The amount of renters in the United States today is at an all-time high. In cities like Atlanta, San Francisco, and New York, close to 60% of the residents there are renters. In the last 10-years alone, nine million more households have become renters, the biggest spike in our country’s history.
The growth in rental demand has resulted in the expansion and need for property management services. It’s near impossible to keep tenants happy, honest, and paying on time without a helping hand. Like many industries today, technological developers are eyeing the property management industry as a perfect case study for testing out Artificial Intelligence (AI) for streamlined capabilities.
Tons of startups in Silicon Valley are popping up today, competing to develop property management software that makes the tenant support process easier than ever before. By incorporating an element of machine-learning, property management software could get to know each individual client’s preferences, styles, and payment tendencies – sparing the property management companies hours of overhead in the process.
Other kinds of startups coming out of New York are developing platforms that could alert owners that, based on usage and life cycles, the property’s water heater could start leaking in 3-6 months, and suggest options they can select before the issue becomes expensive. Additionally, AI-powered chatbots are being rolled out, through devices like Amazon Alexa and Google Home, which permit tenants to settle their rent through simple voice commands. This kind of convenience will help both tenants and property management companies stay ahead of the rental game.
Here are Tenant Science Commercial Property Management, we’re passionate about staying ahead of the game and making our process as technologically convenient as possible. As such, we stay afloat with important industry news developments like this one, and plan to incorporate an element of AI into our Atlanta commercial property management support.