Real estate investment trusts, or REITs, have become increasingly popular over the years as a way for investors to gain exposure to the real estate market without having to purchase physical properties. REITs are essentially companies that own and operate income-producing real estate properties, such as apartments, shopping centers, and office buildings. But, have you ever wondered how many jobs are available in these types of companies?
What is a REIT?
Before we dive into the number of jobs available in REITs, it’s important to understand what a REIT is and how it operates. As mentioned earlier, a REIT is a company that owns and operates income-producing real estate properties. In order to qualify as a REIT, a company must meet certain criteria, such as distributing at least 90% of its taxable income to shareholders as dividends.
Types of REITs
There are several types of REITs, including equity REITs, mortgage REITs, and hybrid REITs. Equity REITs are the most common type and own and operate income-producing properties. Mortgage REITs invest in mortgages and other real estate debt. Hybrid REITs invest in both properties and mortgages.
Number of Jobs in REITs
According to a report by the National Association of Real Estate Investment Trusts (NAREIT), the REIT industry directly employs approximately 145,000 people as of 2023. This includes employees of the REITs themselves, as well as employees of the properties that they own and operate.
Job Opportunities in REITs
REITs offer a wide range of job opportunities across various departments, including property management, leasing, accounting, legal, and marketing. Some common job titles in REITs include property manager, leasing agent, accountant, attorney, and marketing manager.
Salary Range in REITs
The salary range in REITs varies depending on the job title, experience, and location. According to Glassdoor, the average salary for a property manager in a REIT is around $70,000 per year, while a leasing agent can expect to make around $40,000 per year. Higher-level positions, such as a vice president of property management, can make well over $100,000 per year.
Future Job Outlook in REITs
The job outlook for REITs is positive, as the industry continues to grow and expand. In fact, the NAREIT report mentioned earlier found that the REIT industry has added approximately 19,000 jobs since 2019. Additionally, as more investors turn to REITs as a way to invest in real estate, the demand for skilled professionals in the industry is likely to increase.
Skills Needed in REITs
To be successful in a career in REITs, there are several key skills that are necessary. These include strong communication skills, attention to detail, problem-solving abilities, and a solid understanding of real estate finance and accounting.
Overall, there are a significant number of jobs available in the REIT industry, with a wide range of opportunities across various departments. As the industry continues to grow and expand, the demand for skilled professionals in the industry is likely to increase, making it a promising career path for those interested in real estate.