Residential Brokers & Property Managers NAICS 531311, 531210

Jun 23, 2026 - Agents Leaving the Industry Amid Tepid Housing Market

• The Wall Street Journal reports that the slow housing market is pushing more real estate agents and mortgage professionals out of the business. Now in its fourth year, the housing downturn is being driven by high mortgage rates, elevated home prices, weaker demand, longer listing times, and fewer closings, leaving many commission-based workers with lower incomes or needing second jobs. NAR membership fell to 1.4 million in April from a peak of 1.6 million in October 2022. For the residential broker industry, the trend could thin agent ranks, widen the gap between top producers and struggling agents, force smaller brokerages to close or sell, and give larger firms an edge through technology, scale, and added services.
• According to Realtor.com, the US median asking rent fell 1.5% year over year in May 2026 to $1,686, marking the 34th consecutive month of annual declines for 0-2 bedroom units across the nation's 50 largest metros. For residential landlords, continued rent softening, combined with elevated multifamily supply, may limit pricing power, increase competition for tenants, and require greater focus on occupancy and retention strategies. Rents declined across all major unit types, though national asking rents remain 17.2% above pre-pandemic levels, even as they are 4.4% below their 2022 peak. Realtor.com also found notable shifts in renter demand patterns, with some markets attracting more local renters while others saw rising interest from out-of-market renters, highlighting evolving migration and housing preferences that continue to influence rental demand nationwide.

• Fitch Ratings revised its 2026 outlooks for the US homebuilding and North America building products sectors to deteriorating from neutral, citing affordability challenges, weak consumer sentiment, and mortgage rates expected to remain near 6.5% through year-end. Fitch forecasts new home sales will decline 2.5%, existing home sales will be flat to slightly lower, and single-family housing starts will fall 4.5%. Homebuilders are expected to see low- to mid-single-digit revenue declines and weaker margins as they offer discounts and incentives to attract buyers. Fitch also expects weaker credit metrics across the sector, citing ongoing cost inflation, lower volumes, and reduced earnings visibility.
• A recent $69 billion merger announcement by AvalonBay Communities and Equity Residential could signal a fresh round of industry consolidation, as large landlords seek safety in numbers amid weak rent growth and profits, according to The Wall Street Journal. The move would create the nation’s largest apartment owner, and comes as apartment landlords face sluggish rent growth, softer profits, rising costs, elevated interest rates, and investor pressure. For the apartment industry, the deal signals that more owners may pursue mergers, acquisitions, and cost-cutting measures to improve efficiency, lower financing costs, and strengthen competitiveness as rent growth remains constrained by a large pipeline of new apartment supply, particularly in the Sun Belt and Mountain West. Analysts expect consolidation to continue even though the combined company is unlikely to gain significant pricing power.