Multifamily Giants Embrace AI for Leasing/Operational efficiency

Large multifamily operators and managers are experimenting with Agentic AI in their leasing operations to more efficiently lower vacancy rates and operations costs. Multifamily players like Equity Residential, Greystar and Cortland Partners, among others, are embracing the technology and more are sure to follow.

While it has yet to be realized at scale and in everyday operations, the vision of agentic AI in property management — in which an autonomous program guides potential tenants through the leasing journey — is of a future with increased efficiency, fewer vacant apartments and lower operational costs.

Many AI startups are seeking to create their own models to sell to operators, investors and managers. Funnel, which launched its Fenix AI agent tech in April, is used by Greystar.

During their recent earnings call, executives at Equity Residential indicated they’re in the process of expanding the deployment of their conversational AI capabilities across the leasing spectrum.

The speed at which agentic AI becomes more embedded in customer service roles for the multifamily industry isn’t yet clear. But it is clear that industry players see significant value in investing in this technology.

Cortland Partners, which controls about 78,000 units across the U.S., has also integrated Funnel into its leasing communications. At its central leasing hub, where workers oversee leasing for Cortland’s entire portfolio, a virtual agent called Cortney handles initial contacts with potential tenants over text and email.

Last year alone, Cortney engaged with 80,000 potential tenants and booked 60,000 tours, operating with a 98% accuracy rate, Cortland Chief Experience Officer Mike Gomes told BisNow.

Gomes said Cortland has an entire technology team, including in-house AI developers, engineers and a full data team — advantages he says a smaller portfolio owner couldn’t afford. The Atlanta-based company even has an internal quality control tool that records every single call a human agent makes, transcribes and analyzes their interactions, and grades them against a series of predetermined criteria.

He says that Cortney has a personality — he calls it a she – and says it has been very useful as a way to augment the team of human workers responding to email and text inquiries. It’s also bilingual, able to respond in Spanish.

Cortney has limitations, though: It can’t answer emails with multiple questions, which can get confusing, or direct tenants to other buildings for fear of being accused of violating fair housing laws via steering. In all such cases, it hands the query over to a human.

“It’s not replacing our humans,” he said. “Cortney is an augmenting tool that allows us to ensure super-fast responsiveness to prospects.” Reported by Bisnow, June 26, 2025