Building your multifamily AI tech stack

Multifamily toolkit: How to build your AI tech stack

For forward-thinking operators, AI has become more than a competitive edge; it’s a core component of efficient operations and scalable, service-driven strategy.

The multifamily industry is making significant strides when it comes to embracing AI technology. But there are still plenty of challenges when it comes to deciding where to invest, who to partner with and how to successfully implement and expand their AI toolkit.

Many multifamily companies have already adopted solutions such as AI assistants and chatbots. The focus now is on areas such as predictive analytics, automation of key functions and the introduction of agentic AI – advanced AI systems that are designed to be more adaptable and autonomous with “human-like” abilities to make decisions and take action.

Yet in this fast-paced era of AI innovation, some of the basic questions that are still top of mind for multifamily owners and managers are: What are others using, what’s working, and what’s not? “Our clients are focused on AI that is going to help streamline operations for their teams and free people up to do more meaningful work – without a lot of overhead, training and change management,” says Michele Crochetiere, Senior Director, Multifamily, Altus Group.

Where to start?

The logical place to start is with a simple question: What is the problem that you’re trying to solve? The answer might not be an AI product at all. “We always talk about people, process, and technology. It could be any one of those three. Technology is only one piece, and AI is only one possible solution within a broad technology set,” says Crochetiere.

A second key step is to assess a company’s current tech stack, such as reviewing their current bundle with their Property Management System (PMS) provider to understand what AI components exist. “Some companies may find valuable opportunities in tools they’re already paying for, as part of their existing bundle,” says Crochetiere.

Numerous AI applications emerge

AI is no longer simply a tool for automation; it is a catalyst for smarter decision-making, streamlined operations, and elevated resident experiences. This transformation is fueled by the need to eliminate repetitive tasks, address staffing limitations, and enhance service delivery, all while maintaining or improving operational outcomes.

AI solutions are being used across a variety of key functions ranging from leasing and resident engagement to facilities management, accounting, and lease administration. Figure 1 below highlights key AI use cases across the real estate lifecycle, demonstrating how AI is actively solving business challenges today.

| Figure 1 – Summary of AI-driven benefits across key functions

Source: Altus Group

Using AI to address pain points

Across the multifamily industry, companies are using AI tools to help solve problems such as staffing shortages. Especially on the facility side of the house, it is difficult for multifamily operators to find – and retain – maintenance and facilities technicians. One of the interesting applications is to use AI for specific training modules, allowing them to hire and train less skilled workers, which expands the pool of potential candidates for those positions.

Leasing, which has traditionally been 100% on-site, is now able to leverage technology to work remotely, which also increases the pool of candidates to people who are looking for flexibility in remote or hybrid positions. For example, companies that are adopting a centralization model can do more activities at a centralized location, and AI can be folded into that with tasks such as renewing leases and rent collection that are more automated.

Organizations are also relying on chatbots powered by more sophisticated agentic AI to answer prospect calls, schedule appointments, and respond to questions. “Digital leasing agents have been a real game changer for the industry, because they significantly improve call response, while also freeing up leasing teams to focus on higher value tasks than answering phones all day,” says Crochetiere.

The path to scalable success

Among the important factors to consider when assessing different AI tools is to partner with vendors who understand the data ecosystem, have good integration with other products, while understanding the nuances of the multifamily industry. Multifamily companies also need to work with their vendor to understand the business case. What does success look like? What is the ROI going to be, and how do you measure it?

“KPIs need to be built into an implementation plan to better measure and understand how an AI solution is impacting operations,” advises Crochetiere. For example, in the case of using a digital leasing agent, KPIs could include leasing conversion ratios, or, for accounts payable, invoice cycle times.

Another critical issue is assessing cybersecurity exposure and data privacy risk. Is this an open or closed system? Is my data going to be out on the open market and accessible to my competitors? The answers to those questions can vary, and in some cases, companies may need to pay a bit more in order to ensure that their data is more secure.

A final tip for successful implementation of AI tools that deliver the desired results is to understand your current process. What are you doing now? Is there consistency across the board? How is your data captured?  A common pitfall is assuming that AI will fix underlying issues without first addressing them. Teams often move forward expecting AI to be a silver bullet, only to realize later that it’s not working as intended. An AI solution might work fine at asset A, but it doesn’t work when a company tries to scale it to asset B, C, and D.

According to Crochetiere, the main reason that happens is because a company was solving only for asset A. “It’s important to try to standardize processes as much as possible around things such as defined workflows to get consistent results,” says Crochetiere. “It’s also important to have an internal change champion who understands the goals and can lead the initiative to help with implementation.”

Scaling AI starts with the right foundation

As AI becomes an essential tool for driving performance and scalability in multifamily operations, the challenge lies in how, and where, to get started. One11 Advisors, Altus Group’s CRE software consulting and managed services team, helps organizations assess their current systems, align priorities, and take a practical, phased approach to implementation. With deep experience across strategy, operations and technology, we work alongside clients to build the foundation needed to adopt and scale AI with confidence.

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