Entrata President, Chase Harrington, and CTO, Jason Taylor, recently explored the insights gleaned from a recent survey of more than 300 multifamily executives that explored the impact AI solutions are having on net operating income across the industry.

AI Adoption: Multifamily's Catching Up

The survey revealed that AI adoption in multifamily is currently lower than in other industries. While this might seem concerning, JT offered a crucial clarification: many multifamily organizations are already using AI, often embedded within platforms like Entrata, even if they haven't implemented a formal, organization-wide "AI adoption strategy." This distinction is key.

Beyond the Hype: AI's Real-World Applications

The webinar emphasized that AI's impact extends far beyond the most commonly discussed areas. While resident experience, marketing/leasing, and predictive maintenance are indeed key use cases, AI's ability to drive operational efficiency and, crucially, improve decision-making is where its true power lies.

The Power of Data-Driven Decisions

A significant finding was that a large majority of respondents cited improved decision-making as a primary benefit of AI. This signifies a shift from relying on intuition to leveraging data-driven insights. AI's ability to analyze vast datasets and uncover correlations that humans might miss is fundamentally changing how multifamily professionals operate.

The Transformative Potential of AI

The pair highlighted the following ways AI could transform the industry.

• Enhance resident experience by providing personalized and efficient services.
• Drive operational efficiency by  automating tasks and optimizing workflows, freeing up staff time.
• Enable autonomous property management by orchestrating various property management functions with minimal human intervention.

Change Management: A Crucial Element

The webinar underscored that the successful implementation of AI requires more than just technology. It necessitates a significant emphasis on change management within organizations. This includes:

• Education and training: Equipping employees to effectively use AI tools.
• Organizational restructuring: Adapting job roles and functions to leverage AI's capabilities.
• Embracing a forward-thinking mindset: Moving away from "this is how we've always done it" and embracing AI-driven transformation.

Looking Ahead: The Autonomous Future

The discussion culminated in an exploration of the concept of Autonomous Property Management, where AI and automation work in harmony to optimize all aspects of property operations. While this may seem futuristic, the speakers emphasized that the technology is largely available today, and the industry is on the cusp of a major shift.

Despite all this, the pair was quick to note that AI is not about replacing people. It’s about empowering them to make better decisions, work more efficiently, and deliver exceptional resident experiences.

Watch the Webinar to Learn More!

To delve deeper into these insights and explore the future of AI in multifamily, we encourage you to watch the full webinar.