Artificial Intelligence: Policy Issue
Overview
Like virtually every industry, rental housing providers use emerging technologies such as Artificial Intelligence (AI), to enhance business operations, improve housing affordability and provide countless benefits to millions of American renters. Today, seamless connectivity has allowed for AI and related technologies in rental housing to have significant gains in meeting resident expectations and demand through virtual touring, more transparent and timely resident screening, leasing and communication, home automation, preventative maintenance, improved property level climate resilience, and more.
Industry Position
The National Apartment Association (NAA), alongside our partner the National Multifamily Housing Council (NMHC), supports the use of AI to benefit rental housing providers and renters alike. Policymakers must understand the deep and negative impact premature overregulation could have in this space. The current legal and regulatory landscape provides strong protection against risks posed by AI, machine learning and algorithmic decision making in housing. Further legislative and regulatory efforts should not stifle innovation or inhibit the growth of technologies that have significant pro-consumer and pro-housing benefits. Instead, frameworks should promote principles that prioritize data integrity, mitigate bias, and acknowledge legitimate business purposes for technology.
As an Owner or Operator, How Does this Affect My Business?
Key ways AI and other technology are being utilized in the multifamily space:
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Housing Developers are using technology in critical ways to build and rehabilitate rental properties;
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Housing Operators are using AI platforms to overcome labor market challenges, provide positive rental payment reporting services, improve accuracy and reduce bias in resident screening, and combat the rise in fraud in the application and leasing process;
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Housing Technology Suppliers are driving improved operations through new technologies optimizing the renter experience, improving property sustainability and resilience, enhancing security for residents, and driving operational costs down through predictive maintenance and other risk management tools which can lower costs for renters; and
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Housing Owners and Financiers are leveraging cost saving technology platforms to improve efficiencies, underwrite lending, identify investing opportunities to meet growing rental demand and work towards improving housing affordability.
AI, machine learning and other emerging technologies help cultivate positive rental experiences and reduced costs—for both housing providers and renters.
Contact Information
To learn more about this issue, please contact NAA's Public Policy team.