Analysis
NAICS 531311 is the 2022 national industry for residential property managers, part of 53131 (Real Estate Property Managers). Census lists 14 example activities under it in the official index.
Between 2018 and 2023 the number of establishments grew 19% and employment rose 17%. 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.
County Business Patterns counts 60,818 US establishments in this code in 2023, employing 536,933 people at an average annual payroll of $58,786 per employee (31st percentile of national industries). 65% of the establishments have fewer than five employees, which marks it as a small-business industry.
By establishments it ranks 1st of the 2 codes at this level within Real Estate Property Managers, with 77.1% of them.
Its index entries, the activities Census uses to assign businesses to this code, include apartment managers' offices, condominium managers' offices, residential, cooperative apartment managers' offices and managers' offices, residential condominium, among 14 in all.
Census lists 4 related activities that belong elsewhere, most often in 531312, 531110, 813990 and 531210. 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.
Official definition
This U.S. industry comprises establishments primarily engaged in managing residential real estate for others.
Source: US Census Bureau, NAICS 2022 Manual.
Not this code if…
| The business mainly does | Use instead |
|---|---|
| Managing nonresidential real estate for others | 531312 Nonresidential Property Managers |
| Acting as lessors of buildings used as residences or dwellings | 531110 Lessors of Residential Buildings and Dwellings |
| Establishments formed as associations on behalf of individual residential condominium owners or homeowners | 813990 Other Similar Organizations (except Business, Professional, Labor, and Political Organizations) |
| Renting real estate on behalf of owners | 531210 Offices of Real Estate Agents and Brokers |
Index entries (14)
- Apartment managers' offices
- Condominium managers' offices, residential
- Cooperative apartment managers' offices
- Managers' offices, residential condominium
- Managers' offices, residential real estate
- Managing cooperative apartments
- Managing residential condominiums
- Managing residential real estate
- Property managers' offices, residential real estate
- Property managing, residential real estate
- Real estate property managers' offices, residential
- Residential property managing
- Residential real estate property managers' offices
- Resort or vacation property managers' offices