The buzz around artificial intelligence is undeniable. It reverberates through every industry and promises top-to-bottom transformation. Property management, long rooted in tangible assets and human interaction, is no exception.
For property managers, this isn’t just about adopting new tools; it’s about understanding a fundamental shift that will redefine efficiency, profitability and long-term relevance. The companies that embrace AI now are positioning themselves to thrive, while those that hesitate risk being left behind in a rapidly evolving market.
For years, what many companies touted as “AI” was, in truth, sophisticated “smart technology” – algorithms and rules-based systems that automated tasks. While these brought undeniable efficiencies, they lacked the true learning, reasoning and adaptive capabilities of genuine artificial intelligence.
The real AI revolution, driven by advancements in neural networks and Large Language Models (LLMs), has only truly begun in the last year or so. This true form of AI learns from vast datasets, identifies complex patterns and can generate human-like text or even make predictions in ways that traditional “smart” systems simply could not.
So what does this have to do with property management? It means that the capabilities emerging now will fundamentally transform every facet of the industry, from how prospects find properties to how residents are supported, demanding a re-evaluation of existing tech partnerships and strategies to stay competitive.
“You can’t afford not to pick up these technologies,” said Merrick Lackner, CEO of Rently, a leasing automation and smart home solutions company. “The first question a property manager needs to ask themselves regarding their tech stack is, ‘Why am I partnering with who I’m partnered with, and are they going to offer long-term value?’”
Tangible benefits for property managers
Embracing AI isn’t just about adopting new tech; it’s about unlocking profound competitive advantages. For property managers looking to thrive in the coming years, AI isn’t just a shiny new toy, it’s the key to success.
Efficiencies and cost savings: By automating routine tasks and streamlining processes, property managers can significantly reduce manual hours for staff, translating into millions of dollars in aggregate savings across the industry.
Accelerated lead conversion and reduced days on market: AI-powered systems can facilitate quicker lead scheduling and higher conversion rates. For example, Rently’s self-guided tours have already reduced average time on market from 28 days to just seven. Further AI integration could reduce this time even more, and Lackner predicts vacant properties could be taken off the market in as little as one day.
Enhanced resident satisfaction: From the ease of finding and touring a property to seamless smart home management, AI elevates the entire resident journey, fostering greater satisfaction for renters. This leads to increased client retention for property managers.
Mitigating risk: AI’s ability to analyze vast datasets allows for smarter risk detection, such as identifying unusual property access patterns. This data-driven insight empowers property managers to make more informed decisions, optimize operations and strategically grow their portfolios.
When AI became the trendiest thing for companies to show off, it quickly became apparent that not all AI solutions were created equal. For Lackner and his Rently cohorts, AI advancement wasn’t something that just happened overnight. Rather, Rently’s solutions and upcoming offerings are rooted in over a decade of thoughtful innovation.
“What you have is a landscape in which Rently has developed this full stack of hardware,” Lackner said. “That took us 10 whole years, and we’re moving into this new generation of technology where AI is becoming increasingly the entire future.”
The company’s approach to innovation is always driven by one central question: “How can technology be used to enhance the user’s experience?” For Rently, the “user” is twofold: both property managers and renters. The emphasis the company puts on renter experience bodes well for their property management partners, as a better UX for consumers ensures higher retention rates. On the other side of the equation, Rently places high priority on ensuring that property managers have everything they need to efficiently run and expand their portfolios. These include solutions that:
Enhance the rental search (Coming summer 2025): The days of endless filtering are numbered. Soon, prospective renters will be able to describe their ideal property in natural language via voice or interactive chat. Rently’s AI will “co-pilot” their search, instantly navigating them to properties that precisely match their detailed specifications, dramatically improving lead quality and conversion.
Bolster security and fraud prevention (Existing and evolving): Rently has long leveraged smart algorithms for security, particularly in validating identities during property access. Moving forward, these systems are evolving into true AI-driven solutions, employing sophisticated backend algorithms to vet and deter scammers and fraudulent activities with greater precision than ever before.
Streamline lead capture (Existing and evolving): While Rently currently employs smart lead capture and rules-based text follow-ups, the next one to two years will see the full power of AI unleashed. Prospective residents will engage in detailed conversations with AI, receiving specific application links, property feedback and answers to nuanced questions pulled directly from Rently’s comprehensive databases. This transforms a manual, time-consuming process into an automated, highly personalized experience.
Enhance resident and client support (Coming soon): Property managers often grapple with the cost and complexity of call centers. Rently is addressing this by launching AI-powered chat and voice agents for Tier 1 resident support. These agents will automate responses to common inquiries, from smart home technology questions to maintenance requests, reducing operational costs and significantly improving resident satisfaction. Furthermore, AI will assist contractors and vendors with hardware installation, speeding up deployments and ensuring seamless integration of new technology.
The message to property managers is clear: AI adoption is imperative. The future of property management belongs to those who embrace this technological wave.
Rently’s long-term vision positions the company not merely as a software provider, but as an infrastructural play in the future of real estate. Built through a decade of hardware innovation combined with cutting-edge AI integration, Rently’s suite of products provides an unmatched foundation for property management success.
Property managers should critically evaluate their current technology partners. In an AI-driven world where software is increasingly commoditized, true value will lie in foundational infrastructure and deeply integrated AI. Rently offers an end-to-end approach, empowering property managers to not just adapt to the future, but to lead it.
