How Artificial Intelligence Is Impacting Multifamily Real Estate Posted on : Mar 25 - 2021

The multifamily industry is presently experiencing a paradigm shift and a revolution with the entry of technological advancements such as artificial intelligence (AI) and demographic shifts. This is disrupting the real estate industry as corroborated by an NMHC "Disruption" report from 2018. Even going through any industry blog, you will most likely come across various mentions of AI. It is a popular topic within the industry and is gaining more traction specifically within the multifamily industry.

When it comes to AI, do I mean robots? To be clear on the impact of AI, we must first understand what AI means, how it relates to the real estate industry and, finally, the different areas that AI is impacting in the multifamily industry.

Defining Artificial Intelligence

In a nutshell, AI is a type of technology that draws logical conclusions or simulates human intelligence in order to parse data contextually. AI uses sophisticated algorithms and analysis to provide educated information about events in the future. It also provides analysis that is used to trigger precise and accurate actions based on analytical findings.

Coming back to the industry, AI has the ability to provide real-time data that can help management teams engage in strategic decision-making, marketing and overall operations. The global AI market was valued at nearly $40 billion in 2019 and is projected to hit more than $733 billion by 2027. This would be a growth rate of about 42%. View More