2022 Economic Census / NAICS 53
Real estate and rental and leasing
The four largest firms in Real estate and rental and leasing accounted for 5.8% of the industry's 2022 sales, value of shipments, or revenue, and its concentration (HHI 20) ranks 11 of 17 sectors in the Economic Census. What is HHI?
National employer-firm concentration for this sector, measured from sales, value of shipments, or revenue. Census categories are statistical groupings, not necessarily antitrust markets.
Revenue-based HHI
19.6
National rank
#11
of 17 published
Sector rank
N/A
of 17 published
Largest 4 firms
5.8%
Share of industry revenue
Revenue
$946.4B
Sales, shipments, or revenue
Employer firms
369K
368,958
Employment
2.5M
2,522,021
Four source-bounded systems
Sector evidence passport
- GeographyUnited StatesNational firm totals
- UniverseEmployer firmsFirms with payroll
- MeasurementRevenue concentrationSales, shipments, or revenue
- Permitted useScreening onlyNot a legal market definition
Longitudinal sector pulse
How typical detailed industries changed inside Real estate and rental and leasing
Compare six strict-match medians, their publication coverage, and each sector's position among 17 economy-wide rows.
Median HHI-point change across strict six-digit matches
Economy median
+1.6 ptsAcross sector medians- 2017 paired median
- 93.2
- 2022 paired median
- 103.8
- Published pairs
- 16 of 24
- Direction mix
- 9 up / 7 down
Interpretation
The typical published detailed-industry HHI moved +2.3 pts. This distribution statistic is separate from the official broad-sector HHI row.
Classification boundary: 0 changed and 0 new detailed rows remain outside strict deltas.
Census formation and sector context
Monthly formation signals beside annual sector structure
60 monthly observations for the exact NAICS 53 broad-sector contract.- Business Applications
- 26,431
- Jul 2026 monthly count
- Application annual change
- +18.9%
- Same month one year earlier
- U.S. application share
- 4.6%
- Share of national applications
- High-propensity mix
- 12.0%
- 3,163 applications
- Projected formations
- 1,239
- Modeled four-quarter source projection
- Establishment entry rate
- 12.6%
- 2023 annual BDS rate
Monthly source trajectory
Applications and high-propensity applications
Source clocks
Four releases, three measurement systems
- Business Formation Statistics
- 2026-07
- monthly applications and projected formations
- Business Dynamics Statistics
- 2023
- annual employer-establishment flows
- Economic Census structure
- 2022
- median across detailed-industry HHI rows
- Strict concentration history
- 2017-2022
- same-code and same-label detailed pairs
BLS labor and payroll context
Financial activities signals across linked sectors
2 Census sectors share these BLS source-group readings; none is allocated a separate value.- Job openings
- 4.4%
- Jun 2026 JOLTS rate
- Hires
- 2.0%
- Jun 2026 JOLTS rate
- Quits
- 1.0%
- Jun 2026 JOLTS rate
- Layoffs + discharges
- 0.5%
- Jun 2026 JOLTS rate
- All employees
- 9.1M
- 9,090 thousand payroll jobs
- Weekly hours
- 37.4
- -0.2 hrs from year earlier
- Hourly earnings
- $49.44
- +3.9% from year earlier
JOLTS worker flows
Openings and quits on native rate scales
CES payroll context
Payroll jobs and nominal earnings, indexed
Declared classification bridge
One profile, two source-owned industry groups
- Selected Census parent
- NAICS 53
- Real estate and rental and leasing
- JOLTS group
- 510099
- Financial activities
- CES supersector
- 55
- Financial activities
- Mapped Census sectors
- 2
- 52, 53
Independent release clocks
Two monthly systems, no merged series
- JOLTS worker flows
- 2026-06
- 60 displayed months · latest preliminary
- CES payroll context
- 2026-07
- 60 displayed months · latest preliminary
BEA industry output context
Real estate in the U.S. value-added map
