#7 - Sun Communities (NYSE:SUI)
Sun Communities Inc. (NYSE: SUI) is a leader in manufactured mobile home communities. SUI stock is up more than 19% and with good reason. This is an asset class that is growing in popularity with two key demographics: first-time home buyers on one end of the spectrum and senior citizens on the other. The former is not only looking at manufactured homes for their price but also as a way to reduce their environmental footprint.
To begin with many of these homes feature modern appliances and amenities like tennis courts and swimming pools that you might find at high-end apartment complexes. But you get the ability to buy or rent your own home with more privacy and space than you’d have.
And in 2024, the ability to get all of that at an affordable price is a key selling point. Lower interest rates may bring mortgage rates down a little, but for many buyers a first home will be out of reach.
About Sun Communities
Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.
- Current Price
- $144.63
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 5 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $140.91 (2.6% Downside)
In real estate, homebuyers understand that location matters. As you can see from the seven stocks in this presentation, the same is true for real estate investment trusts. Some commercial real estate projects, notably office buildings, are likely to remain under pressure.
But even if you don't believe in the idea of a soft landing, you can't deny that there are some sectors of the economy that are doing well. Those sectors also have underlying trends such as artificial intelligence, the aging of America, and the need for more affordable housing for all Americans.
That's reflected in the REITs in this group of stocks. MarketBeat provides investors with a list of the top 100 REITs by market capitalization as a free tool on MarketBeat.com. This is a great way to start building your watchlist, and some of these names may even become core stocks in your portfolio regardless of your investment philosophy.
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