Property Management Fees 2026: What SEC Filings Show

Property management fees in SEC filings: one row per filer

Every number below is a fee in a contract that an issuer disclosed to investors, with the form and accession number. "Basis" matters as much as the percentage: a fee on rents collected is smaller than a fee on rents billed, and a fee on "rents and fees" includes late fees and other charges.

Sources: the filings in the table, read and saved on October 13, 2026. Cottonwood Communities (2.5% of gross revenues on development projects, Form 10-K 0001692951-26-000055) and Medalist Diversified REIT (up to 3% to a former related party, ended in 2024, Form 10-K 0001104659-26-022253) are in the CSV; Cardone REIT I says only "market rate" (Form 1-K 0001477932-26-002687).

Three patterns stand out. First, the low end is for scale or for a flat fee. VineBrook, NexPoint Residential and Tirios sit between 2.5% and 3%, either because the owner is large enough to sign a portfolio contract or because the fee is a flat dollar amount. Second, the 8% group is a platform habit. Four Regulation A issuers on three platforms (Arrived's two funds, Casa Shares, Concreit) set 8%, and all four let the manager keep the spread between that 8% and what a local manager actually charges. Third, short-term rentals sit in another range entirely. The filings put it at 15% to 20% before the owner-level 5% asset management fee.

Arrived: 6%, $70 flat, 8% or 20%, depending on the vehicle

Arrived files through several Regulation A issuers and has more than one fee schedule, which is why quoted numbers differ. In its single-family series the Form 1-K says each series “will be charged a property management fee equal to six percent (6%) of all rents and fees as remitted to the series or a minimum property management fee of $84 on a monthly basis” for Mynd Property Management, and $70 a month flat for Marketplace Homes. Because 6% of $1,400 is $84, the minimum is what you pay on any rent below $1,400 (our arithmetic). The same wording appears in the Form 1-SA filed September 28, 2026, so the fee had not changed by mid-2026.

The two Arrived funds that buy houses through the manager (SFR Genesis Fund and Seattle Fund) work differently: they pay the manager or its affiliate 8% of gross receipts and, if the manager hires a local company, it is “entitled to retain the difference between the fees paid to the local property manager and the eight percent (8%) charged to the Company”. That structure is common among the platforms in the table and is the one place where the fee a platform lists is not the fee the property manager receives.

Short-term rentals add a second layer. Arrived STR's 1-K sets 15% to Old Town Rentals, rising to 20% in any year the series' net operating income passes 9% of cost, or 19.5% to Boutiq, and then a 5% asset management fee on gross revenues less maintenance and restocking. Arrived STR 2 sets 19.5% (18% once Boutiq manages $10 million of purchase price for Arrived entities) or 20% to Arrived Property Manager, LLC, an affiliate. For our reviews of the platform see Arrived Homes review and Arrived vs Ark7.

The management fee is only the first line: VineBrook's schedule

VineBrook Homes Trust shows what a full single-family contract looks like, because its 10-K lists every component. Under its June 10, 2025 agreements with the Evergreen Manager, the manager is entitled to a property management fee of 2.5% of collected rents, a shared services fee not to exceed the greater of 6.0% of collected rents and $75 per property “less any property management fee paid”, a major repair fee of 10% of project expenses (projects of $5,000 or more, capped at $3,500), and new lease and renewal commissions each equal to the greater of 40% of the first month's rent or $600. Other repair, maintenance, vacancy and turnover fees are charged per property. The agreement has an initial seven-year term, and if the owner ends it, the owner pays 90 days of fees.

Take a house that rents for $2,000 a month. At VineBrook's schedule the 2.5% fee is $50 a month, and the shared services fee can bring the combined charge up to 6%, or $120 (our reading of the cap). A new lease or a renewal costs the greater of $800 (40% of $2,000) or $600, so $800 (our arithmetic). A lease commission of $800 once a year is equal to 3.3% of a year's rent ($800 divided by $24,000, our arithmetic) on top of the monthly fee. A landlord comparing a quote of "8%, nothing else" with a quote of "2.5% plus fees" has to add the second list before comparing.

NexPoint Residential Trust, the multifamily sibling, discloses a similar structure: about 3% of gross income collected, a per-unit set-up and inspection fee, 5% to 6% of project costs for construction supervision, and on termination damages equal to the remaining months' fees plus a close-out fee of 50% of the last month's fee. Its same-store property management fees were $7,175 thousand on $249,365 thousand of revenue in 2025, 2.9% (our arithmetic).

What the largest landlords' own managers cost them

Invitation Homes and American Homes 4 Rent run their own property management and report it as an expense, not a fee. That makes it a benchmark for what managing a house costs at scale, with the caveat that it excludes the cost of a third party's profit.

