Edited By Julian Palacio
Review & Contribution By Emily Johnson
A Ph.D. Real Estate empowers you to research, publish, and shape real estate theory and practice. It equips you for impactful roles in academia, research, industry, or policy.
A Ph.D. real estate offers a solid background in finance and economics. Students also have the chance to concentrate their studies and research efforts on various themes in real estate, the financial industry, housing, and urban economics. The program aims to prepare students for academic careers in finance, real estate, and technical research roles. Doctoral candidates learn cutting-edge approaches to a range of contemporary real estate issues, such as organized funding, contract design, sales prices, regulatory requirements in real estate finance, property investment cycles, real options, aggregation economies, and the framework and function of mortgage, accommodation, and land markets. Ph.D. being one of the final legs of studies, students gain the maximum knowledge in the domain, which helps them excel as professionals.
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National University, headquartered in San Diego, California, was founded in 1971 to provide educational opportunities for adult learners and working professionals. It offers over 190 degree programs, including bachelor’s, master’s, and doctoral degrees, with flexible online and on-campus courses. Serving around 40,000 students and over 240,000 alumni, the university is recognized for its support of U.S. military members. Accredited by the WASC Senior College and University Commission (WSCUC), National University is committed to accessible and transformative higher education.
Find the Best Ph.D. Real Estate Programs
Several universities in the United States offer a doctoral program in real estate. Finding the best Ph.D. real estate online programs can be challenging. Some factors to evaluate while checking for the best doctoral programs include coursework, research and laboratory facilities, funding, and more. Using FBD’s ranking and proprietary methodology, here are the best Ph.D. real estate online programs:
| Univ | Address | Tuition | Grad Rate |
| Liberty University | 1971 University Blvd, Lynchburg, Virginia 24515 | $7,740 | 66% |
Universities and programs are ranked by various factors, such as affordability, curriculum and coursework, reputation and availability, program length, statistics, the potential of employment, and return on investment for the students. For a more in-depth analysis, please read about our rankings methodology page.
What to Expect from a Ph.D. Real Estate Program
A Ph.D. in real estate is a rigorous and specialized program designed to equip students with advanced knowledge and research skills in real estate. The program would typically require 45-72 credits and include advanced coursework in real estate finance, investment analysis, market analysis, urban economics, real estate law, and property development. These courses provide a deep understanding of theoretical concepts and analytical techniques relevant to the real estate industry. Doctoral candidates work closely with faculty mentors to develop research projects, collect and analyze data, and contribute new knowledge through scholarly publications and presentations. Ph.D. programs often offer opportunities to specialize in specific areas of real estate, such as real estate finance, urban planning, housing economics, sustainable development, or property management. Many degrees provide opportunities to gain teaching experience by serving as teaching assistants or instructors for undergraduate or graduate courses in real estate. Career opportunities for individuals are diverse and can span academia, research institutions, government agencies, consulting firms, and the private sector.
Program Structure, Coursework, and Dissertation
The Ph.D. in Real Estate is intended to educate students for government and business careers and research and teaching at universities and colleges. This degree produces research-minded Ph.D. graduates while offering a thorough teaching experience. It emphasizes intense instruction in real estate, economics, quantitative techniques, and finance. Below are some commonly provided courses under the Ph.D. in real estate online program.
Real Estate Analysis
Any graduate interested in real estate decision-making should take this course, which also serves as a foundation for more challenging courses. The course focuses on developing a conceptual framework for making decisions in the complex and hazy world of real estate markets. The topics addressed offer a chance to create quantitative tools required for investment analysis in companies whose primary business activities may or may not involve real estate.
Real Estate Investment
In this course, students analyze investments from the standpoint of a single property. The last portion discusses real estate portfolios. The economics of investing, return metrics, the impact of financial leverage and revenue on investment performance, portfolio theory, and REITs are among the major subjects. This course is designed to give students the foundation to work as real estate financial analysts in various industries.
Microeconomic Theory
Students will learn how to do a comparative-statics examination of the neoclassical theories of business and consumer behavior using the analysis models of calculus and matrix algebra. They will demonstrate their knowledge with test sets, examinations, and a final exam. By the conclusion of the course, they can create and solve business and consumer behavior models using contemporary microeconomics techniques.
Statistics for Econometrics
This course provides students with the foundational knowledge and skills necessary to excel in other economics courses and field-specific studies. Through this course, they develop a solid understanding of probability, estimation techniques, and hypothesis testing, essential for conducting rigorous econometric analysis and interpreting economic data effectively.
