In today's fast-paced world, technology has become an integral part of our lives, and the multifamily industry is no exception. With the advent of digital demands and a thirst for instant gratification, the call for technology-driven solutions has skyrocketed. Enter Artificial Intelligence (AI) a game-changer that's revolutionizing the dynamic between owners and renters.

The key benefits of AI:

• Instant Responses: Renters expect immediate answers to their questions and concerns, and AI can help property management companies (PMCs) meet these expectations. AI chatbots can respond to renters' inquiries in real-time, 24/7, without human assistance. AI communication not only elevates the renter experience but also frees up valuable time for your team to tackle other important tasks. According to Apartments.com, an average renter initially thinks about ten properties. But 70% of them will seriously consider only 1-3 properties. To seriously consider a property, the prospects want to know everything the community offers. Thus, multifamily marketers should send the right content at the right time to stay in the top 1-3 properties.

• Streamlined Rental Process: With AI, finding the perfect property has never been easier for a renter. AI's advanced algorithms analyze data to predict which properties best match the renter's needs. This innovation saves the renter countless hours searching for the perfect community and ensures that PMCs only receive high-quality leads.
• Efficient Property Management: Renters expect to be able to request maintenance services online, and AI can help teams respond to these requests quickly. AI algorithms can prioritize maintenance requests and schedule the most urgent ones first. This ensures swift and satisfactory service for renters and minimizes downtime for the PMC, helping them better manage their properties.

• Environmental Sustainability: Renters expect PMCs to be environmentally conscious and to take steps to reduce their carbon footprint. The new generation of renters expects it more than before. AI algorithms can analyze data to identify areas PMCs can improve, such as reducing energy consumption and water usage. PMCs can use this information to not only meet their renters' expectations for environmental responsibility but also save on expenses and positively impact the planet.