NAICS 531311 Quarterly Industry Report
Residential Property Managers
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 531311Sector: Real Estate and Rental and Leasing (53)Updated: Q1 2026
About This Report
This industry profile for Residential Property Managers (NAICS 531311) draws on data from the U.S. Census Bureau[5], Bureau of Labor Statistics[6], and SBA size standards[7]. Published by Fair Market Value and updated quarterly, it provides property managers, franchise operators, and real estate investors with classification guidance and market context. The editorial analysis reflects the independent assessment of FairMarketValue.com's research team.
Industry Snapshot
Key metrics for the residential property managers industry.
NAICS Sector
53
Real Estate and Rental and Leasing
Industry Definition & Overview
Residential Property Managers (NAICS 531311) encompasses establishments primarily engaged in managing residential real estate for others. Per the U.S. Census Bureau[5], these businesses handle tenant screening, rent collection, property maintenance, and lease enforcement for apartment complexes, single-family homes, and multi-family properties on behalf of property owners.
The industry comprises over 102,000 private establishments in the United States, with California employing the largest workforce of 79,000 professionals. Residential property management accounts for about 60% of total property management sector revenue, reaching $81 billion in 2025. Women represent 59.5% of the property management workforce. Management fees typically run 8 to 12 percent of monthly rental collections, with additional revenue from application fees, leasing fees, and maintenance coordination markups.
Per the Bureau of Labor Statistics[6], property managers earned median annual wages of $66,700 as of May 2024, with employment projected to grow 4% from 2024 to 2034. Professional credentials include the Accredited Residential Manager (ARM) and Certified Property Manager (CPM) designations from the Institute of Real Estate Management (IREM). Technology adoption is accelerating throughout the sector; AI use among property managers jumped from 21% in 2024 to 34% in 2025, automating routine tasks like maintenance scheduling and rent payment processing. Cloud-based property management platforms now handle lease tracking, financial reporting, and tenant communication for firms of all sizes.
What's Included in This Industry
- Single-family home property management services
- Apartment complex and multi-family management
- Tenant screening, credit checks, and background verification
- Rent collection and delinquency enforcement
- Lease agreement preparation and administration
- Maintenance coordination and vendor management
- Financial reporting and owner accounting services
- Eviction processing and tenant dispute resolution
- Property inspections and condition assessments
- Compliance with housing codes and fair housing regulations
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Real Estate and Rental and Leasing | 53 |
| Subsector | Real Estate | 531 |
| Industry Group | Activities Related to Real Estate | 5313 |
| NAICS Industry | Real Estate Property Managers | 53131 |
| National Industry | Residential Property Managers | 531311 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 531312 | Nonresidential Property Managers | Nonresidential Property Managers handle commercial and industrial building operations, using similar management practices but serving commercial tenants with different lease structures |
| 531110 | Lessors of Residential Buildings and Dwellings | Lessors of Residential Buildings own and operate rental properties directly, while residential property managers work on behalf of third-party owners who outsource management duties |
| 531210 | Offices of Real Estate Agents and Brokers | Offices of Real Estate Agents and Brokers handle property transactions on commission, while property managers provide ongoing operational management for a recurring fee |
| 531320 | Offices of Real Estate Appraisers | Offices of Real Estate Appraisers determine property values that inform management decisions, rental pricing, and owner investment analysis for managed portfolios |
| 531390 | Other Activities Related to Real Estate | Other Activities Related to Real Estate includes escrow services and listing coordination that support the transaction side of residential property management workflows |
| 561720 | Janitorial Services | Janitorial Services provide cleaning and maintenance support that residential property managers arrange and oversee for common areas and unit turnovers |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 16.3% | 9,362 |
| 2 | New York | 9.5% | 5,473 |
| 3 | Florida | 9.1% | 5,244 |
| 4 | Texas | 7.7% | 4,440 |
| 5 | North Carolina | 3.5% | 2,032 |
