Real Estate Employment and Wages in 2023

In 2023, the Real Estate and Rental and Leasing industry employed over 2.4 million people in the United States, reflecting an increase of 3.1% from 2022. The annual mean wage in 2023 was $61,630, and the median wage was $47,990. Compared to the national average, the wages in this industry group were lower by 5.9%.

Industry Sub-Groups

Among the industry sub-groups, Real Estate held the largest number of jobs within the Real Estate and Rental and Leasing industry, employing over 1.8 million people in 2023. The annual mean wage in this sub-group was $63,840, with a median wage of $48,700. There was a decrease in wage variance to the national average compared to 2022, with the variance shifting from -2.4% to -2.5%, indicating industry wages lagged national wage trends.

Rental and Leasing Services (5322, 5323, and 5324 only) accounted for a substantial employment share, with 347 thousand people employed in 2023. The annual mean wage for this sub-group was $57,550, and the median wage was $47,670. In terms of wage variance to the national average, there was a decrease compared to 2022, with the variance shifting from -11.6% to -12.1%.

The sub-group of Automotive Equipment Rental and Leasing also had considerable industry employment, with approximately 208 thousand people employed in 2023. The annual mean wage in this sub-group was $45,820 and the median wage was $38,490. The wage variance to the national average experienced a decrease compared to 2022, with the variance shifting from -29.2% to -30%.

Highest Employment Occupations

When we examine the top occupations in terms of employment within the Real Estate and Rental and Leasing industry, we find that General and Operations Managers had the highest annual mean wage in 2023, at $122,880, and a median wage of $97,080. The industry variance to the national average was -5%. Property, Real Estate, and Community Association Managers had an annual mean wage of $73,370 and a median wage of $61,460. The industry variance to the national average was -6.4%. First-Line Supervisors of Mechanics, Installers, and Repairers had an annual mean wage of $67,220 and a median wage of $62,780. The industry variance to the national average was -14.9%.

Conversely, notable occupations with lower wages within the Real Estate and Rental and Leasing industry included Counter and Rental Clerks, with an annual mean wage of $40,160 and a median wage of $37,510. The industry variance to the national average was -3.5%. Janitors and Cleaners, Except Maids and Housekeeping Cleaners had an annual mean wage of $40,370 and a median wage of $36,770. The industry variance to the national average was 11.4%. Office Clerks, General had an annual mean wage of $43,070 and a median wage of $40,160. The industry variance to the national average was -1.1%.

Summary

In 2023, the Real Estate and Rental and Leasing industry in the U.S. employed over 2.4 million people, marking a 3.1% increase from 2022. The annual mean wage was $61,630, and the median wage was $47,990, which is 5.9% below the national average. Real Estate was the largest sub-group, employing 1.8 million people with an annual mean wage of $63,840, slightly trailing national wage trends. Rental and Leasing Services employed 347,000 people, with wages 12.1% below the national average, while Automotive Equipment Rental and Leasing employed 208,000 with an annual mean wage of $45,820, showing a larger wage gap. Top-earning roles, such as General and Operations Managers, earned $122,880, while Property and Community Association Managers earned $73,370. Lower-wage positions, including Counter Clerks, Janitors, and Office Clerks, had mean wages ranging from $40,160 to $43,070. Overall, the industry showed steady employment growth, though wages generally remained below national averages across most sub-groups and occupations.

For more detailed industry insights, consider purchasing Aimiax’s 2023 Real Estate Industry Report.