Corporation Finance Theory
This course introduces students to key concepts and paradigms in financial economics. By engaging with this course, they gain familiarity with major theoretical frameworks and principles that underpin corporate finance. Topics covered include optimization problems, calculus, and optimization techniques, enabling them to analyze financial decisions, solve optimization problems, and apply theoretical concepts to real-world scenarios.
Other courses offered are
- Econometrics I
- ECON Elective
- Real Estate Management Research Methodologies
- Real Estate Management Future Demands
- Strategies for Real Estate Management
- Economic Theory
- Asset Pricing Theory
- Empirical Asset Pricing
- Corporate Finance Theory
- Applications of Psychology and Economics
- Applied Econometrics
- Research and Theory in Business: Behavioral Science
- Real Estate Management Research Proposal
- Real Estate Management Research Writing
- Doctoral Defence
Learning Outcomes and Skills Gained
A student with a Ph.D. in real estate can handle real-world problems in the best possible manner. Their rigorous research work broadens their knowledge and sharpens their analytical skills. It equips individuals with diverse skills highly valued in academia, research institutions, government agencies, consulting firms, and the private sector, enabling them to contribute significantly to advancing knowledge and practice in the real estate industry.
Some of the key skills students learn from a Ph.D. in Real Estate include the ability to:
- design and conduct independent research projects, analyze complex datasets, and draw evidence-based conclusions;
- identify research gaps, formulate research questions, and propose innovative solutions to real estate challenges;
- demonstrate proficiency in quantitative modeling, regression analysis, and econometric techniques, enabling them to analyze real estate data and assess market trends with precision;
- demonstrate understanding of topics such as urban economics, land use planning, property valuation, and housing markets, applying economic concepts to analyze real estate phenomena and policy implications;
- demonstrate knowledge of socio-economic implications of policy decisions on housing affordability, urban development, land use, and sustainability, contributing to evidence-based policy recommendations;
- Use their writing skills, oral presentation abilities, and interpersonal communication skills, essential for disseminating research findings and engaging with diverse stakeholders;
- demonstrate pedagogical skills, curriculum design expertise, and mentorship abilities, preparing them for academic careers and leadership roles in education and training;
- demonstrate the cultivation of professional networks, interdisciplinary collaborations, and partnerships that enhance their research impact and career opportunities.
Areas of Specialization for Real Estate Ph.D. Students
Taking up a specialization offers a deep understanding of the area, thus allowing the students to gain expertise. They may earn the desired skills, knowledge, and experience the industry seeks. A specialized Ph.D. real estate online will aid them in career advancements, research opportunities, and networking, helping them get distinguished roles in the job market. Below are some specializations available in an online Ph.D. in real estate:
| Area of Specialization | Description | Career Options |
|---|---|---|
| Real Estate Finance | This area of specialization focuses on the financial aspects of real estate, including investment analysis, capital markets, mortgage-backed securities, and risk management. | Real estate investment banking, real estate brokerage, and real estate private equity |
| Real Estate Law | This specialization focuses on the legal aspects of real estate, including property rights, land use regulation, zoning, and contract law. | Real estate attorney, real estate broker, and real estate developer |
| Real Estate Marketing | This specialization focuses on marketing real estate properties, including technology and social media in real estate marketing. | Real estate marketing manager, real estate agent, and real estate investor |
| Sustainable Real Estate | This specialization focuses on the intersection of real estate and sustainability, including green building practices, energy efficiency, and sustainable design. | Sustainability consultant, green building specialist, and sustainability manager |
Full-Time and Part-Time Ph.D. Programs
A Ph.D. program is a long-term investment of time and finances. A typical doctoral program will last between 3 and 4 years, depending on the student’s circumstances, the dissertation’s quality, and other financial obligations, if any. Real estate Ph.D. programs online can be taken up either full-time or part-time. As stated above, a full-time program can be completed in five years, whereas a part-time program may take anywhere between 6 to 8 years. This may differ due to school credit requirements, the dissertation’s length, personal conditions, and learning pace.
