Automation is becoming more prevalent with the rise of mainstream solutions like ChatGPT taking over the internet, but is the data we have enough to fully unlock the power of AI and machine learning in multifamily?

The multifamily industry is ahead of many industries in its use of AI. We've been using chatbots with conversational technology since 2017. Today, most leasing bots are using data stored in property management software to answer complex questions and complete tasks in CRMs for leasing agents.

The rise of machine learning in Multifamily 

Even though we're ahead of the curve for many industries, we're still at the beginning stages of using AI and ML (machine learning) to automate operations and insights. The data available in these systems directly impact our ability to automate and provide reliable insights. The more data we collect and store about our communities, and the better we connect all sources generating data, the more we will be able to unleash the power of machine learning.

That said, to make the most accurate predictions, you need more data.

One example of using data already available through property management software and CRMs is predicting resident renewals (which we are already working on). That's a great start, but enhancing it with other relevant data can improve the model's accuracy, and push the technology even further.

For example, the number of maintenance requests a resident submits might impact a resident's decision to renew, but you get a much stronger and more relevant signal if you know how happy the resident was after those requests. Plugging in data available from your property management software is a good start, but you'll get more accurate insights about retention if your model also includes data from your third-party survey platform.

Without more data-driven technology, unlocking the highest quality insights requires a custom solution, which are currently used by larger multifamily operators. These systems operate by pulling data from multiple solutions providers into a structured platform—which requires resources to set up and maintain a data warehouse. They also need to integrate data from numerous point solutions, and create systems to glean useful information from that data.

This probably sounds overwhelming, exhausting, or even impossible if your company doesn't have an innovative team, or the budget to create a data center or analytics platform. However, new solutions are emerging. New players can partner with suppliers that offer all-in-one marketing and leasing platforms that can access data from your PMS, CRM and their own platform to provide reporting and actionable insights.

In a perfect world these insights would be available at your fingertips. But until that day arrives, we will continue to improve how we use the data we have access to now.

Are there any gaps in your current analytics or business intelligence platform? What would be on your insights wish list? Let me know in the comments!