space Rent

Space Rents in Other Tustin Mobile Home Parks as of June 2014 and February 2018

Apartment Rents in Tustin 92780 as of July 2014