UMH Properties is providing investors with an update on our first quarter 2023 operating results. During the first quarter of 2023, demand for sales and rentals remained strong throughout the portfolio. Sales for the first quarter of 2023 were approximately $7.3 million as compared to $4.3 million during the first quarter of 2022, representing a 70% increase and a new quarterly sales record. Overall occupancy increased by 238 units during the quarter, driven by an increase of 230 new rental units. Additionally, rental home occupancy increased from 93.3% at December 31, 2022 to 93.7% at March 31, 2023. This increase in occupancy, together with rent increases implemented in the first quarter, generated an increase in monthly rental charges of approximately $550,000 as of April 1, 2023, compared to January 1, 2023.
Published first on TheFly
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