RealPage Presents New Data Reinforcing the Value of AI Screening
RealPage, a top provider of software and data analytics for the real estate sector, has released results from AI Screening, its AI-driven resident screening tool. The findings show an average savings of $39 per unit annually, surpassing earlier estimates by 25%. A national REIT reported $1.1 million in savings across 52,000 units, with early lease terminations down 24% year-over-year. The solution utilizes a database of over 30 million lease outcomes to enhance rental screening accuracy, helping landlords reduce vacancies and defaults, while improving overall profitability.
- Average savings of $39 per unit annually, exceeding early estimates by 25%.
- A national REIT reported $1.1 million in savings across 52,000 units.
- Early lease terminations reduced by 24% year-over-year.
- Skips and evictions decreased by 38%.
- 10.2% reduction in the average balance owed per move-in across 50,000 same-store leases.
- None.
RealPage, Inc. (NASDAQ:RP), a leading global provider of software and data analytics to the real estate industry, announced the full-year results of AI Screening, its AI-based resident screening solution. The results were published in a white paper available here. A key finding: AI Screening delivers an average savings of
One national REIT reported savings of
RealPage AI Screening taps into a database of more than 30 million lease outcomes to more accurately predict “willingness to pay,” a more sophisticated screening method than the conventional credit and background check. The study did not quantify increased income due to higher occupancy resulting from the software’s ability to identify good renters who might be rejected by conventional screening software.
“These are just stunning numbers,” said Rich Hughes, SVP Data Science at RealPage. “We’re not only talking about reducing risk of default and its costs, which is what we measured. Many users are also going to hit higher occupancy rates by being able to say ‘yes’ to people they’d otherwise have turned away. They are also able to reduce the high costs of turns due to defaults, boost their renewal rates, lower their marketing spend and perhaps be able to nudge rents up. So, the payoff goes well beyond the numbers documented in the study.”
RealPage introduced AI Screening to beta clients in April of 2019, and to the general public a month later, giving RealPage over a year to compare against the legacy screening model without AI capabilities.
“We believe these impressive results are going to turn a lot of heads and get people to move away from their conventional screening model and transition to our AI solution,” concluded Hughes. “The software is paying for itself many times over in bottom-line benefits.”
For more information about RealPage AI Screening, please visit https://www.realpage.com/apartment-marketing/resident-screening/.
About RealPage
RealPage provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency into asset performance, leverage data insights and monetize space to create incremental yields. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 19 million units worldwide from offices in North America, Europe and Asia. For more information about RealPage, please visit https://www.RealPage.com.
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