Shall we pull out our crystal ball and do our best to tell the future?
We’re actually not very good at fortune telling. But, our experience managing investment properties in Green Bay has given us a lot of insight into what we can expect for the future of residential rental property management. If you’re a landlord or a real estate investor or a rental property owner who is trying to decide how to strategically plan for the growth of a portfolio, you’ll want to pay attention. The property management trends in Green Bay for 2025 will impact you, too. More importantly, they’ll impact your property, your profitability, and the way you pursue your investment goals.
Here are the trends we’re watching. We invite you to watch them with us.
Technology and How Green Bay Property Managers Can Leverage It
We want to talk about smart home technology because it’s changing the way we’re appealing to tenants and renting out homes.
Before we get into that, however, let’s talk about the type of technology that property managers are using in order to deliver a rental experience that’s more efficient, more cost-effective, and full of value.
Back in the day, we had to do everything manually. We were collecting rent and paying rent with paper checks. We were conducting walk-throughs and inspections with a clipboard and a stack of paper. We kept all of our accounting and financials in a paper ledger and later a basic spreadsheet.
Not anymore.
Technology has evolved, and so has property management in Green Bay. We are now more automated, more consistent, and able to focus on relationships with our owners and tenants as well as the needs of your properties and your investment portfolios, because technology allows us to spend less time on the details and more time on the big picture.
We have now normalized what was once emerging technology; self-showings and online portals and electronic rental payments. Let’s take a look at the new technology that’s arriving to make the management of your investments even better.
Technology Serving Property Managers
Artificial Intelligence Artificial Intelligence, or AI, has a bit of a reputation. Not everyone loves it, and we can understand why. For the purposes of managing your property, however, it can be a beneficial tool. It helps with customer service. When your property manager does not have to dedicate hours to responding to tenant inquiries, sending out rent reminders, or scheduling showings, we can spend more time solving problems and making recommendations about how to earn more. We can let AI take care of confirming rent payments and providing a calendar for scheduling. | Internet of Things Internet of Things (IoT), is an emerging technology that’s especially popular among multi-family rental property owners. It can provide predictive analyses so you better understand how much electricity or water your property is using, for example. You can also improve security by keeping track of who is coming and going and being alerted to things like leaks and malfunctions. If you are not already leveraging this type of technology for your building, let’s talk about it. | Insights and Analytics We have more access to data, and the volume of data we’re able to collect is more than we’d ever be able to use or understand. So, we leverage analytics and insights to pull out what we need to know and to make it more digestible for us and for our property owners and investors. When it comes to pricing your property, recommending upgrades, and negotiating tenant leases, we use the insights we gather to make smart decision and recommendations. |
The Rise of Smart Home Technology
We are still talking about technology, but now we’re talking more about the technology that tenants are looking for when they rent a home in Green Bay.
In 2025, smart home technology will no longer be a luxury. It will become more of a necessity, especially for rental property owners who are concerned with making their properties more appealing and competitive in the market. Smart home technology has its pros and cons. When you want to increase what you’re earning in rent, attract higher quality tenants, and raise your property values over the long term, it’s important that you’re willing to invest in smart home tech.
What are tenants looking for, specifically? It depends, of course. But, we can tell you that a majority of tenants are increasingly expecting features like smart thermostats, automated lighting, and advanced security systems. Not only do these technologies enhance the tenant experience, but they also offer significant energy savings and increased property value.
Here are a few of the benefits that come with providing smart home technology in your rental property. You’ll find that in 2025, it’s going to be very difficult to rent out a home that doesn’t have at least a little bit of a technological advantage.