Accelerated Real Estate Ph.D. Programs
More often than not, the faculty at a university encourages students to complete their Ph.D. programs earlier than the stipulated time frame. Such programs are not labeled “accelerated” programs on the university website but are known as such. A Ph.D. in real estate, if pursued in an accelerated mode, can be completed in as little as 2 to 3 years. They take a more intensive course load and work in close coordination with the faculties to complete the program more quickly. The knowledge and the credibility of a regular and an accelerated program are the same. Moreover, this mode also saves a lot of resources on the graduate’s part. Some colleges that provide such accelerated degrees include:
- Reign University [1]
- The Wharton School [2]
Admission Requirements for Ph.D. Real Estate Programs
Admission requirements for Ph.D. real estate online programs are almost identical to those for any other Ph.D. program. However, these may vary slightly from college to college and program to program. Students should ensure the following documents are in place before looking for colleges:
- Online application fee
- Test scores – GMAT or GRE
- College transcripts
- Statement of purpose
- All applicants must submit an updated résume
- Letters of Recommendation
- English proficiency test score
- Research experience
- Masters degree certificate
Ph.D. Real Estate No GRE Programs
Recently, universities have started taking students for doctoral programs without a GRE score. It has made the admission process more accessible. Here are some recommendations for obtaining admission to a Ph.D. in real estate no gre. For admission to a Ph.D. program, applicants must seek out universities that have eliminated GRE requirements. Since most programs don’t require the GRE, consider applying for a Ph.D. part-time or online. Where the GRE is optional, they should try to boost their application profile by citing work experience, prior research, and a letter of recommendation. Some doctoral degrees in real estate with no gre requirements include:
How to Ensure a Ph.D. Real Estate Program is Accredited
Accreditation is one of the first things a student must look for in a college. An education program’s faculty and curriculum are just two of the many elements that are assessed as part of the accrediting process. Students should check if prospective schools are accredited to ensure they are paying for a respectable degree. It is important because of the quality assurance it offers graduates and employers. Owing to accreditation, the degree of the university or college is recognized and accepted by other reputed institutes. Moreover, it is also essential to get federal financial aid for higher studies. Online real estate Ph.D. programs often have programmatic accreditation from the Accreditation Council for Business Schools and Programs (ACBSP) [5]. The organizations providing regional accreditations include:
- New England Commission of Higher Education (NECHE) [6]
- Middle States Commission on Higher Education (MSCHE) [7]
- Higher Learning Commission (HLC) [8]
- Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) [9]
- Northwest Commission on Colleges and Universities (NWCCU) [10]
- Western Association of Schools and Colleges (WASC) Senior College and University Commission (WSCUC) [11]
Read the guide to college accreditation to understand more about accreditation.
Free Real Estate Courses
Free real estate courses available online assist students in carving a niche for themselves and standing out from others. Acquiring knowledge apart from what is included in the degree helps them strengthen their resumes and make a mark when getting selected for some of the premium jobs. Various free online short-term courses are available for students to enroll in. Here are some to explore:
| Course | Description | Provided by |
|---|---|---|
| Sustainable Urban Regeneration [12] | This course will help students better understand the major forces behind sustainable urban growth and cities’ role in global dynamics. Course takers will learn that urban regeneration projects employ several crucial phases, actors, and procedures to create value that can be evaluated. The program also aids in defining and assessing the key components of sustainable urban regeneration projects while considering their effects on society and the environment. | Coursera |
| Financial Markets [13] | This course examines the principles, methods, and structures that permit human civilization to identify risks and stimulate business. It focuses on having fiscally astute leadership abilities and understanding the operation of the real world’s securities, insurance, banking industries, risk management, and behavioral economic principles. The course’s ultimate goal is to use such sectors successfully and to benefit a better society. | Coursera |
| Deep Learning for Real Estate Price Prediction [14] | This interactive and guided exercise uses Deep learning to anticipate real estate prices. In this project, learners will forecast home selling prices in King County, Washington, between May 2014 and May 2015 using various features, including square footage, the number of rooms, bathrooms, and views. This supervised project is useful and relevant to the real estate sector. | Coursera |
Ways to Pay for a Ph.D. Real Estate Program
The average fee for a Ph.D. in real estate program is $12,394 per year [15]. Due to various personal circumstances, it may be difficult sometimes for students to afford their fees. Still, there are ways in which they can fund their Ph.D. programs. Government and non-government organizations, banks, and corporates fund Ph.D. real estate online programs to encourage higher education. Here are some ways to find funding for a doctoral program:
FAFSA
Prospective students can fill out the Free Application for Federal Student Aid (FAFSA) to determine what kind of financial aid they are eligible for. The form is detailed, with detailed family income information. Read about FAFSA to know more.
