Residential Brokers & Property Managers

The 94,000 residential real estate and property management firms in the US work with owners to find buyers for property for sale, lessees for property for rent, and to maintain and manage rental property. Over 60% of industry revenues come from the sale of residential property, and the remainder comes from property management services.

Fewer Qualified Buyers

Mortgage lenders adopted stricter lending practices in the wake of the 2008 financial crisis, making it more difficult, especially for first time home buyers, to qualify for new loans.

Greater Internet Marketing

Residential real estate brokers and property managers are increasing their use of both the internet and multiple listing services (MLS) to advertise available properties to prospective buyers and renters.

Aug 23, 2026 - Apartment Debt Pressures Landlords

• The Wall Street Journal reports that apartment landlords face a potential debt crisis as many properties financed at low pandemic-era rates must refinance at much higher borrowing costs. Over the next decade, $1.8 trillion in apartment loans will mature, including $757 billion through 2028, according to the Mortgage Bankers Association. A recent quarter-percentage-point Fed rate hike could lead to much higher interest rates when landlords refinance. Heavy new apartment supply in some Sun Belt markets has added pressure by limiting rent growth and pushing some owners toward sales, lender workouts, or cost reductions. Residential property managers may face tighter operating budgets, deferred capital projects, and greater scrutiny of expenses at leveraged properties. Brokers could see more distressed or motivated sales as owners confront refinancing gaps and weaker property valuations.
• The National Association of Home Builders (NAHB) found the national median price of a new single-family home was $410,700 in the second quarter, $25,000 below the $435,700 median for an existing home. NAHB says the reversal reflects regional and compositional differences, tight existing-home inventory, and builders responding to affordability pressure with smaller homes, smaller lots, incentives, and more construction in lower-cost markets. Existing homes have now carried a higher national median price in six of the past nine quarters. Brokers may need to account for stronger competition from new construction in some markets, while property managers could see affordability pressures keep some households renting longer.
• US advertised multifamily rents increased $2 in August to $1,773, while year-over-year growth accelerated to 0.4%, its highest rate in nearly a year, according to Yardi Matrix. August marked the first monthly rent increase in several years, and rents rose in 16 of Yardi Matrix's top 30 markets. The number of multifamily units entering the leasing market, either new developments or renovations, declined to 1.2 million in early August from a peak of 1.4 million in early 2025, although it remained roughly double the prior decade's average. Yardi says shrinking levels of new inventory coming online in many Sun Belt markets are easing supply-driven pricing pressure. Lessors may see improving rent conditions as new supply is absorbed, although performance remains uneven by market, and elevated lease-up inventories continue to constrain pricing in some areas.
• As mortgage rates again approach 7%, real estate agents are changing the advice they give home sellers, according to The Wall Street Journal. In a slower, affordability-constrained market, sellers are being urged to focus more closely on realistic pricing, property condition, and deal structures that can help keep buyers engaged. Residential brokers may need to spend more time preparing listings, setting seller expectations, and negotiating concessions as financing costs reduce buyer purchasing power. Longer marketing periods and more price-sensitive buyers can also require brokers to manage client expectations carefully and adjust sales strategies as market conditions shift.

Industry size & Structure

The typical residential broker and property manager employs 3-12 workers and generates about $1 million in annual revenue.

• There are about 94,000 firms in the US with $128 billion in annual revenue and about 1.1 million employees.
• The industry is highly fragmented with the 50 largest firms totaling 20-32% of industry revenue.
• The largest firms include Century 21, Re/Max Realtors, and Coldwell Banker.
• The majority of industry employees are property managers and real estate agents. The remainder are office/administrative support and management.