What does rental refer to in manufactured housing?

The term "rental" in the context of manufactured housing refers to the payment made for the temporary use of property. This encompasses arrangements where individuals or families pay a set fee to use a manufactured home or the space it occupies, generally for a defined period. This agreement can involve leasing either the home itself or the land on which the home is situated.

Understanding this term is crucial, especially in the manufactured housing market, where many individuals may opt to rent as opposed to purchasing a home outright. The rental agreement outlines the conditions under which the tenant occupies the space, including the duration of the rental, the amount of rent, and responsibilities for maintenance. This clearly differentiates rental from other financial transactions related to homeownership, such as purchase prices or down payments, which involve permanent ownership transfers rather than temporary usage agreements.