Scholarships
These are funds granted to students based on their merit or need. Scholarships are not supposed to be paid back after the completion of the program. With the help of scholarships, awardees can attend college full-time without paying anything out of pocket. Scholarships are offered by businesses and organizations all around the nation, and frequently, there aren’t any application costs.
Federal Student Loads
After applying for federal aid, students will receive information regarding the available grants and loans. Students should prioritize choosing loans from the federal government. Private loans generally have high interest rates and require immediate payments upon graduation or cessation of studies.
Employers Reimbursed Tuition
If a student is employed, it’s worth verifying with the HR Department whether the company has a program to reimburse employees for the classes they take that are relevant to their work responsibilities. However, it’s important to note that not all employers offer this perk or may have some limitations on what expenses can be reimbursed.
Grants
Several traditional colleges propose work-study programs that compensate students for on-campus employment. However, such job opportunities are unavailable for those pursuing an online program. Nevertheless, after submitting the FAFSA application, applicants should inquire about the availability of grants for which they may qualify. Grants amounts may vary from a few hundred to several thousand dollars, and unlike loans, they don’t need to be repaid.
Graduate Assistantship
A graduate assistantship is a valuable opportunity offered to graduates that provides financial support, professional development, and practical experience during their academic journey. Typically, graduate assistantships are awarded by universities or departments within academic institutions and involve part-time employment in teaching, research, or administrative roles.
Fully Funded Ph.D. Real Estate Programs
A Ph.D. program can be costly, especially since it frequently requires several years. To allow students to concentrate on their research and academic work without concern about their financial situation, fully funded Ph.D. programs offer financial help through tuition exemptions and stipends to cover living expenses. Here are some of the fully funded Ph.D. in real estate programs:
| University | Description |
|---|---|
| Georgia State University [16] | Typically, students receive assistantships that include tuition waivers to help defray the program’s expenses. This encourages more students to pursue doctoral programs and enter research-oriented jobs. |
| Haas School of Business University of California [17] | The Haas School of Business offers a prestigious, fully funded Ph.D. program in Real Estate, providing unparalleled opportunities for aspiring scholars and researchers. Haas offers competitive stipends, tuition waivers, and comprehensive benefits, ensuring that candidates can pursue their academic and professional goals without financial barriers. |
Career Opportunities and Salaries for Ph.D. Real Estate Students After Graduating
An online Ph.D. in real estate gives individuals a deep understanding of the real estate industry and related disciplines, including economics, finance, urban planning, and law. This specialized knowledge can make them valuable assets in various career paths. A career can be fulfilling for those who enjoy working in research and development. Some career roles include:
- Academic Researcher/Professor
- Real Estate Economist
- Urban Planner/Policy Analyst
- Real Estate Consultant/Advisor
- Government Regulator
- Sustainable Development Specialist
- Real Estate Developer/Investor
- Non-profit Sector
- Market Analyst/Researcher
- Entrepreneurship
Some of the career options for Ph.D. in real estate online students include:
| Occupation | Skills Required | Median Annual Salary | Job Growth (up to 2031) | Job Description |
|---|---|---|---|---|
| Property, Real Estate, and Community Association Managers [18] | Communication skills, interpersonal skills, listening skills, and problem-solving skills | $60,670 per year | 5% faster than average | Property, real estate, and community association managers oversee the operations and management of various properties, including residential complexes, commercial buildings, and community associations. They handle tasks such as showcasing properties to prospective tenants, negotiating lease agreements, and addressing the needs of tenants, owners, and community members to ensure smooth functioning and maintenance. |
| Financial Managers [19] | Analytical skills, communication skills, math skills, and organizational skills | $139,790 per year | 16% much faster than average | Financial managers are critical in organizations’ financial health and strategic planning. They go beyond producing financial reports to oversee investment activities and various strategic functions to achieve long-term financial objectives. |
| Purchasing Managers, Buyers, and Purchasing Agents [20] | Analytical skills, decision-making skills, math skills, and decision-making skills | $75,120 per year | -6% decline | Purchasing managers, buyers, and purchasing agents are responsible for sourcing goods and services efficiently, ensuring quality, timeliness, and cost-effectiveness. They evaluate suppliers, conduct interviews, and assess products to facilitate the procurement process within organizations. |
| Social and Community Service Managers [21] | Analytical skills, managerial skills, problem-solving skills, and time management skills | $74,240 per year | 9% much faster than average | Social and community service managers facilitate programs and services that meet the needs of communities and stakeholders. They collaborate with stakeholders, assess needs, implement programs, and evaluate their effectiveness to address community needs. |
Certifications and Licensing for Ph.D. Real Estate Graduates
Additional certificates are not mandatory but add value to the program pursued. These certifications are proof that the students have expertise in a particular domain. The industry is also looking for experts in specific areas, as this makes work easier for employers and streamlines work. Below are some certifications that a real estate Ph.D. can gain:
Resort and Second-Home Property Specialist [22]
This certification caters to individuals focusing on real estate transactions in resort or tourist areas, including development, retirement, or second residences. Members attend quarterly seminars covering investments, vacation property, and second homes and receive monthly electronic bulletins.