A single-family owner with a handful of houses has no such scale. The 5.6% and 7.5% figures also exclude the repairs, turnover and leasing costs, which American Homes 4 Rent reports separately (repairs, maintenance and turnover were 7.4% of core revenue in 2025).

Who may charge for managing a rental: the statutes

Statutes differ by state on who may take a fee for renting property that belongs to someone else. We read the official text of two. Florida Statutes section 475.01(1)(a) defines a broker as “a person who, for another, and for a compensation or valuable consideration directly or indirectly paid or promised” rents or offers or agrees to negotiate the rental of real property, and section 475.41 provides that “No contract for a commission or compensation for any act or service enumerated in s. 475.01 (3) is valid unless the broker or sales associate has complied with this chapter in regard to issuance and renewal of the license at the time the act or service was performed.” Our reading: in Florida a manager who collects pay for renting your property without a license has a contract that this section makes invalid; an owner renting out their own property is not acting "for another".

Revised Code of Washington 18.85.011(17)(h) lists among real estate brokerage services “Performing property management services, which includes with no limitation: Marketing; leasing; renting; the physical, administrative, or financial maintenance of real property; or the supervision of such actions.” RCW 18.85.151(1) exempts “Any person who purchases or disposes of property and/or a business opportunity for that individual's own account” (the version effective until January 1, 2028). Our reading: a Washington landlord who manages their own houses is outside the chapter, and a company paid to manage someone else's houses is inside it.

We did not read the statutes of other states, and each has its own exemptions and its own rules for trust accounts and written agreements. This is analysis of public documents, not legal advice: check your state's real estate commission before you sign.

What a landlord can do with this

The filings show which terms to ask about. Before you sign with a manager, ask for each of these in writing:

1. The basis. “Collected rents” (VineBrook, Casa Shares) is smaller than “gross receipts” or “rents and fees” (Arrived), which can include late fees and other charges.
2. Vacancy. Casa Shares and the Arrived funds do not charge while the property is vacant; check whether your contract does the same.
3. Leasing and renewal fees. VineBrook's commission applies to renewals, not only to new tenants. REI Capital Growth's filing gives a leasing range of 4.0% to 8.5%, described as one half to one full month's rent.
4. Repair markup. A percentage on larger projects (VineBrook's 10%, capped at $3,500) is a second fee; a flat or at-cost policy is not.
5. Who gets the spread. If a platform or master manager subcontracts the work, the contract may let it keep the difference between its fee and what the local manager charges (Casa Shares, Concreit, Arrived funds).
6. Termination. VineBrook's 90 days of fees and NexPoint's close-out fee of 50% of one month show that leaving can have a price.
7. Short-term rentals. Expect 15% to 20% of rents and fees in the Arrived filings, and a second owner-level fee on top.

The rental property calculator shows how each point moves cash flow, and the single-family rental landlords census lists who owns the largest portfolios whose managers appear above.

FAQ

Sources, read and saved on October 13, 2026 (SEC accession numbers): Arrived Homes, LLC Form 1-K 0001213900-26-050390 and Form 1-SA 0001213900-26-104127; Arrived Homes 3, LLC 0001213900-26-049888; Arrived STR, LLC 0001213900-26-050098; Arrived STR 2, LLC Form 1-K 0001213900-26-050130 and Form 1-K/A 0001213900-26-088286; Arrived SFR Genesis Fund, LLC 0001213900-26-049375; Arrived Seattle Fund, LLC 0001213900-26-050065; Casa Shares Assets, LLC 0001493152-26-006488; Concreit Series LLC 0001731122-26-000662; Tirios Propco Series LLC 0001477932-26-002704; Ark7 Properties LLC 0001815395-26-000001 and 1-A POS 0001815395-26-000004, Ark7 Properties Plus LLC 0001923734-26-000001, Ark7 Properties Advance LLC 0002025051-26-000001; EvolveX Equity Fund LLC 0001929818-26-000005; REI Capital Growth LLC 0001683168-26-002241; Cardone REIT I, LLC 0001477932-26-002687; VineBrook Homes Trust 0001193125-26-102071; NexPoint Residential Trust 0001193125-26-077343; Lightstone Value Plus REIT V 0001185185-26-001079; Pillarstone Capital REIT 0001437749-26-032293; Strategic Student and Senior Housing Trust 0001193125-26-117409; Cottonwood Communities 0001692951-26-000055; Medalist Diversified REIT 0001104659-26-022253; Invitation Homes 0001687229-26-000016; American Homes 4 Rent 0001562401-26-000010. Statutes: Florida Statutes sections 475.01 and 475.41 (flsenate.gov, 2025 edition); Revised Code of Washington 18.85.011 and 18.85.151 (app.leg.wa.gov). The percentages are contract terms disclosed to investors by each issuer, not a survey of local property managers. This is analysis of public documents, not investment, legal or tax advice.