This industry group comprises establishments primarily engaged in acting as lessor of (1) residential buildings and dwellings; (2) nonresidential buildings (except miniwarehouses); (3) miniwarehouses and self-storage units; and (4) other real estate property such as manufactured home sites (also mobile home sites), vacant lots, and grazing land.

For the 2007 Economic Census, the 2007 Survey of Business Owners, and the 2007 Economic Census of Island Areas, real estate investment trusts (REITS) are included in Industry Group 5311, Lessors of Real Estate, based on primary type of real estate property leased. However, for the 2002 Economic Census, the 2002 Survey of Business Owners, and the 2002 Economic Census of Island Areas, the equity REITs were classified in Subsector 525, Funds, Trusts, and Other Financial Vehicles.