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- UMH Properties (NYSE:UMH) on Wednesday said it sold 105 homes, of which 35 were new home sales, during the second quarter.
- During Q2, it converted 144 new homes from inventory to revenue generating rental homes. UMH now owns about 10,100 rental homes with an occupancy rate of 95.0%.
- Gross home sales revenue for the second quarter was $8.8 million as compared to $8.2 million last year, representing an increase of about 7%.
- Year to date, overall occupancy increased by 196 units to 87%. During the second quarter, overall occupancy increased by 64 units.
- The company’s occupancy gains and rent increases achieved throughout 2023 and 2024 have increased June 2024 rental and related charges by 10%, resulting in our annualized monthly rent roll generating $207 million.
- Q2 collection rate is at 98% and should continue to grow over the next few weeks, it said.
- Source: Press Release