Artificial intelligence (AI) is quickly becoming ubiquitous in the apartment industry with the technology now playing a significant role in leasing, tenant screening, collections, maintenance and security. According to a recent survey by AppFolio, nearly half of property management firms are using AI or plan to adopt it soon. Here’s a look at some of the trends and benefits that AI is bringing to the apartment industry:

Virtual Leasing Assistants: AI-powered virtual leasing assistants can handle inquiries 24/7 and answer questions, schedule tours and follow-up with prospective residents. By automating these tasks, leasing teams can focus on personalized service during in-person interactions.

Tenant Screening: AI streamlines tenant screening by rapidly analyzing applications, credit histories and background checks to detect fraud and assess risk. The technology reduces human error and ensures compliance with fair housing regulations, helping landlords find trustworthy tenants while minimizing legal and financial risks.

Rent Collections: AI is improving rent collections by automating tenant payment reminders and identifying patterns with late payers. Recognizing these patterns helps management anticipate payment issues, reducing delinquencies and smoothing out cash flow.

Maintenance Management: AI-powered maintenance software automates work orders and helps schedule preventative maintenance, improving an owner’s ability to quickly resolve workorders and enhancing tenant satisfaction.

AI-Powered Security: AI-powered surveillance cameras can detect unusual activity, respond in real-time – via live, remote guards – and alert management and the authorities to potential security issues. Furthermore, utilizing facial recognition software at properties with secured entrances (often in urban environments), helps keep non-residents out while ensuring a safer environment for residents.

Pathfinder is proud to be at the forefront of the AI revolution by utilizing technology throughout our communities while recognizing the importance of maintaining a balanced, personal relationship with our residents. By leveraging the benefits of AI and prioritizing personal touches, property managers can provide a well-rounded and efficient approach to management while maintaining a competitive edge.

(Note – this article was written without the use of ChatGPT or other AI tools!)