Good afternoon. Since the state has given the updated CPI-U for Delaware, this gives the park a more detailed idea of 2023 lot rents. Unfortunately, the State of Delaware changed how landlords can apply the CPI-U to lot rent for tenants. They how have decided that CPI-U for Delaware will be applied to landlords over a 24 month period instead of a 36 month period. This means that CPI-U for the 24 month period is 6.382% which is not good news to anyone.
Let me explain what CPI-U is to everyone. This is the amount of inflation on goods/services and so forth. So, they are saying that an item that cost $1000.00 2 years ago now cost $1063.82 today. This is being noticed everywhere from food prices, gas, and anything else.
Rents will be going up from $16.00 to 20.00 a month for 2023 based upon your current lot rent. Honestly, I hate to jump this type of amount as I always try to land somewhere in that 5 dollar a month range, but with the new changes from the laws that were passed in June of 2022, this makes it impossible for me to do so.
They also have directed up a housing assistance program for tenants and also changed the laws on that. Tenants may want to see if they can use this program. I believe more information can be found at CPI-U – Delaware Manufactured Home Relocation Authority (DEMHRA) – State of Delaware.
