Why Some Properties Struggle While Others Thrive: The Secret Lies in AI

Property operators are in a battle for occupancy, with record-breaking new supply flooding the market and renters holding more bargaining power than in years past. Margins are tightening, costs are rising, and leasing teams are stretched thin.

Yet, some properties are not just surviving in this environment, they're thriving. One property management company saw a 68% increase in lead-to-tour conversions simply by adopting AI-driven leasing technology. The difference isn’t luck, it’s efficiency. And for an increasing number of forward-thinking property operators, AI is the secret weapon that’s changing the game.

A Renter’s Market Demands Smarter Leasing

“We’re tracking negative year-over-year rent growth, which is quite unusual for the market,” says a Sr. Economist at Apartment List. “It’s creating a very competitive environment where even stabilized properties are competing with new supply.”

Combine that with labor shortages, increasing expenses, and evolving renter expectations, and property management companies (PMCs) are under more pressure than ever to operate smarter, not harder.

How AI is Becoming a Leasing Team’s Best Asset

While leasing teams work tirelessly to nurture leads and secure leases, human resources alone can’t keep up with today’s digital-first renters.

Renters expect immediate responses, personalized service, and seamless interactions across multiple channels. The traditional leasing model, where agents juggle emails, phone calls, walk-ins, and follow-ups is becoming unsustainable. That’s where AI-powered leasing agents step in to fill the gaps, ensuring no lead goes unnoticed and every prospect gets the attention they need.

AI-driven leasing technology can:

• Engage renters 24/7 via chat, text, email, or phone, without requiring a human agent.
• Boost lead-to-tour and lead-to-lease conversions by qualifying renters and scheduling tours in real time.
• Reduce operational costs by automating repetitive tasks, freeing up human leasing agents to focus on high-value interactions.
• Enhance personalization by remembering renter preferences and offering tailored responses to questions about amenities, pricing, and policies.

Real Results: The ROI of AI in Leasing

PMCs that have integrated AI leasing assistants like Apartment List’s Leasing AI are already seeing dramatic improvements in efficiency and conversions.

One operator reported a 68% increase in lead-to-tour conversions, allowing leasing teams to capture and engage more qualified renters before they lost interest. AI-driven follow-ups ensured that prospects received timely responses, eliminating delays and reducing drop-off rates.

Beyond improving tour conversions, Apartment List’s Leasing AI is driving additional measurable benefits:

• 53% more conversions after office hours as AI ensures no inquiry is left unanswered.
• 42 hours saved per property per week, allowing leasing teams to redirect their focus to higher-value tasks like resident retention.

These results are more than just numbers, they represent real operational efficiencies that enable property teams to lease smarter, improve occupancy, and reduce staffing costs without sacrificing service quality.

But Not All AI Solutions Are Created Equal

While the benefits of AI-powered leasing agents are clear, choosing the right one is critical to maximizing ROI. Not all AI solutions are designed specifically for the multifamily industry, and some come with drawbacks like inaccurate information (AI hallucinations) or limited customization.

That’s why we’ve created a step-by-step guide within our latest playbook to help property managers identify the right GenAI leasing assistant for their business.

What’s Inside the Playbook?

Our latest playbook, 4 Ways GenAI Supports Leasing and Optimizes Property Operations, is packed with actionable insights, including:

• The biggest challenges PMCs face today and how AI helps solve them
• Key criteria for evaluating AI-powered leasing solutions so you can invest in the right technology with confidence
• Real-world case studies from PMCs using AI to boost leasing success

Future-Proof Your Leasing Strategy

The rental market is evolving, and the PMCs that embrace AI-powered efficiencies today will be the ones that stay ahead tomorrow. Don’t let manual processes slow you down while competitors leverage automation, data, and AI-driven personalization to capture more leases.

Download the playbook now: Click here

Your future residents are already online, searching for their next home. Is your leasing team equipped to meet them where they are?