Certified Real Estate Brokerage Manager [23]
This qualification is designed for experienced owners, agents, managers, and supervisors to enhance professional standards, boost office productivity, and refine brokerage management expertise. It represents the pinnacle of success in managing real estate brokerage firms.
Green Designation [24]
This certification, tailored for real estate professionals interested in sustainability and energy efficiency, offers members exclusive marketing resources to enhance business and gain a competitive advantage. Students gain comprehensive insights into effectively marketing green homes compared to traditional ones.
Additional Resources for Ph.D. Real Estate Graduates
A real estate doctoral program calls for deep research and in-depth subject learning. The more knowledge individuals acquire, the better it is. Getting associated with professional organizations related to real estate offers knowledge unavailable on campus or in books. The exposure, networking, on-the-job training, and ability to handle real-world problems are unmatched. Professionals can access reputed journals and participate in seminars and webinars through these associations. Here are some associations real estate Ph.D. students can consider:
| Title/Resource | Description |
|---|---|
| Commercial Real Estate Development Association [25] | NAIOP is a leading association catering to real estate owners, professionals, and developers in the office, industrial, retail, and mixed-use sectors. It fosters a robust community of members in North America’s commercial property development and investment market and provides advocacy, education, and business opportunities. |
| National Association of Residential Property Managers [26] | NARPM is a professional association comprising real estate experts managing small and single-family homes. It provides resources for those in the residential property management industry who seek professional and social development. As a group of real estate professionals with extensive knowledge of the unique challenges and issues involved in managing small residential properties, NARPM is dedicated to serving its members. |
| National Association of Appraisers [27] | This association unites professionals involved in real estate assessment to benefit the industry. It offers reasonably priced services to assist members and raise awareness by providing educational and informative services. |
| National Association of Mortgage Brokers [28] | The mortgage sector is represented by this organization, which advocates for the rights of mortgage professionals. It is committed to promoting the highest standards of professionalism and ethics among its members. NAMB’s influential lobbying and advocacy efforts often center on national and state issues. The association holds multiple annual meetings. |
| National Association of Real Estate Advisors [29] | The organization aims to be a leading professional association for real estate education, training the most skilled real estate agents nationwide on how to forge authentic connections with clients beyond their role as transactional agents. |
FAQs About Ph.D. Real Estate Online Programs
Why should you do a Ph.D. in real estate online?
Pursuing a Ph.D. in real estate online can offer more flexibility in scheduling and location. Online programs allow students to work from anywhere with an internet connection, often offering asynchronous coursework that can be completed on their schedule.
What can you do with a Ph.D. in real estate?
Is a Ph.D. in real estate worth it?
How long does getting a Ph.D. in real estate online take?
What to look for in a Ph.D. in real estate university?
What is the cost of a Ph.D. in Real Estate?
Citations:
The University of Texas at Arlington
Accreditation Council for Business Schools and Programs (ACBSP)
New England Commission of Higher Education (NECHE)
Middle States Commission on Higher Education (MSCHE)
Higher Learning Commission (HLC)
Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
Northwest Commission on Colleges and Universities (NWCCU)
Western Association of Schools and Colleges (WASC) Senior College and University Commission (WSCUC)
Sustainable Urban Regeneration-Coursera
Coursera. Org-projects-deep-learning-for-real-estate-price-prediction
National Center for Education Statistics
Haas School of Business University of California
Bureau of Labor Statistics: Occupational Outlook for Financial Managers
Bureau of Labor Statistics: Occupational Outlook for Social and Community Service Managers
Resort and Second-Home Property Specialist
Certified Real Estate Brokerage Manager
Commercial Real Estate Development Association
National Association of Residential Property Managers
National Association of Appraisers