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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 developed Lumina, an AI platform packaged with trained AI models that enable smarter systems of engagement, intelligence, and management to optimize performance for property managers.
This development comes after two large apartment operating groups settled in a class action case against RealPage, accused of artificially inflating rent for customers using its software. The DOJ is investigating RealPage for possible price-fixing in large rental properties that use the software.
RealPage builds software for property management companies, supporting various operations essential for large multifamily property operators. Lumina aims to automate tasks and drive faster performance using its massive dataset for learning.
CEO Dana Jones stated, “Lumina enables a new paradigm for managing property operations with engagement, smarter systems of intelligence and management.” The AI system will facilitate discussions between staff, residents, and applicants, and help in marketing insights and fraud monitoring.
The issues with RealPage started when reports suggested its algorithm was driving up rents for residents using its software. This led to individual lawsuits and a class-action case accusing RealPage of helping landlords raise rents through its algorithmic tools.
Fallout from the case continues, with debates on how rent increases should be calculated and various regulators and analysts weighing in on the situation. RealPage continues to innovate despite ongoing scrutiny.
For more information, you can contact Craig Rowe via email.
RealPage, a rental industry software company, has launched an AI platform called Lumina to optimize property management performance. This comes after allegations that the company’s software artificially inflated rent prices, leading to a class-action lawsuit by two large apartment operating groups. The Department of Justice is also investigating possible price fixing facilitated by RealPage’s software. Lumina aims to automate tasks and provide smarter systems of engagement and management for property managers. It uses conversational AI to drive interactions with staff, residents, and applicants, as well as monitor for fraud and provide market insights. Despite ongoing legal and regulatory challenges, RealPage is moving forward with its AI-driven solutions to improve efficiency and resident experiences in the multifamily industry.
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