Smart homes are energy efficient. We’re going to talk about energy efficiency as a trend in property management, too. And by investing in smart home tech for the homes you’re renting it, you can enjoy better energy efficiency and a greener rental property. That’s going to appeal to a larger tenant base. So, look for opportunities to hit both smart home tech and energy efficient upgrades. Smart thermostats, for example, can be a huge benefit to you and your tenants. They’ll be intuitive about who is in the home and where the temperature needs to be comfortably set. Your residents can set the thermostat at a certain place when they are due to arrive home, saving energy and money. You can also use the benefits of energy and temperature regulation during turnover periods, when you don’t have anyone living in the home to keep it cool enough or warm enough.
Smart home features provide additional security. Advanced security systems offer real-time monitoring and alerts, and this is going to benefit you as well as your residents. There will be an investment in order to set up such a security system, but you’ll be protecting your property. You’ll also be protecting your tenants and their belongings. Your insurance company will appreciate an operational security system in your property. This may lower your rates. There are a number of different security systems out there; choose something as simple as a ring doorbell. Or, if you’re renting out an entire building, make sure you have a way of tracking who is coming and going. Security is a huge property management trend for 2025: everyone wants to feel safer; owners and tenants and vendors.
Smart home technology delivers convenience. Tenants are looking for the upgrades and the benefits that come with smart home tech. They love the idea of being able to see who is at the front door before they answer it. They like the more comfortable air quality thanks to their smart thermostat. However, what they really love about these features is the convenience it provides. Tenants want to simplify their lives, and automated systems make it easier for tenants to manage their living environment.
New Tenant Populations
Preparing for Remote Workers and Retirees
Green Bay might not seem like a retirement destination that’s as attractive as Florida or Scottsdale, but we can tell you that tenant populations are shifting. A lot of younger tenants are coming onto the market and most of them are looking for their first rental home. We’re also seeing a lot of older adults selling their homes and deciding to rent instead of buy in their retirement. This makes sense. They’re looking for low-maintenance living, and more time to enjoy a new chapter in their lives.
We’re also seeing an increase in remote workers, and this has been a trend in property management for the last few years. It’s only growing. As more and more workers are finding themselves able to remain employed without staying too close to the office, cities like Green Bay are looking pretty attractive. Remote workers are seeking a high quality of life and a low cost of living. They want an abundance of recreational activities and homes that provide a good work/life balance. They want access to coffee shops and co-working spaces, and Green Bay can offer all of that.
Expect a more diverse tenant pool in 2025.
What does this mean for your investment property? It means you’ll want to attract all sorts of different tenants. Make your property more attractive to them with the smart home features we’ve talked about. Remote workers will want fast internet speeds and ease around calls, videos, and convenience. Consider pet-friendly policies, too. Retirees are especially dedicated to their furry friends, and they’ll want to choose a good home for them.
Property Management in 2025 and an Increased Focus on Sustainability
Green Bay property management needs to be more sustainable in 2025, and your rental property should prioritize sustainability, too. It has become a priority for many renters, especially younger tenants who are coming onto the market and concerned with carbon footprints and waste.
We believe that rental property owners and property management companies that incorporate eco-friendly practices will have a competitive edge when it comes to attracting tenants and also when it comes to managing operational costs. You will find yourself needing to invest in greener technology and efficient appliances now, but that can lead to a better and less costly property management plan going forward.
When we talk about sustainability and green housing practices, we’re talking about everything from using sustainable building materials to implementing recycling programs and energy-efficient appliances.
What are some of the benefits to providing sustainable rental homes in Green Bay?
| Attracting Tenants
Rental properties in Green Bay with green features are increasingly attractive to environmentally-conscious renters. You’ll get their attention immediately, through your marketing materials and your reputation for caring about the community and the environment. | Cost Savings for Owners and Tenants
Energy-efficient appliances and sustainable practices can reduce utility costs, and that will make your tenants happy while they’re renting your property. It will also help you to keep turnover costs down during vacancy periods, when you’re paying to keep the lights and water turned on. | Positive Reputation
Reputation matters, especially when we’re talking about your standing in the community and among the tenants who are considering renting a home from you. When you can demonstrate that you care about the environment, you’re cultivating a good image for yourself as a community leader. |
Enhanced Tenant Communication as a Property Management Trend
We like to think that all property managers in Green Bay are as committed to effective communication as we are at Green Frog Property Management. But, based on the stories we’ve heard and the new clients we’ve taken on, we know that’s not always the case.
