Stonelink's Newsletter - Issue #1

Tech & Compliance: Two Trends Rhode Island Real Estate Investors Can’t Ignore in 2025

As we head into 2025, two game-changing trends are redefining property management in Rhode Island: embracing technology and navigating the new state legislations. If you’ve been in property management for more than five minutes, you already know: that staying ahead means juggling a lot—new tools, changing laws, and the constant demand to do more with less. This month, I want to talk about two things that are changing the game for property managers like us: leveraging AI-driven tech to make life easier (and more efficient) and staying compliant with Rhode Island’s new legislation. Let’s break it down.

Tech That’s Working Smarter, Not Harder

We’ve all heard the buzz about AI, but here’s the deal—it’s not just hype. The right tech can simplify just about every part of property management. From tenant screening to maintenance requests, these tools free you up to focus on the things that matter—building relationships with tenants, solving problems, and finding ways to increase efficiency and effectiveness.

• AppFolio: Their AI leasing assistant works 24/7, answering inquiries, booking showings, and making sure no lead falls through the cracks. It’s like having an extra team member without the extra payroll.

• Realm X: Want to know how to maximize rent or spot market trends before they happen? Realm X delivers data insights that help you stay ahead of the curve.

• Property Meld: Maintenance is where things can get messy, but this tool keeps everyone—tenants, vendors, and managers—on the same page. Faster resolutions, happier tenants. They recently acquired Mezo, an AI-Driven intake and triage platform. 

Do you know your cost of maintenance per door? …….

| Pro-Tip - Apply the 1% rule: Set aside 1% of their total property value for maintenance each year. For example, if your property is valued at $250,000 you should budget $2,500 every year for your property maintenance budget. However, depending on the age of your property and the property condition, you may need to adjust this number.

The Compliance Challenge: Rhode Island’s New Legislation

New year, new rules—Rhode Island is rolling out legislative changes that every property manager and investor needs to have on their radar. Staying compliant isn’t just about avoiding fines; it’s about protecting your tenants, your business, and your reputation. Here’s a recap to keep in mind:

• Short-Term Rentals: Starting January 30, 2025, all short-term rentals must be registered before listing (renew annually for $25). Listings need to show the registration number and expiration date—miss this, and you’re off the platform.

• Landlord Fees: From January 1, 2025, no more “convenience fees” for rent payments. Every fee and utility responsibility must be spelled out in writing. Plus, you’ll need to give tenants 30 days’ notice before making changes. Slip up? You could owe refunds.

• Lead Compliance: As of January 1, 2024, owner-occupied 2-3-family homes must comply with lead laws. No certificate = no evictions and big risks.

• Electrical Panels: Starting January 30, 2025, only licensed electricians can open panels during inspections. First offense? That’s a $1,500 fine.

• Solar Sales: By March 1, 2025, anyone selling or installing residential solar systems must be licensed.

| Staying compliant isn’t just about avoiding penalties—it’s about running a smarter, stronger business. Check your portfolio today and make compliance your competitive advantage.

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Key Data Shaping Rhode Island’s Multifamily Market

Let’s break down the numbers driving the conversation in Rhode Island’s multifamily market:

• Multifamily Sales on the Rise: Despite a recent cooling, multifamily home sales in Rhode Island still recorded a 3.1% increase over last year. The median price climbed to $549,000—a significant 15.6% jump.

• Tight Supply Drives Value: Single-family inventory remains scarce, with just 1.9 months of supply available. This limited availability extends to the multifamily market, adding upward pressure on both property values and rental rates.

• More Units on the Horizon: Looking ahead, Yardi Matrix forecasts an 8.1% boost in multifamily supply nationwide in 2025—508,089 new units. While this could alleviate inventory constraints nationally, the impact on Rhode Island remains something to watch.

• Signs of a Shift: Price growth has been strong, but recent data signals a potential market adjustment. Sales dropped by 13.8%, and pending sales fell by 2.5% compared to November 2023.

This kind of data isn’t just numbers—it’s the pulse of the market. Staying informed about these shifts helps us navigate opportunities and challenges with confidence

Stonelink News

Stonelink +: We launched Stonelink +, a new, exclusive service for our residents to help with simple tasks at home. Residents can hire our trusted maintenance technicians to mount TVs, hang shelves etc

Resident Benefit Package (RBP): All tenants are enrolled in the RBP and receive the #1, most-awarded experience while property owners benefit from 100% tenant insurance compliance.

Ratio Utility Bill System (RUBS): We are implementing RUBS - This is an effective way to give our property owners a hedge against inflation, recover utility costs, and boost their property’s value

Closing Thoughts

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