The next competitive advantage in multifamily may emerge before a renter ever contacts a leasing team. This is the view of Apartment List CEO Matthew Woods. 

“AI can help interpret the trade-offs behind a renter’s search, connect that intent with verified inventory, and surface properties that rigid filters might miss,” he said. “For owner-operators, that creates an opportunity to reach better-matched renters with the right information at the moment they’re ready to act.”

That capability is becoming especially valuable as elevated vacancy reshapes competition for renters, Woods said. 

In 2024, 608,000 multifamily units came online across the U.S., the most in a single year since 1986. By February 2026, Apartment List’s vacancy index had reached a record 7.3%.

While the vacancy rate declined to 7.1% in August, its first decline since 2021, rents remain 0.8% lower than in August 2025. Apartments are taking an average of 32 days to lease. 

As a result of the stiff competition for renters, landlords are increasingly turning to artificial intelligence to reduce costs, improve efficiency and strengthen property performance.

“Two years ago, it was common to hear landlords say they would never use AI — that their people, brand and engagement are the core of how they differentiate themselves,” Woods said. “But by necessity, and also due to its impact, owner-operators have started to embrace it because they realize it is the only way to make their operations more efficient.”

Apartment List works with 1,500 owner-operators across 37,000 properties, and they all understand how difficult oversupplied markets are, Woods said. They know they must work out the actions they need to take to best meet renters where they are and provide an efficient end-to-end experience.

However, where renters are isn’t necessarily where they used to be.

Making Apartment Search More Personal

Alongside traditional listing search, renters increasingly expect a smaller set of relevant, actionable options tailored to their priorities in a manner that reflects the rest of their lives, including the technology they now use, Woods said.

He described how over the last two years, Apartment List has brought its matching engine and verified inventory into conversational search. Renters describe what they need in their own words, refine their priorities and receive a focused set of options they can act on.

These tools work across the search journey, from understanding renter intent to surfacing relevant properties, answering questions and helping renters take the next step.

The platform’s AI agent gets to know a renter as soon as they begin their search. It builds a profile around each renter’s stated preferences, such as proximity to a school, workplace or transit line. 

“We have thousands of people like me on our platform, and we know they typically end up in a certain sort of building, even if that’s not where their search began, so let’s show them that,” Woods said. “We can ultimately help them arrive at the home they want more quickly.”

Apartment List’s new AI solutions include Kaleno, an AI agent that sources listings, contacts leasing teams and schedules tours, and Sunny, which combines real-time inventory and price transparency to drive savings for renters.

Apartment List is also testing Omni Flex, a more flexible approach to search that weighs together renter priorities and keeps promising near-matches from being excluded by a single rigid filter.

“This approach helps renters discover viable options they might otherwise miss, while connecting property teams with renters whose needs their listings can genuinely meet,” Woods said.

Preparing Properties For AI-Powered Search

These industrywide shifts also change what multifamily teams need to provide, Woods said. AI-powered search is only as useful as the property information behind it.

“A property can rank well in a traditional search but be represented inaccurately in an AI-generated answer,” he said. “This makes providing complete, structured and current property information an operational requirement, not simply a marketing tactic.”

Landlords who get this right have a unique opportunity, he said. Personalized search can give renters greater confidence in a property before they speak with the leasing team or schedule a tour. 

By the time these renters engage with an apartment, they may already have answers about the layout, amenities, pricing and other important considerations.

“Renting is personal, and technology can deliver a personalized journey in a way that wasn’t possible even two years ago,” Woods said. “The more effective we are at giving specific answers, the more seamless the process, which translates into faster moves to the benefit of everyone.”

Through this analysis, AI agents are also able to determine the best time to communicate with potential renters, such as in the evenings. 

“If an owner-operator doesn’t have the ability to provide consistent, 24-hour engagement with renters, they are behind,” Woods said. “This isn’t possible if they rely on a leasing agent who’s very busy and doing too many jobs to pick up the phone.”

To support landlords, Apartment List’s solutions include A-List Nurture, which handles follow-ups across text, email, phone and chat, and A-List Market, which uses machine learning to match renters with relevant communities.

Embracing this technology will become increasingly important for landlords — whether or not a market is oversupplied, Woods said. AI solutions will increasingly be used to compare options, clarify costs and complete more of the work between initial interest and a tour.

“It’s not just the market that’s evolving,” Woods said. “The listing platform is transforming into a decision layer for renters and a demand-intelligence layer for landlords. It’s all about accuracy, understanding and connected marketing activity.”

This article was produced in collaboration between Apartment List and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.