It’s emerging as an important part of property management, however, and in 2025, we expect to see communication with tenants take on a new sense of urgency.
Technology has enabled better communication in general. And, remaining responsive and available to tenants has always been crucial in property management. But, in 2025, it will be more important than ever. Property managers will need to leverage various communication channels, including email, social media, and specialized property management apps, to keep tenants informed and engaged.
What will this deliver?
Improved Tenant Satisfaction. Timely and clear communication helps resolve issues quickly and keeps tenants happy. There is less of a chance for conflict or disputes and misunderstandings.
Streamlined Operations. Property management apps can automate routine communications, saving time and effort. Tenants will know how to find you, how to communicate, and what to expect.
Increased Retention Rates. Engaged tenants are more likely to renew their lease agreements, saving owners the cost of turnover and vacancy.
Communication is a priority for us. We will continue to use it to build good, professional and respectful relationships with our tenants.
Data-Driven Decision Making in Property Management
We talked about this a little bit when we discussed technology and the role it’s playing in property management, but let’s take a deeper dive into the specifics around data analytics and the pivotal role data will play in property management by 2025. From predicting maintenance needs to optimizing rental pricing, data-driven decision-making will enable property managers to operate more efficiently and effectively.
This will lead to more predictive maintenance. By using data to anticipate maintenance issues, we can prevent costly repairs and prolong the lifespan of assets. It also helps with optimized rental pricing. The data analytics property managers can access will help determine the best rental prices based on market trends and property performance.
And let’s not forget the enhanced marketing strategies that come about thanks to the data analytics we can leverage. By analyzing data, we can provide and collect insights into which marketing strategies are most effective for your rental property.
Flexible Leasing Options
Finally, as property managers, we’re expecting more of a demand for flexible leases. This is more important to tenants than other features and amenities; flexibility. The traditional one-year lease may become less common as more tenants seek more options. Short-term and month-to-month leases will gain popularity, particularly in areas where tenant mobility is higher.
What We Like About These Property Management Trends
We’re often asked about whether we feel positive about the coming trends or uncertain. We think there are good things ahead, both for the Green Bay rental market and for the property management and real estate investing industries in general. Here’s why we believe things are looking up:
Rental properties are attracting a broader tenant pool, and higher demand is increasing occupancy rates.
It’s getting easier to adapt to market changes quickly.
Property values are increasing, bringing more revenue to our owners, which gives them the flexibility to invest in more properties.
Incorporating sustainable features into properties not only attracts eco-conscious tenants but also enhances long-term property value. Energy-efficient appliances, sustainable building materials, and green amenities contribute to lower operational costs, making the property more financially appealing to potential buyers. Moreover, governments and local authorities are increasingly offering incentives for green buildings, further boosting their value.
The use of advanced communication tools can improve tenant satisfaction and retention, indirectly affecting property values. Properties known for responsive and effective management are more likely to be sought after, leading to higher occupancy rates and stable rental income, both of which positively impact property valuation.
Utilizing data analytics allows property managers to optimize rental prices and maintenance schedules, thus maintaining or enhancing the condition and profitability of the property. Predictive maintenance reduces the likelihood of unexpected repairs, keeping the property in better shape over time. Optimized rental pricing ensures competitive and profitable rates, contributing to overall property value stability and growth.
These emerging trends not only address the evolving needs and preferences of modern tenants but also enhance the financial performance and market value of residential properties. Property owners and managers who proactively embrace these changes are positioned to reap substantial benefits as the real estate landscape continues to evolve.
Let’s talk about what this means for you and your properties. Please contact us at Blue Frog Property Management.
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