NAICS 531190 Quarterly Industry Report
Lessors of Other Real Estate Property
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 531190Sector: Real Estate and Rental and Leasing (53)Updated: Q1 2026
About This Report
This industry profile for Lessors of Other Real Estate Property (NAICS 531190) draws on data from the U.S. Census Bureau[4], USDA Economic Research Service[7], and SBA size standards[8]. Published by Fair Market Value and updated quarterly, it provides landowners, investors, and lenders with classification guidance and market context. Additional data is drawn from Bureau of Labor Statistics[9].. The editorial analysis reflects the independent assessment of FairMarketValue.com's research team, with all quantitative claims sourced to publicly verifiable databases.
Industry Snapshot
Key metrics for the lessors of other real estate property industry.
Industry Definition & Overview
Lessors of Other Real Estate Property (NAICS 531190) encompasses establishments primarily engaged in acting as lessors of real estate (except buildings), including manufactured home sites, vacant lots, agricultural land, grazing land, and forest land. Per the U.S. Census Bureau[4], this industry includes both owner-lessors and firms that rent property and then function as lessors through subleasing arrangements. The classification also includes equity REITs primarily engaged in leasing real estate other than buildings.
In addition, the sector supports diverse end uses across the U.S. economy. Manufactured home communities represent a substantial segment, providing affordable housing sites for millions of Americans. Agricultural land leasing serves crop and livestock producers who need additional acreage beyond their owned holdings. Per USDA data[5], farmland cash rental rates vary from under $50 per acre in western grazing regions to over $250 per acre in prime Corn Belt cropland. Renewable energy land leases for solar and wind installations have emerged as a growing revenue stream for landowners.
Geographic concentration reflects underlying land use patterns. Western states like California lead in agricultural leasing activity, while Texas and Florida show strong demand for manufactured home communities. The industry generated about $19.8 billion in revenue across approximately 8,681 establishments employing 41,894 workers. Market conditions face headwinds from elevated interest rates affecting new development activity, though land scarcity in high-demand areas supports rental rate growth. Per the Bureau of Labor Statistics[6], the broader real estate lessor sector employed 1.07 million workers in 2024.
What's Included in This Industry
- Manufactured home (mobile home) site lessors
- Vacant land and lot lessors
- Grazing and pasture land lessors
- Agricultural cropland lessors
- Forest land and timber property lessors
- Mining and mineral rights property lessors
- Flea market space and seasonal lot lessors
- Trailer park and mobile home community operators
- Renewable energy site leasing (solar, wind)
- Equity REITs focused on non-building real estate
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Real Estate and Rental and Leasing | 53 |
| Subsector | Real Estate | 531 |
| Industry Group | Lessors of Real Estate | 5311 |
| NAICS Industry | Lessors of Other Real Estate Property | 53119 |
| National Industry | Lessors of Other Real Estate Property | 531190 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 531110 | Lessors of Residential Buildings and Dwellings | Lessors of Residential Buildings and Dwellings lease apartment complexes and rental homes, focusing on building structures rather than the non-building real estate in 531190 |
| 531120 | Lessors of Nonresidential Buildings (except Miniwarehouses) | Lessors of Nonresidential Buildings lease office, retail, and industrial buildings to commercial tenants, covering improved commercial properties excluded from 531190 |
| 531130 | Lessors of Miniwarehouses and Self-Storage Units | Lessors of Miniwarehouses and Self-Storage Units operate specialized storage facilities, a building-based rental segment distinct from land and site leasing |
| 531210 | Offices of Real Estate Agents and Brokers | Offices of Real Estate Agents and Brokers support property leasing and sales transactions, providing intermediary services for land and property lessors in 531190 |
| 531320 | Offices of Real Estate Appraisers | Offices of Real Estate Appraisers determine land values and rental rates for agricultural, commercial, and residential parcels leased by 531190 establishments |
| 111110 | Soybean Farming | Soybean Farming operations lease cropland from 531190 lessors, representing a major category of agricultural tenant for land rental arrangements |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 17.1% | 1,477 |
| 2 | Florida | 11.2% | 970 |
| 3 | Texas | 7.5% | 646 |
| 4 | Michigan | 4.1% | 358 |
| 5 | New York | 3.9% | 334 |
| 6 | Arizona | 3.7% | 319 |
| 7 | Washington | 3.3% | 289 |
| 8 | Illinois | 3.0% | 261 |
| 9 | Oregon | 2.5% | 220 |
| 10 | Colorado | 2.5% | 219 |
% Of Establishments
0%
17%
Source: County Business Patterns, U.S. Census Bureau[3]
Frequently Asked Questions
Common questions about this industry.
What types of businesses are classified under NAICS 531190?
NAICS 531190 includes establishments that lease non-building real estate: manufactured home sites, vacant lots, agricultural cropland, grazing land, forest land, mining properties, and flea market spaces. Per the Census Bureau[4], it also covers equity REITs primarily engaged in leasing real estate other than buildings.
How is the other real estate lessor industry structured?
The industry comprises about 8,681 establishments employing 41,894 workers and generating $19.8 billion in annual revenue. Manufactured home community operators, agricultural landowners, and land REITs represent the largest segments. The market is fragmented, with a mix of individual landowners, family operations, and institutional investors including publicly traded land REITs.
What is the SBA size standard for NAICS 531190?
The SBA size standard is $34.0 million in gross annual receipts, with an alternative of $47.0 million for Federal Government building space lessors (SBA Size Standards[8]). Most land lessors and manufactured home community operators fall below this threshold and qualify as small businesses.
What NAICS codes are related to other real estate property lessors?
Closely related codes include 531110 (Residential Building Lessors), 531120 (Nonresidential Building Lessors), 531130 (Self-Storage Lessors), 531210 (Real Estate Agents and Brokers), and 531320 (Real Estate Appraisers). Agricultural tenant codes like 111110 (Soybean Farming) represent major customer industries for land rental.
Which industries work most closely with other real estate property lessors?
Property managers (531311) operate manufactured home communities. Lawyers (541110) handle lease agreements and mineral rights. Banks (522110) provide acquisition and development financing. Insurers (524126) provide liability coverage. Title companies (541191) process property transfers. Per USDA data[7], agricultural tenants represent a major customer base.
What activities are included in NAICS 531190?
Activities include leasing manufactured home sites, renting vacant lots, leasing agricultural cropland and grazing land, renting forest land for timber operations, leasing mining and mineral rights properties, operating flea market spaces, and subleasing land parcels. The classification also covers renewable energy site leasing for solar and wind installations.
Can you get an SBA loan for this type of business?
SBA loans are available for qualifying lessors meeting the $34.0 million size standard. SBA 7(a) and 504 loan programs[10] can fund land acquisition, manufactured home community development, and working capital. The 504 program is well-suited for real estate purchases with long-term fixed-rate financing options.
Which states have the highest concentration of other real estate property?
California, Texas, and Florida show the strongest geographic concentration. California leads in agricultural land leasing activity and solar energy site leasing. Texas has substantial manufactured home community operations and energy-related land leasing. Florida's mobile home parks serve a large retiree population. Per BLS data[6], western and southern states dominate this sector.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Census Bureau census.gov
- [5]USDA data ers.usda.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]USDA Economic Research Service ers.usda.gov
- [8]SBA size standards sba.gov
- [9]Bureau of Labor Statistics bls.gov
- [10]SBA 7(a) and 504 loan programs sba.gov
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