Artificial Intelligence and multifamily housing have a symbiotic relationship now. The two are interwoven spreading and creating new connections for effectiveness and efficiency. This ranges from different uses to different users, e.g., chatbots, virtual touring, resident software, maintenance operations, property management and resident retention through lease renewals, marketing and sales, and education. The Internet of Things (IoT) has given AI a path within multifamily housing to assist at all levels of operations.
Gary Jonas, Visionary and Partner with The HOW Group uses AI-powered voice and email tech for calls and scheduling, which has already resulted in “a significant boost in customer satisfaction.”
AI is used as an extension of what has already been established at companies—all while improving functions along the way. Fernando De Leon, founder and Chief Executive Officer of Leon Capital Group, says they are analyzing resident demographics and migration patterns to “provide a better understanding of the renter profile as we design housing options. We see AI as the player-coach across our portfolio: Completing repeated tasks like bookkeeping and customer engagement, while coaching language-based skills like sales and predicting rent trends, managing defaults and containing operating expenses.”
Leon and his firm use AI models and large amounts of data to enhance the leasing process, customer and employee retention, and credit underwriting.
Resident satisfaction and renewals are key in multifamily housing, and AI is stepping in to help fill voids and marry information to enhance operations, allowing for a resident-first mindset. Thompson Thrift has an AI Roundtable seated with innovative team members that use generative AI to explore different productivity opportunities. Resident-focused AI integration “will be a game changer,” says Don Oldham, VP of Information Technology with Thompson Thrift. “The integration of this AI with smart building technologies, resident services and all company data is expected to greatly enhance resident satisfaction and renewals.”
Community and property efficiency is also top of mind for companies. The Peabody Companies is diving into AI’s use related to ESG (environmental, social and governance). “We believe there is significant potential for AI in multifamily housing, particularly at the intersection of AI and green energy,” says Whitney Pulsifer, Vice President, Strategic Development, The Peabody Companies. “For example, we are exploring how AI can be leveraged to gain deeper insights into energy usage, improve energy efficiency and reinvest those savings back into our properties.” The firm is achieving energy savings through reduced carbon emissions.
While AI’s use has grown exponentially in recent years, the industry has not forgotten about resident and customer care. “While AI-powered chat functions and customer service platforms provide efficiency and scalability, there is a valid concern about maintaining the personal, human touch that currently defines our approach to client relationships,” says Pulsifer. “As we’ve observed in e-commerce, the shift toward AI-driven interactions is likely to extend into the multifamily sector, and we must balance technological adoption with personalized service.”
AI functions differ based on end user, i.e., external versus internal users. “Internally, AI learns our preferences within the system, what reports we are pulling, what information we are seeking, etc., and ‘learns’ how to adapt and recommend. Externally, AI is the forefront of leasing, handling a majority of leads from trackable sources, getting the pertinent information and viability of the lead and scheduling an onsite human to complete the lead response,” says Christine Gustafson, Vice President of Marketing and Public Relations, The Breeden Company. She notes the narrative of AI coming to replace humans and their jobs; however, she says AI will support their teams and may even result in an increase in their centralized service teams in certain markets.
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Michael Miller is NAA’s Managing Editor