Technology is transforming the rental industry, with AI taking over tasks like work orders, lease renewals, and investor due diligence. This presents a huge opportunity for startups and venture capitalists. Virtual agents powered by AI are helping with apartment marketing, while AI is streamlining the underwriting and acquisition processes for investors.

AI also plays a role in property development and accounts payable, making processes more efficient by automating tasks like invoice reading and data entry. Companies like PredictAP are improving payment systems in the multifamily industry. AI is even being used to streamline apartment marketing and leasing, centralizing relationships between renters and brands.

Despite advancements, AI in the rental industry is still in its early stages and can be costly. The multifamily sector is fragmented, with many small landlords. Large apartment REITs own tens of thousands of units each. The challenge lies in understanding which tools and technologies will truly benefit the industry as it continues to evolve.

Read more at CNBC: AI in apartment market is taking over work orders, lease renewals and more