The Potential Of AI In Apartment Living

From Predictive Maintenance to Personalized Experiences, Discover the Impact of A.I. on Apartment Living

As the application of Artificial Intelligence (AI) becomes more common, it will continue to
transform the way we live, work, and interact. While this may sound alarming, there are major
benefits around the corner through this technology to add efficiency, enhance security, and create a more personalized resident experience.

MAINTENANCE & LEASING

Maintenance is a perennial concern for both property managers and residents. AI-driven predictive maintenance systems can anticipate potential issues before they become critical, allowing for proactive repairs and minimizing disruptions.

Smart sensors and IoT devices installed throughout the apartment community can monitor the condition of various infrastructure components, such as elevators, HVAC systems, and plumbing. By analyzing data patterns, AI can accurately predict when equipment is likely to fail, enabling maintenance teams to address issues before they escalate. This not only reduces downtime but also saves on operational costs in the long run.

Since time has become a limited comodity as turnover rates remain high and companies shift to centralization, A.I. will assist in the renter / management relationship. "Gone will be the days of view lead management or work orders as listed items aimed to check off," explains Marcella Eppsteiner from Mission Rock. "The renter and team member experience will become more personalized and connected because time will be shifted from task management to value-added and impactful interactions."

ACCOUNTING

With financial management being among the most crucial aspects of running a community, AI naturally has the potential to revolutionize this area. Automated billing, which already exist to a certain degree, can generate accurate and timely invoices, reducing the risk of errors and late payments. However, AI algorithms can analyze historical financial data to identify trends and make predictions to help property managers budget and make decisions on how to
allocate resources. This level of financial insight ensures that apartment communities operate efficiently and economically.

SECURITY

Moreover, the implementation of AI in community management fosters a more secure and personalized experience for residents. AI-powered chatbots and virtual assistants can handle routine inquiries and provide valuable information, giving residents instant responses to common questions related to community events, maintenance requests, or general information. Not only can this enhance your tenants’ overall satisfaction, but it can also free up property management staff to focus on more complex tasks.

 
Advanced AI video surveillance systems equipped with facial recognition technology can enhance the safety of apartment communities by flagging suspicious activity and alerting security personnel in real-time. Access control systems powered by AI can provide secure and seamless entry for residents while keeping unauthorized individuals at bay. The result is a safer living environment where residents can enjoy peace of mind.

RESIDENT EXPERIENCE

Beyond these day-to-day operations, AI-driven analytics can provide valuable insights into resident preferences and behavior. By analyzing data on amenities usage, event attendance, and feedback, property managers can tailor their offerings to better meet the needs of the community. This data driven approach not only enhances resident satisfaction but will soon help renters find their ideal apartments much quicker. "A.I. can leverage vast datasets to efficiently match individuals with ideal properties," predicts Brett Frank from Centerspace. "Sophisticated AI tools will recommend properties based on user behavior and preferences, making the search for a new home more personalized and efficient."

 
As the integration of AI continues to evolve, it is essential for apartment communities to embrace these advancements to stay competitive and provide the best possible living experience for residents. However, it is also crucial to strike a balance between technological
innovation and the human touch.

 
While AI can handle routine tasks and streamline operations, the personal connection between property managers and residents remains paramount, according to Clover Sharpe from Zocalo Community Development. "Embracing AI as a partner rather than a replacement for employees is a more wise and forward-thinking approach," she said.

Building a sense of community requires a delicate blend of technology and human interaction. As technology continues to advance, working alongside these innovations will not only future-proof apartment communities but also create a more seamless, secure, and enjoyable living environment for residents.

CASE STUDY: GABLES RESIDENTIAL

Gables Residential's strategy around A.I. centers on one primary objective: enhancing our associates' chances of success. While we recognize and appreciate the dedication of our onsite teams to swiftly attend to every lead from various advertising sources, the advancement in AI's capability to manage standard leads has enabled onsite associates to concentrate more on related tasks with greater impact. In 2022, Gables introduced an AI leasing tool across its entire portfolio after conducting a comprehensive and rigorously evaluated
pilot program. We discovered that the tool was as effective in converting leads into visits as the average leasing professional, with AI's efficiency in handling phone leads becoming a pivotal measure in the pilot.

Historically, Gables had relied on third-party off-site call centers to manage missed and after-hour calls. Despite a preference for having every call answered by a Gables team member, this was deemed an unrealistic expectation. Sabrina Taylor, a Regional Manager for Gables in Denver, explained, "Our teams were constantly juggling answering the phone, conducting
tours for prospects, engaging with our residents, and returning to their desks to follow up on internet leads." She noted that too many phone leads were being missed, lending to a call center that scheduled many tours with a low attendance rate.

With the adoption of AI, Gables has observed a similar rate of tour booking through AI voice technology compared to the call center, but with a significant improvement: the percentage of no-shows for these leads has drastically decreased, resulting in more tours for the communities, and ultimately, more leases.

As technology advances, Gables continues to strategically implement artificial intelligence tools into the greater business, acknowledging that our people continue to be our greatest strength.

- Drew Johnson, Gables Residential