The pressure has never been higher on multifamily operators to deliver results that outperform the market. Slow absorption from the post-COVID construction boom, maturing multifamily debt and stubbornly high interest rates driving potential loan delinquency or distressed sales, and an uncertain economic climate as a result of breakneck policy changes are causing operators around the country to feel the strain, particularly in overbuilt Sunbelt metros and other high supply areas. Management companies and ownership groups both big and small are looking for new solutions to keep their units filled in light of these circumstances. It just so happens that over 75% of NMHC’s Top 50 have agreed on one solution to help solve their occupancy rate problems: EliseAI. But don’t just take their word for it – the proof is in the data.
The Numbers Tell the Story: EliseAI Teams up with ALN Apartment Data
EliseAI partnered with ALN Apartment Data, the largest collector of apartment data in the United States, for a groundbreaking study quantifying the impact of EliseAI’s solutions on occupancy rates in markets around the country. The headline? Using data from over 3,500 communities around the nation, ALN Apartment Data shows operators leveraging EliseAI’s products see an average of 2% higher occupancy over a 12 month period after deploying AI than those that don’t. This first of its kind analysis quantifies what leading operators like Equity Residential, AvalonBay, Bozzuto, Asset Living, and more have known for years—the always-on, attentive, and helpful nature of AI creates better experiences for residents and prospects alike, leading to higher leasing conversion metrics and better renewal rates.
Introducing EliseAI: Multifamily’s Original AI Solution
EliseAI was founded by two visionary software engineers, Minna Song, an MIT graduate, and Tony Stoyanov, a Cambridge graduate, who shared a mission to transform the housing industry through AI-driven innovation. Leveraging their deep technical expertise and passion for impactful solutions, they built EliseAI into a powerful automation platform that streamlines leasing operations, enhances resident experiences, and unlocks unprecedented efficiencies across multifamily housing.
To date they have helped over 500 owners and operators tackle labor shortages, rising costs, and workforce turnover, which can exceed 40% annually. EliseAI empowers housing providers to streamline operations, reduce inefficiencies, and deliver better resident experiences.
With round-the-clock, always-on lead nurturing powered by LeasingAI, operators in both major metros and smaller markets have significantly boosted leasing conversions. By capturing the nearly 50% of leads that arrive after standard leasing hours, LeasingAI enables operators to schedule more tours, and schedule them faster, ultimately driving higher occupancy rates by connecting with prospects exactly when interest is highest.
EliseAI’s AI-Guided Tours provide renters with unmatched flexibility, allowing them to view apartments and homes on their own schedules, outside of traditional leasing hours. By extending availability and removing scheduling constraints, owners and operators can accommodate more prospects, increase tour volume, and ultimately house more renters, maximizing occupancy and ensuring that no potential resident is missed.
Automating the Prospect-Through-Resident Lifecycle
While many in the multifamily industry first encountered EliseAI through its leasing automation solutions and VoiceAI solution, recent years have seen significant expansion, including the launch of ResidentAI, a powerful tool designed to automate resident interactions, streamline communication, and deliver a consistent living experience. This comprehensive approach not only boosts retention rates but also empowers operators to reduce payroll costs and optimize the entire prospect-to-resident lifecycle.
Today, EliseAI has moved far beyond automating leasing with a variety of other purpose-built solutions designed for property management. The ResidentAI suite combines a Delinquency product that automates rent reminders and late payment follow-ups to reduce bad debt, a Renewals product that automates renewal reminders and increases residents likeliness to renew, and a Maintenance product that uses conversational AI to open work orders in order to streamline communication processes throughout the entire resident lifecycle. All of these products leverage the same best-in-class AI technology powering the leasing product to help improve NOI through increased renewal rates and collections velocity.
EliseAI is also working to help operators streamline their maintenance operations with the new Maintenance App, leveraging AI-powered automation to automate work order assignment, monitor technician performance, and improve documentation processes to meet changing compliance requirements like AB2801 in California. Other tools, like Lease Audits, help operators find and recapture lost revenue from ledger errors, while also reducing the risk of noncompliance.
EliseAI is at the forefront of developing AI-powered automation tools tailored to the evolving needs of multifamily operators, including those embracing centralized operations.
Powering Centralization for Leading Management Companies
Effective centralization requires automation. Hundreds of operators have discovered this firsthand, partnering with EliseAI to reduce payroll costs and unlock new efficiencies. By automating over 90% of resident and prospect communications, EliseAI empowers specialized team members to focus on unique cases while AI handles routine tasks. Beyond basic automation, EliseAI’s purpose-built features, including a customizable Call Center, Centralized Guest Cards, and automated cross-selling in LeasingAI, streamline workflows and enhance overall performance.
These efficiency gains and eye-popping stats aren’t just happening in a vacuum, they’re real outcomes driven by real, innovative management companies.
Real Results for Real Operators: The GoldOller Real Estate Investments Story
For fast-growing NMHC Top 50 Manager GoldOller Real Estate Investments, partnering with EliseAI has been a key component of their success. GoldOller opted to deploy EliseAI’s CRM product, EliseCRM, alongside EliseAI’s conversational AI products, in order to create a more unified prospect and resident experience. The outcome? Not only did GoldOller see a 2% increase in occupancy rates across their portfolio, but also saw a 47.4% increase in onsite staff retention rates after making the switch. For a burnout-heavy industry like multifamily, where NAA data shows onsite turnover rates of over 30% on a yearly basis, keeping and retaining high-quality staff can be a key make or break factor—something GoldOller has tackled head-on with strong branding, a fantastic team culture, and EliseAI.
The Property Management Model of the Future Is Powered by AI
Over the last few years, AI has quickly gone from buzzword to proven driver of improved operational outcomes for the multifamily industry, and EliseAI’s recent report with ALN Apartment Data proves it. Whether you’re looking to outperform your market, keep top talent in their seats, or stand up a centralized team, the list of reasons to try AI continues to grow. Don’t let the multifamily AI influx be a competitive advantage for your competitors, get started on the path to AI-powered multifamily management today.