If you own rental property and need your NAICS code, the answer depends on whether your tenants live in the property or use it for business.
The primary NAICS code for residential rental is 531110, while the code for commercial or nonresidential rental is 531120. Both are classified under Lessors of Real Estate within the Real Estate and Rental and Leasing sector.
Primary Real Estate Rental Codes
| Property Type | NAICS Code | Industry Title |
| Residential | 531110 | Lessors of Residential Buildings and Dwellings |
| Commercial | 531120 | Lessors of Nonresidential Buildings (except Miniwarehouses) |
| Self-Storage | 531130 | Lessors of Miniwarehouses and Self-Storage Units |
| Land/Other | 531190 | Lessors of Other Real Estate Property |
What Do These Codes Cover?
According to the official 2022 NAICS data, these codes cover establishments primarily engaged in acting as lessors (landlords) of buildings or other real estate.
Code 531110 (Residential) Includes:
- Apartment Buildings: Renting or leasing multi-unit residential structures.
- Single-Family Houses: Renting detached homes or townhouses.
- Vacation Rentals: Leasing cottages, cabins, or homes on a short-term basis.
- Residential Hotels: Operating buildings where rooms are rented as a primary residence.
- Residential REITs: Equity real estate investment trusts primarily leasing residential dwellings.
Code 531120 (Nonresidential/Commercial) Includes:
- Office Buildings: Renting space to professional or corporate tenants.
- Shopping Centers & Malls: Leasing space to retail businesses.
- Industrial Buildings: Renting warehouses or manufacturing facilities.
- Event Spaces: Renting banquet halls, conference centers, or arenas (without promoting events).
The important word here is Lessors. These codes are for the owners or leaseholders of the property who rent it out to generate revenue.
Does My Business Qualify?
Your business qualifies for these codes if:
- You own or have control of a property and lease it to others.
- Your primary source of revenue is the rent or lease payments received from tenants.
- You manage the property yourself or hire a manager, but you are the entity that holds the lease agreement.
Your business may not qualify if:
- You are a Property Manager Only: If you manage properties for owners but do not own the buildings, use 531311 (Residential Management) or 531312 (Nonresidential Management).
- You are a Real Estate Agent/Broker: If you only facilitate the buying, selling, or renting of property for a commission, use 531210.
- You Provide Accommodations: If you provide lodging with significant services (like a full-service hotel), use 721110.
- You Rent Land Only: If you rent out vacant lots, grazing land, or mobile home sites, use 531190.
Where Will You Need This Code?
Your NAICS code is essential for various financial and regulatory requirements:
SBA Loan Applications. Lenders require your NAICS code to assess industry risk. If you are seeking a loan for a new rental property or a refinance through SBA programs like the 504 loan, you will need 531110 or 531120.
Business Registration. Most state portals require a NAICS code to categorize your LLC or Corporation when you register your real estate business.
Commercial Real Estate Financing. Banks use these codes to benchmark your performance against other real estate lessors and to determine interest rates based on sector-specific risks.
Business Insurance. Insurance providers use these codes to calculate premiums for property and liability insurance, as residential and commercial rentals have different risk profiles.
Tax Filings. Federal and state tax agencies use these codes to ensure your business is compliant with standard reporting for the real estate sector.
531110 in the NAICS Hierarchy
Every NAICS code sits inside a structured hierarchy. Here is the breakdown for Residential Rentals:
| Level | Code | Title |
| Sector | 53 | Real Estate and Rental and Leasing |
| Subsector | 531 | Real Estate |
| Industry Group | 5311 | Lessors of Real Estate |
| NAICS Industry | 53111 | Lessors of Residential Buildings and Dwellings |
| National Industry | 531110 | Lessors of Residential Buildings and Dwellings |
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