Real Estate
Home›Real Estate›Industry›AI moves into multifamily management, raising risks fo…
AI moves into multifamily management, raising risks for 466,100 managers
Bureau of Labor Statistics data show 466,100 property, real estate, and community association managers in 2024, as AI adoption is estimated to cut leasing and admin hours by 40% and drive payroll savings of 10% to 20%.
Artificial intelligence is increasingly being integrated into multifamily property management tasks, from using AI agents to follow up with prospective renters and draft leases to automating property tax disputes and rent collection, according to Bisnow.
The report points to potential workforce disruption as AI reshapes how “nearly half a million” managers work. Bisnow cites Bureau of Labor Statistics data showing 466,100 property, real estate and community association managers across the U.S. as of 2024, and notes that rising landlord expenses for items such as property insurance, interest rates, and renovation materials can make labor costs a target for efficiency.
A playbook from EliseAI, which values the company at $2.2B and says it is used in a sixth of U.S. apartments, estimates AI can reduce leasing and administrative hours by 40% and produce payroll savings of 10% to 20%. Bisnow also says Equity Residential, a roughly $25B multifamily REIT with about 85,000 apartments, cut headcount by 20% between 2020 and 2025 tied to AI integration.
Bisnow adds that executives have argued AI will not necessarily lead to layoffs, with job losses more likely to come from positions not being filled when workers leave. The article also links to higher attrition, saying turnover among property managers is up to three times higher than in other white-collar professions, and that the average white-collar turnover rate was 9.9% in 202? (the provided text cuts off).