Mission Success: Why Manufactured Housing’s Appeal Will Only Grow

July 16, 2025

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It’s core, it’s durable and it will play a leading role in the next era of real estate investing, Crow Holdings' Kristin Millington told MHN’s Laura Calugar.

With tight supply and inelastic demand, manufactured housing is one of the most resilient and strategic sectors in the real state landscape. Fundamentals are strong and getting stronger, providing stable cashflows to investors, low turnover and high occupancy rates, according to Kristin Millington, a Managing Director in the Manufactured Housing and Self Storage groups of Crow Holdings Capital.

“I think it’s one of the most unique supply and demand stories that we see in real estate,” Millington said in the July episode of the Mission Success: Women in Multifamily podcast series. “In all of the product types that I’ve touched, this is the only one where you don’t worry about the threat of new supply.”

Over the past decade, Crow Holdings has invested in more than 135 manufactured housing communities throughout the country, and continues to seize investment opportunities in select Sun Belt states, parts of the Midwest and in smaller markets on the outskirts of major metros.

“What residents are looking for now is a home that offers the look, feel and permanence of a stick-built home, but at a dramatically lower price point, and that’s exactly where modern manufactured housing can fill this need,” Millington believes.

With housing affordability a major issue across the country, manufactured housing is one of the most viable and most scalable solutions to fix the affordable housing crisis in the U.S.

“Frankly, I think it’s one of the most underappreciated and overlooked solutions that is right in front of us,” Millington told MHN Senior Editor Laura Calugar in this episode.

Here’s what else they discussed: