Summary: The rental market in 2024 is expected to undergo significant transformations due to two complex factors: the continuing influence of artificial intelligence (AI) tools and a highly competitive landscape driven by the surge in construction of multifamily rental properties. These developments bring forth both challenges and opportunities for property managers.
– Artificial intelligence (AI) tools: The first factor impacting the rental market is the sustained impact of AI. This technology is expected to revolutionize various aspects of property management, from streamlining administrative tasks to enhancing tenant screening processes. With AI, property managers can automate routine processes, optimize marketing strategies, and efficiently respond to tenant queries, resulting in improved operational efficiency and enhanced tenant experiences.
– Competitive rental market: The second element shaping the rental market in 2024 is the intensified competition driven by the construction of multifamily rental properties at record-high levels. As an increasing number of rental units become available, property managers will face new challenges to differentiate their properties and attract quality tenants. Moreover, this heightened competition could also lead to potential rent fluctuations and changes in leasing terms across various regions.
The combination of AI tools and a fiercely competitive rental market in 2024 will require property managers to adapt and make informed decisions to thrive in this evolving landscape.
You can read this full article at: https://www.housingwire.com/articles/how-ai-and-a-changing-rental-market-will-shape-property-management-in-2024/(subscription required)
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