Originally published on August 7, 2024, by Lili Dunn for UrbanLand Magazine. 

The opportunities presented by artificial intelligence (AI) today seem unlimited. During the early innings of this exciting new technology, the phrases generative AI and machine learning are often being used interchangeably. In the multifamily industry, practical applications of AI are primarily based on machine learning, a subset of AI that uses algorithms to learn automatically from big data to identify patterns and make intelligent predictions.

A multifamily leasing office becoming a screen with a virtual assistant that can mimic and go beyond human capabilities is not yet a reality in most communities. Nonetheless, our industry is identifying areas where true generative AI solutions can improve the resident experience and streamline operations. There is significant investment being made in developing AI solutions that are seamlessly incorporated into property management and accounting systems.

Multifamily owners and operators, drawn by the possibilities of finding efficiencies from adopting new technology, are testing various machine learning solutions that may eventually lead to true decision-making without human interference. At Bell Partners, we maintain a disciplined approach to applying machine learning solutions to our operating platform, and we find success in some areas while understanding that applications in other areas of our vertically integrated platform still need more time to develop.