Low-code tools are going mainstream

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Multilingual NLP will grow

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Combining supervised and unsupervised machine learning methods

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Automating customer service: Tagging tickets and new era of chatbots

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Detecting fake news and cyber-bullying

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How AI Can Improve Tenant Quality

From investors to property managers, the quality of tenants can have a meaningful impact on the stability and quality of cash flow. Proper tenant screening directly impacts tenant quality, occupancy, and profitability of a multifamily asset. Traditional tenant screening relies on methods like credit checks, background checks, and reviewing rental history. However, these approaches are time-consuming and prone to human error. With the growth of AI, tenant screening has become more streamlined, leading to higher tenant quality and reduced turnover. As a result, multifamily property owners can achieve better financial performance and higher occupancy.

What is AI-Powered Tenant Screening?

With AI-powered tenant screening, property managers can leverage machine learning and data analytics to make better decisions about the evaluation of prospective tenants. AI can analyze large datasets of tenant information, including credit reports, rental history, social media activity, and employment history. This process enables property managers to evaluate prospective tenants quickly, efficiently, and accurately to assess a tenant’s potential risk. Plus, property managers can identify the most reliable tenants while minimizing vacancies or other tenant issues before they happen. This strategy helps property managers to develop a more comprehensive profile of the prospective tenant before they move into the property.

How AI Improves Tenant Screening

AI can improve tenant screening in several ways:

1. Evaluate Risks More Accurately

First, AI can predict tenant behavior more accurately than manual tenant screening. For example, AI can analyze not only a tenant’s credit score but also payment history, employment stability, and financial health. With this fuller tenant profile, a property manager can assign a suitability score that describes the prospective tenant’s financial health and ability to pay rent on time.

With a deeper understanding of a tenant’s risk profile, a property manager can manage overall property evictions and rent defaults. For example, if a tenant has a history of late payments or unstable employment, AI can identify these issues proactively. Armed with this information, property managers can make more optimized leasing decisions.

2. Reduce Human Error and Bias

Traditional tenant screening, which is performed by humans, is prone to both error and bias. Why? Property managers may make mistakes in the evaluation of tenant data, either through the collection or interpretation stages. Alternatively, property managers could engage in unconscious bias, in which they make subjective judgments about a tenant’s background, appearance, or even name. These errors could lead to suboptimal decisions. However, AI can replace subjective judgments with objective evaluations. AI can create a fairer screening process by focusing solely on objective data such as rental history, credit score, and employment status. This process reduces the potential for discrimination. In addition to creating a fairer process and improving tenant quality, AI can help property managers comply with fair housing laws (which prohibit discrimination based on race, gender, or religion).

3. Predict Long-Term Tenant Potential

Property managers want to be able to predict how long a tenant will live at the property. Why? Property managers want cash flow stability while reducing tenant turnover, which can mean additional expenses to renovate a unit and potentially lost cash flow until the next tenant moves into the unit. Property managers prefer long-term tenants to save on marketing costs, leasing fees, and renovation costs. With AI, property managers can evaluate tenant characteristics like career stability, social media activity, tenant background, and neighborhood fit. This holistic information can help predict whether a tenant is a good fit for the building and whether they’re likely to live there for the long term.

4. Improves Leasing Experience

AI not only helps property managers improve cash flow but also helps tenants have a better leasing experience. With AI, property managers can streamline the leasing process to process applications quickly and provide faster responses to applicants. When applicants receive timely communication, it improves their overall experience and perception of the property, which makes them more likely to sign a lease.

For property managers, faster tenant screening means fewer unoccupied units and reduced vacancy periods, which can lead to higher occupancy rates and lower turnover. The ability to lease units to high-quality tenants helps maintain a stable cash flow for multifamily property owners and real estate investors.

5. Measure Tenant Satisfaction

AI can continue to measure tenant satisfaction after the leasing process is completed. Property managers can leverage tenant data to understand satisfaction levels and identify potential issues before they become major problems. For example, if a particular tenant is complaining about the property on social media or has made increasing amounts of maintenance requests, property managers can address the situation proactively. Property managers who offer specific and prompt solutions to tenant problems are likely to increase tenant satisfaction, which can increase occupancy and lease renewals.

Conclusion

Automating tenant screening with AI provides a competitive advantage for property managers, asset managers, and real estate investors by improving tenant quality and lowering tenant turnover. With benefits such as accurate risk assessment, reduced human error and bias, and long-term tenant predictions, AI can enhance the tenant selection process while helping to reduce costs and maintain high occupancy rates. AI-powered tenant screening will increasingly become essential for property managers and real estate investors who are looking to optimize their multifamily real estate operations and drive sustainable growth.