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Artificial intelligence is driving the latest from rental industry software company RealPage, according to an April 18 press release.
The company has dubbed its latest innovation Lumina, an AI platform the company said is “packaged with trained AI models that enable smarter systems of engagement, intelligence and management to help optimize performance for property managers.”
This development comes only weeks after two large apartment operating groups settled in a class action case against the technology company that was accused of using its software to artificially inflate rent for its customers. Those companies are Pinnacle Property Management Services of Dallas and Denver-based multifamily operator Apartment Income REIT (AIR).
The DOJ got involved a few weeks after, according to a March 25 report by Politico that said the federal office is looking into the possibility RealPage helped facilitate price fixing at some of the large rental properties whose owners use the software, citing four unnamed sources.
RealPage builds software for property management companies, supporting marketing operations, financial oversight, leasing, payments, tenant prospecting and communications, vendor management and, in essence, all critical competencies required by a large multifamily property operator.
Lumina is being rolled out to automate a number of the supporting tasks that drive the large facets of its solution, helping an array of commands and tasks perform faster, much of which is made possible by the massive dataset from which it can learn. Decades of apartment property operation insights can do a lot for an eager AI system.
“AI brings tremendous opportunities to the multifamily industry,” said Dana Jones, RealPage CEO and president, in the press release. “Lumina…