Invest In Apartment Buildings In Green Bay, WI

Where Green Bay's Renter Demand Comes From

Green Bay rents more than most of Wisconsin and pays less for it. The city has 18,439 renter households, 42.1% of all households, compared with 32.2% statewide (U.S. Census ACS 2020–2024). Median gross rent in Green Bay is $932 a month, below the Wisconsin median of $1,087, though it rose 27.7% from $730 in the 2015–2019 survey. Median household income grew faster, up 34.4% to $66,206, and the unemployment rate is a low 3.7%. Even so, 44.5% of renters spend 30% or more of income on housing.

The job base mixes health care, trucking, insurance and paper. HUD's January 2025 market report names Bellin Health (about 3,625 employees), Schneider National (about 3,500) and Humana (about 3,100) as the area's largest employers outside the school districts. Bellin opened a 270,000-square-foot Surgery and Specialty Center in March 2024, and Georgia-Pacific put $550 million into renovating and expanding its Green Bay paper plant in 2023. The Port of Green Bay handled 1.8 million metric tons of cargo in 2023. Then there are the Packers, whose 2023 season brought an estimated $400 million in economic impact to Brown County, per the same HUD report.

Population growth is slow but steady. HUD estimated the metro gained about 1,725 people a year from 2022 to early 2025, with net in-migration of about 1,000 a year. The city itself grew 1.4% over five years. For apartment owners, that means a stable, working-wage tenant base with rents that have room to rise only as fast as local paychecks.

New Supply And Rents In Green Bay

The metro apartment market was tight going into 2025. CoStar data in HUD's report put Green Bay-area apartment vacancy at 3.2% in the fourth quarter of 2024, up from 2.5% a year earlier, with average rent of $1,097, up 4%. Class A buildings, only about 7% of inventory, averaged $1,431 with 4.4% vacancy. The Census rental vacancy rate for the city is 4.7%. It covers every rental, including duplexes and houses, and averages several years, so it doesn't line up exactly with broker surveys of large complexes.

Builders have responded. Developers across the metro pulled permits for 1,025 rental units in 2024, up 10% from 2023, and about two-thirds of apartment units permitted since 2020 were in the city of Green Bay or neighboring Ashwaubenon. The Fort at the Rail Yard, a 233-unit project in the Broadway District with 187 tax-credit units, was completed in November 2024. Downtown had more than 450 units under construction in April 2026, according to Spectrum News, led by New Land Enterprises' 269-unit NOVA Green Bay, which was scheduled to open in August 2026, and the 66-unit Skyline@425 conversion of the former U.S. Bank building.

Green Bay has 9,939 homes in buildings with five or more units, 21.7% of the stock, and the median home was built in 1971 (U.S. Census ACS 2020–2024). The Census shows that 5+ unit count down 2.3% in five years, which is hard to square with recent construction. ACS estimates carry a margin of error, and the figure may not yet reflect buildings completed in 2024 and later. The HUD fiscal 2027 two-bedroom fair market rent for the Green Bay metro is $1,287 a month. For anyone weighing apartment syndications in Green Bay, the opportunity is in older, lower-rent stock where demand is deep. The risk is lease-up competition from the new downtown buildings through 2027.

Green Bay Neighborhoods We Watch

New construction is concentrated downtown and on the west side, while most of the city's older rentals sit in established neighborhoods.

Green Bay By The Numbers

Out of 35 Wisconsin cities in our data, Green Bay comes in 30th for median gross rent, 12th for renter share and 14th for five-year rent growth. Its rents sit near the bottom of the group, which keeps it affordable for tenants but also caps what renovations can earn. In raw numbers, Green Bay has about 1,476 more residents, 415 fewer renter households and 234 fewer homes in buildings with 5 or more units than in the 2015–2019 survey. With fewer renter households than before, a building has to win tenants from competitors rather than from new demand.

How Green Bay Compares With Nearby Markets

Green Bay's median gross rent of $932 is below the Wisconsin median of $1,087, and its renter share is 42.1% compared with 32.2% statewide.

Green Bay Rent Affordability In Dollars

At $932 a month, the median Green Bay rent adds up to $11,184 a year, or roughly 16.9% of what the median household earns. Under the common 30% guideline, a household needs about $37,300 a year to cover that rent comfortably. That's close to the Wisconsin figure of 16.8%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

In dollars, Green Bay rent climbed $202 a month over five years and household income climbed $16,946 a year. Income has outpaced rent, which means tenants have a bit more room in their budgets than they did five years ago. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,287, is 38.1% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Green Bay Rental Market In Numbers

These are the core numbers for Green Bay, WI, each from the Census Bureau's American Community Survey.

• Green Bay, WI has 106,253 residents, up 1.4% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Green Bay, WI is $66,206, up 34.4% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Green Bay, WI is $932 a month, up 27.7% over five years (U.S. Census ACS 2020–2024).
• 42.1% of households in Green Bay, WI rent, about 18,439 renter households (U.S. Census ACS 2020–2024).
• 21.7% of homes in Green Bay, WI are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Green Bay, WI is 4.7%, and 44.5% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Green Bay, WI was built in 1971 (U.S. Census ACS 2020–2024).

What We Look For In A Green Bay Apartment Building

Skyline buys 5+ unit apartment buildings in Green Bay that either run well today or can run better with new management or renovation. We start with rents, occupancy and the condition of the building, and we price on what the property earns now.

Property taxes are a big line item for any Wisconsin apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. Wisconsin has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Wisconsin reflect winter storm and frozen-pipe claims, so we get a quote before we make an offer.

After a stretch of fast rent growth, we keep rent assumptions modest and leave room for concessions if new supply opens nearby.

Evaluating Apartment Syndications In Green Bay

Before you invest in an apartment syndication in Green Bay, with us or anyone else, the local data points to a few questions worth asking.

• What vacancy does the plan assume? Rental vacancy in Green Bay is 4.7%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 27.7% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Green Bay was built in 1971, so roofs, plumbing and electrical systems deserve their own line items.
• How will the building hold occupancy? Renter households in Green Bay fell 2.2%, so the plan should show how it keeps units full.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Green Bay Apartment Syndication Works

In an apartment syndication, Skyline acts as the general partner. We find the Green Bay property, negotiate the purchase, arrange the loan and oversee management and any renovation. Limited partners put in capital and own a share of the entity that owns the building. They don't sign on the loan or deal with tenants and repairs.

Expect your money to be tied up for years, with no easy way to sell your share early, and remember that any investment can lose money. Most deals are open only to accredited investors under Rule 506(b) or 506(c). See investing with Skyline Capital for how we work with limited partners.

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