AI @ Equity Residential

Equity Residential accelerates AI deployment with CEO Mark J. Parrell noting AI as key to achieving $1 billion acquisition guidance; AI leasing app rollout targeted for full year-end deployment alongside new delinquency tools.

• Seeking Alpha: Equity Residential raises 2025 acquisition guidance to $1B while accelerating AI deployment

Several cities enact bans on AI-powered rental pricing algorithms to combat algorithmic rent gouging and protect tenants from steep rent hikes influenced by non-public data.

• Governing: Several Cities Block AI-Powered Rent Gouging

Academic and industry discussions emphasize embedding equity principles into AI lifecycle to mitigate negative social impacts, especially for marginalized communities.

• Penn State University: Q&A: Can AI be governed by an 'equity by design' framework?

Deployment of AI solutions like EliseAI to automate rent collections and better manage delinquencies amid rising payment challenges.

• CRE Daily: Multifamily Using AI for Rent Collections as Delinquencies Rise

Markets and influencers note Equity Residential as leading AI adoption in real estate; CEO Mark J. Parrell actively supports accelerated AI rollouts to optimize acquisitions and operations.

• Yahoo Finance: Jim Cramer Says Equity Residential (EQR) Is A 'Total Winner'

Equity Residential leverages Oracle’s AI solutions to adapt business operations and scale property management amidst growth, continuing AI embedded applications rollout.

• Baker Tilly: Re-shape your delivery model utilizing AI with Oracle

Use of AI algorithms to monitor appliance and system health within properties; concerns raised about AI increasing risks of housing discrimination; reports on data-sharing among landlords including Equity Residential.

• PitchGrade: Equity Residential: AI Use Cases 2024
• kreismaninitiative.uchicago.edu: AI is Making Housing Discrimination Easier Than Ever Before
• KUOW: AI tool helps Seattle landlords collude to keep rents high, report alleges

Discussion on AI applications highlighting risks of discrimination along race, ethnicity, and gender axes, contextualizing ethical considerations amid rapid AI adoption.

• Urban Institute: With AI and Automated Systems Rapidly Developing, a Focus on Equity Can Maximize Benefits for All

Equity Residential's internally developed AI reduces customer-service roles by automating tenant management and supports dynamic leasing workflows; adoption of embedded AI applications in HR and property management.

• funnelleasing.com: Big apartment landlords lean in to AI and proptechs as profit pressure grows
• Oracle Communities: How Equity Residential embraced embedded AI and Oracle Dynamic Skills

Introduction of AI leasing agent, self-guided tours, and sales mobility concepts; ongoing initiatives in smart home and smart building technologies.

• q4cdn.com: Equity Residential Investor Presentation February 2023

AI Leasing Assistant 'Ella' deployed since Q1 2020, handling 84% of inbound leasing interactions to enhance efficiency and consistency in leasing operations.

• q4cdn.com: Equity Residential Investor Update March 2022