Exact broad-sector bridge from Census NAICS 53 to BEA line 60.- GDP share
- 13.8%
- 2025 current-dollar composition
- Real growth
- +1.5%
- 2026-Q1 annualized BEA convention
- Growth contribution
- +0.21 pp
- 2026-Q1 contribution to real GDP growth
- Real quantity index
- 130.2
- 2026-Q1 / 2017=100
- Current value added
- $4.34T
- 2026-Q1 seasonally adjusted annual rate
Annual composition trajectory
Share of current-dollar GDP
BEA domestic production requirements
Production industries inside the broader Real estate and rental and leasing sector
Parent NAICS 53 supplies a classification directory only; no requirement coefficient is assigned to this narrower profile.- BEA lines in scope
- 3
- inside NAICS 53
- Annual matrices
- 28
- 1997-2024
- Raw matrix cells
- 5,964
- retained without aggregation
- Net requirement
- Not constructed
- not additive across buyer columns
- Own requirement
- Not constructed
- no sector diagonal constructed
Published production directory
3 BEA industries map to this parent sector
Longitudinal sector profile
Business formation and job flows since 1978
46 annual BDS records compare Real estate and rental and leasing with the national series while preserving the BDS universe.- Real estate and rental and leasing
- 12.647%
- 2023 sector rate
- United States
- 10.608%
- 2023 national rate
- Sector gap
- +2.039 pp
- Above U.S. rate
- Joined-sector rank
- #5
- of 17 by magnitude
Establishment entry rate
Real estate and rental and leasing and the United States
- 1978
- 17.547%
- -4.9 pp to latest
- 2018
- 11.919%
- Higher than 2018
- Series high / 1986
- 18.678%
- Highest published rate
- Series low / 2009
- 10.266%
- Lowest published rate
Exact annual series
Sector and national values
| Year | 53 | United States | Gap |
|---|---|---|---|
| 2023 | 12.647% | 10.608% | +2.039 pp |
| 2022 | 14.335% | 11.651% | +2.684 pp |
| 2021 | 14.203% | 10.845% | +3.358 pp |
| 2020 | 11.896% | 9.637% | +2.259 pp |
| 2019 | 11.608% | 9.613% | +1.995 pp |
| 2018 | 11.919% | 9.414% | +2.505 pp |
| 2017 | 13.033% | 9.675% | +3.358 pp |
| 2016 | 12.645% | 10.194% | +2.451 pp |
| 2015 | 11.933% | 10.025% | +1.908 pp |
| 2014 | 12.146% | 9.906% | +2.24 pp |
| 2013 | 12.38% | 9.807% | +2.573 pp |
| 2012 | 12.043% | 10.018% | +2.025 pp |
| 2011 | 11.544% | 9.886% | +1.658 pp |
| 2010 | 11.255% | 9.495% | +1.76 pp |
| 2009 | 10.266% | 9.281% | +0.985 pp |
| 2008 | 11.987% | 10.307% | +1.68 pp |
| 2007 | 14.185% | 11.761% | +2.424 pp |
| 2006 | 16.059% | 12.495% | +3.564 pp |
| 2005 | 15.291% | 11.615% | +3.676 pp |
| 2004 | 13.533% | 11.511% | +2.022 pp |
| 2003 | 12.919% | 11.425% | +1.494 pp |
| 2002 | 12.968% | 11.911% | +1.057 pp |
| 2001 | 12.331% | 10.99% | +1.341 pp |
| 2000 | 11.661% | 10.848% | +0.813 pp |
| 1999 | 13.465% | 11.115% | +2.35 pp |
| 1998 | 12.369% | 11.438% | +0.931 pp |
| 1997 | 13.594% | 12.2% | +1.394 pp |
| 1996 | 12.583% | 11.795% | +0.788 pp |
| 1995 | 13.521% | 12.058% | +1.463 pp |
| 1994 | 13.534% | 11.885% | +1.649 pp |
| 1993 | 13.172% | 11.509% | +1.663 pp |
| 1992 | 13.461% | 11.577% | +1.884 pp |
| 1991 | 16.104% | 12.358% | +3.746 pp |
| 1990 | 14.917% | 12.683% | +2.234 pp |
| 1989 | 15.873% | 13.368% | +2.505 pp |
| 1988 | 16.742% | 13.959% | +2.783 pp |
| 1987 | 18.34% | 14.325% | +4.015 pp |
| 1986 | 18.678% | 14.095% | +4.583 pp |
| 1985 | 18.47% | 13.81% | +4.66 pp |
| 1984 | 18.078% | 14.534% | +3.544 pp |
| 1983 | 14.798% | 13.389% | +1.409 pp |
| 1982 | 13.455% | 12.464% | +0.991 pp |
| 1981 | 14.279% | 12.797% | +1.482 pp |
| 1980 | 15.183% | 12.806% | +2.377 pp |
| 1979 | 17.362% | 13.97% | +3.392 pp |
| 1978 | 17.547% | 15.146% | +2.401 pp |
Sector structure lab
Map concentration inside Real estate and rental and leasing
Each bubble is one six-digit industry. Horizontal position is revenue-based HHI, vertical position is CR4, and bubble area follows the selected economic scale.