| 6 | Washington | 3.2% | 1,815 |
| 7 | Colorado | 2.8% | 1,614 |
| 8 | Georgia | 2.6% | 1,492 |
| 9 | Illinois | 2.6% | 1,487 |
| 10 | Ohio | 2.6% | 1,487 |
% Of Establishments
0%
16%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
2,048
Total SBA Loans
$788.7M
Total Loan Volume
$385K
Average Loan Size
10 yrs
Average Loan Term
10.54%
Average Interest Rate
15,032
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: The SBA size standard for NAICS 531311 is $7.0 million in average annual receipts (SBA Size Standards[7]). This lower threshold compared to property lessors reflects the service-based revenue model and moderate capital requirements of management operations. Most residential property management firms operate as small businesses, with many being solo practitioners or small partnerships. SBA 7(a) loans can fund office establishment, technology systems, and working capital for qualifying management companies. Additionally, 504/CDC loans[8] provide long-term, fixed-rate financing for major fixed assets such as real estate and equipment.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Live Oak Banking Company | 80 | $88.3M | $1.1M |
| 2 | United Midwest Savings Bank National Association | 256 | $70.1M | $274K |
| 3 | U.S. Bank, National Association | 104 | $70.0M | $673K |
| 4 | First Internet Bank of Indiana | 40 | $63.7M | $1.6M |
| 5 | Northeast Bank | 176 | $36.0M | $205K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses are classified under NAICS 531311?
NAICS 531311 includes establishments that manage residential real estate for others on a fee or contract basis. This covers apartment complex managers, single-family home management companies, multi-family property managers, and homeowner association (HOA) management firms. Per the Census Bureau[5], the key distinction is that these businesses manage properties they do not own.
How is the residential property management industry structured?
The industry comprises over 102,000 establishments and is highly fragmented, with no single company controlling more than 5% of market share. Per the Bureau of Labor Statistics[6], property managers earned median wages of $66,700 in 2024. California employs the largest state workforce at 79,000 professionals. Revenue comes primarily from management fees of 8 to 12 percent of monthly rent.
What is the SBA size standard for NAICS 531311?
The SBA size standard is $7.0 million in average annual receipts (SBA Size Standards[7]). This threshold determines eligibility for SBA loan programs and federal contracting preferences. Most residential property management firms qualify as small businesses under this standard.
What NAICS codes are related to residential property managers?
Closely related codes include 531312 (Nonresidential Property Managers), 531110 (Residential Building Lessors), 531210 (Real Estate Agents and Brokers), 531320 (Real Estate Appraisers), and 531390 (Other Real Estate Activities). Each represents a different function within the property ownership and services ecosystem.
Which industries work most closely with residential property managers?
Remodelers (236118) and HVAC contractors (238220) perform maintenance work. Insurers (524126) provide property coverage. Banks (522110) provide owner financing. CPA firms (541211) handle tax planning. Janitorial services (561720) maintain common areas. Facilities support (561210) provides ongoing building operations support.
What activities are included in NAICS 531311?
Activities include screening tenants, collecting rent, coordinating maintenance and repairs, preparing lease agreements, conducting property inspections, processing evictions, handling tenant disputes, preparing financial reports for owners, and ensuring compliance with housing codes and fair housing regulations.
Can you get an SBA loan for a property management business?
SBA loans are available for qualifying firms meeting the $7.0 million size standard. SBA 7(a) loans[9] can fund office space, technology platforms, marketing, and working capital. The service-based nature of property management means startup capital requirements are lower than property ownership businesses.
Which states have the highest concentration of residential property managers?
California leads with over 79,000 property management professionals, followed by Texas, Florida, and New York. Per BLS data[6], metropolitan areas with large renter populations drive demand. These four states account for roughly 40% of total U.S. property management employment.
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. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]U.S. Census Bureau census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]SBA size standards sba.gov
- [8]504/CDC loans sba.gov
- [9]SBA 7(a) loans sba.gov
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