Yardi Virtuoso AI Chat - Introduction
Yardi recently announced their Yardi Virtuoso line of products and a stand alone website outlining it’s features. Yardi Virtuoso looks to be an advanced, AI powered digital assistant that will support operations throught Yardi’s legacy products. Virtuoso is their new building block for the AI future. It likely isn’t fleshed out super well yet, and it hasn’t rolled out or been deployed in any large or meaningful way - but it shows that Yardi is putting development work into AI.
Yardi Chat IQ - A Review
Yardi Chat IQ was announced last month. It is an Artificial Intelligence powered chat system that can communicate with prospects and residents over website live chat and text message. Yardi is one of the largest property management software providers in the world, and this is their first entrance into the world of AI. Yardi Chat IQ is designed to improve customer service on property websites, and serve prospects and residents with common questions.
Multifamily Apartment Turnover Rates Continue to Fall
A recent report by CBRE reveals that the turnover rate for multifamily housing has dropped to 47.5%, the lowest level in two decades. Data from RealPage shows a decline of 80 basis points, supported by evidence from six major real estate investment trusts (REITs): Major REITs Reporting Lower Turnover Rates: AvalonBay, Camden, Equity Residential (EQR), MAA, and UDR reported a lower turnover rate in Q1 2019 compared to 2018, with an annual average drop of 2% to 42%.