Analysis
NAICS 531110 is the 2022 national industry for lessors of residential buildings and dwellings, part of 53111 (Lessors of Residential Buildings and Dwellings). Census lists 19 example activities under it in the official index.
County Business Patterns counts 74,459 US establishments in this code in 2023, employing 348,544 people at an average annual payroll of $55,560 per employee (25th percentile of national industries). 74% of the establishments have fewer than five employees, which marks it as a small-business industry.
Its index entries, the activities Census uses to assign businesses to this code, include apartment building rental or leasing, apartment hotel rental or leasing, apartment rental or leasing and building, apartment, rental or leasing, among 19 in all.
For example, managing residential real estate for others are classified in 531311 (Residential Property Managers) instead.
Census lists 2 related activities that belong elsewhere, most often in 531311 and 7211. Businesses that do several things are classified by their primary activity, the one that generates the most value, so check those boundaries before settling on this code.
Between 2018 and 2023 the number of establishments grew 4% and employment rose 0%. The 2018 count used NAICS 2017, so part of a large move can come from codes being redefined rather than from businesses opening or closing.
Official definition
This industry comprises establishments primarily engaged in acting as lessors of buildings used as residences or dwellings, such as single-family homes, apartment buildings, and town homes. Included in this industry are owner-lessors and establishments renting real estate and then acting as lessors in subleasing it to others. The establishments in this industry may manage the property themselves or have another establishment manage it for them.
Source: US Census Bureau, NAICS 2022 Manual.
Not this code if…
Index entries (19)
- Apartment building rental or leasing
- Apartment hotel rental or leasing
- Apartment rental or leasing
- Building, apartment, rental or leasing
- Building, residential, rental or leasing
- Cottage rental or leasing
- Duplex houses (i.e., single-family) rental or leasing
- Dwelling rental or leasing
- Equity real estate investment trusts (REITs), primarily leasing residential buildings and dwellings
- Houses rental or leasing
- Housing authorities owning and operating residential buildings
- Lessors of residential buildings and dwellings
- Mobile (manufactured) home rental or leasing, on-site
- Real estate rental or leasing of residential building
- Residential building rental or leasing
- Residential hotel rental or leasing
- Retirement hotel rental or leasing
- Single-family house rental or leasing
- Town house rental or leasing