Multifamily Leaders Embrace Agentic AI to Streamline Leasing and Operations Amid Rising Costs
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Agentic AI is rapidly emerging as the next major advancement in multifamily real estate, offering the promise of transforming leasing and property operations through intelligent automation. Unlike traditional chatbots that provide scripted responses, agentic AI systems are designed to actively perform tasks—guiding prospective tenants through leasing processes, evaluating applications, following up with leads, and adapting based on data and outcomes. These systems function as autonomous leasing agents, operating 24/7, learning from interactions, and driving efficiencies that could significantly reduce vacancies and operational costs.
The technology was a major focus at the National Apartment Association’s Apartmentalize conference this year, where numerous proptech leaders announced investments and product launches. AppFolio unveiled its Realm-X product, while Funnel rolled out its Fenix AI, which is already being used by Greystar. EliseAI, which raised $75 million for its automation platform, is also investing heavily in the space. Industry giants Yardi and RealPage have introduced their own versions, including RealPage’s Lumina, developed in partnership with OpenAI. Bank of America projects spending on agentic AI could reach $155 billion in the next five years.
Leaders such as JLL’s Mendowa Martin describe the shift to agentic AI as a new era in real estate tech, one that goes beyond centralized data and CRM systems. JLL is developing its own platform, Falcon AI, to capitalize on this momentum. Martin describes agentic AI as “your smartest leasing agent,” capable of flawless, around-the-clock performance and continuous improvement—an evolution far beyond the capabilities of current AI chat tools.
Among early adopters, Atlanta-based Cortland has implemented agentic technology through its virtual assistant, “Cortney,” which engaged with 80,000 prospects and booked 60,000 tours last year with a 98% accuracy rate. Cortney operates within Cortland’s centralized leasing hub, enhancing human team productivity without replacing it. While Cortney cannot yet handle complex email queries or redirect prospects due to fair housing concerns, it is bilingual, responsive, and integrated into daily workflows. Cortland is now piloting a voice-based version of Cortney for leasing calls and testing AI support for maintenance requests in select markets.
Despite the promise of agentic AI, industry leaders emphasize that full automation is not the goal. The technology is being positioned as an augmentation tool rather than a human replacement. Executives like Kevin Donnelly of the Real Estate Technology & Transformation Center note that multifamily housing is inherently a people-focused business and that technology must support, not supplant, that dynamic.
Operational scale is also a factor. Cortland’s success with AI is enabled by a robust in-house tech and data team—a luxury not all operators can afford. Still, many are exploring agentic AI as a way to address persistent staffing challenges, streamline leasing and service workflows, and gain a competitive edge. As companies like Equity Residential and Cortland expand their conversational AI deployments, the industry appears poised to embrace agentic AI more broadly. While the pace of adoption remains uncertain, the direction is clear: smart automation will play a central role in shaping the future of multifamily operations.
