Two tenants.

Tell me which one you'd rather own.

Tenant A signs a twelve-month lease and pays monthly. Stays a couple of years, then moves on. Everything that breaks inside the unit is yours to fix.

Tenant B signs a twelve-month lease and pays the full year up front, before they ever move in. Stays five years, sometimes ten. Brings their friends, and tells them to take the unit next door. You keep up the grounds. Nothing inside the unit is your problem, because the unit is theirs.

We'll take Tenant B every time.

Tenant A is an apartment renter. Tenant B is a seasonal guest at a campground.

Multifamily trades around a 5.5% cap right now. A stable campground trades closer to 8 or 9. Same dollar of NOI — and you pay about 18x for the apartment, 11x for the park.

Part of that gap is fair. The debt is thinner. The buyer pool is smaller. The demand is more discretionary, and a downturn tests renewals in a way a year of prepaid rent doesn't fully cover.

And part of it is just that few investors have looked closely yet. The cash flow is better. So are the margins. So is the customer.

Since 2017, we've been looking closely.