Bubble area = revenue
17 rows have both HHI and CR4 / 7 HHI values withheld
Disclosure lane
Rows missing HHI or CR4 stay outside the numerical plane.
Active detailed industry
Largest by revenue
Hover or focus to inspect
Bubble size describes economic weight inside this NAICS sector. HHI and CR4 remain national statistical screens, not product-market definitions or findings of market power.
Sector intelligence dossier
From industry structure to antitrust evidence
Join the Census screen for Real estate and rental and leasing to descendant curated markets, public enforcement records, research outputs, and the next evidence queue.
Observatory coverage
1 curated market
NAICS 53 / national sector screen
Detailed industries
24
17 HHI published
Curated markets
1
1 exact NAICS crosswalks
Policy actions
2
2 linked reports
Evidence sources
6
1 Census HHI at 2,500+
Curated market crosswalk
Definitions and market metrics nested below this sector
1 of 24 detailed NAICS rows have exact links
NAICS crosswalk 531110
Rental housing
Rental housing access with affordability, supply, and selected institutional single-family rental ownership evidence
Market HHI
Not published
2026 evidence
Census HHI
34.9
2022 NAICS row
Market CR4
Not published
incomplete
Policy docket
2
2 reports
- Geographic scope
- National affordability and supply indicators plus selected local ownership evidence
- Measurement
- Mixed public indicators rather than one firm-share distribution
Public enforcement chronology
Sector-linked policy actions
U.S. Department of Justice / settlement
DOJ files proposed settlement with RealPage
DOJ filed a proposed consent judgment requiring changes to nonpublic data use, model training, pricing features, information sharing, and compliance monitoring.
U.S. Department of Justice / complaint
DOJ and states sue RealPage over rental pricing practices
DOJ and state plaintiffs filed a civil antitrust complaint alleging unlawful information sharing and pricing coordination through RealPage revenue-management software.
Research screening queue
Highest published six-digit Census HHI values
These rows prioritize definition work; they do not rank legal markets or infer liability.
7 additional detailed rows have disclosure-withheld HHI values.
Descendant NAICS codes provide a research crosswalk only. They do not make a curated product and geographic market equivalent to its Census industry, and market metrics are never aggregated into a sector score.
Review methodFirm concentration ladder
How much revenue the largest firms hold
Each rung widens the group of largest firms included in the Census concentration ratio.
Same-level benchmark
Position in the hierarchy
HHI distance from median
-3.4
NAICS hierarchy
Move up or down the classification tree
Federal merger-review composition
Where NAICS 53 appears in HSR review releases
Each release aggregates its own published acquired-entity 3-digit rows. Volume, review stages, labels, denominators, and source custody remain separate from the Census concentration screen.
FY2023 sector aggregate
Real estate and rental and leasing
3 published 3-digit rows
- Published share
- 2.5% of adjusted release transactions
- Agency clearances
- 5 2.7% of release / rank 8
- Second Requests
- 0 0.0% of release / rank 9
- Intra-industry flags
- 0 0.0% of release / rank 15
FY2024 sector aggregate
Real estate and rental and leasing
3 published 3-digit rows
- Published share
- 2.8% of adjusted release transactions
- Agency clearances
- 14 7.6% of release / rank 5
- Second Requests
- 4 6.8% of release / rank 6
- Intra-industry flags
- 1 1.3% of release / rank 12
Adjacent-release shift
Stable HSR sector code and label
Exact HSR sector code 53 is published in FY2023 and FY2024 with a stable source label. The deltas compare adjacent release aggregates without recoding their 3-digit rows.
- Transactions
- +13
- Published share
- +0.3 pp
- Clearances
- +9
- Second Requests
- +4
- Intra-industry
- +1
- Published rows
- 0
Nearest structural neighbors
Comparable fingerprints across the economy
Smallest mean national-percentile gaps across HHI, CR4, CR8, revenue, employment, and employer firms, using the same published dimensions as this row.
Evidence access
Reuse this exact row
Source citation
U.S. Census Bureau, 2022 Economic Census, EC2200SIZECONCEN: Selected Sectors - Concentration of Largest Firms for the United States, released April 2025.
Industry screen, not market conclusion
A NAICS industry is a statistical classification, not a legally defined antitrust market. Use these national revenue concentration measures to screen where deeper product and geographic market analysis may be warranted, not to infer market power or liability.