Political risk has become just as important as cap rates, AI is ordering maintenance supplies before staff know they’re needed, and apartment executives are increasingly relying on bots that can chase late rent payments in six languages.
Those were some of the takeaways from The Real Deal’s latest multifamily roundtable, sponsored by Amazon Key. Some of the country’s largest apartment investors, owners and property managers came together at the Beekman Hotel in Manhattan to take an unfiltered look at the forces reshaping the industry. The conversation was moderated by TRD Editor-in-Chief Stuart Elliott and featured Marc Kotler, president of FirstService Residential; Ken Greene, CEO of AKAM; Melody Garcia, executive director at JPMorgan Chase Asset Management; and Joe Lubeck, CEO of American Landmark Apartments.
Fresh off New York’s Democratic primary, much of the conversation centered on politics. Kotler warned that additional regulation could make the city increasingly difficult to operate in, while Garcia said her team closely evaluates “regulatory risk” before investing in any market. Lubeck went a step further, arguing that “political risk” has become one of investors’ biggest due diligence concerns. Asked about his own politics, he quipped: “Easy — I’m a capitalist.”
The executives also painted a surprisingly optimistic picture of artificial intelligence not as a replacement for workers but as a tool to eliminate busywork. Greene said AKAM is developing an AI concierge capable of booking residents an Italian restaurant with “the best lasagna” without human intervention, while Lubeck described AI systems that now dispatch maintenance technicians, order replacement materials and even become progressively more assertive when reminding residents about overdue rent. “It’s changed the entire paradigm,” he said.
Despite all the discussion of technology, the panelists agreed that the fundamentals of property management haven’t changed. “The number one reason people move is a problem with maintenance,” Lubeck said. Residents, he argued, will often accept reasonable rent increases if they’re receiving great service — but they won’t forgive being ignored.
Guests, including executives from firms like Greystar, Zion Equities, KKR and more, listened to the conversation before the hand-selected group came together for drinks, dinner and off-the-record conversation.
Thanks to our sponsor, Amazon Key, for making this event possible.