IREM and AppFolio survey finds 58% of property management professionals now use AI

A survey of 3,662 real estate management professionals by AppFolio and the Institute of Real Estate Management found AI use rose to 58%, up from 21% in 2023, with even the smallest firms above 50% adoption, the companies said on Nov. 5. Among AI users, 85% reported productivity gains but only 48% reported a positive effect on net operating income or profitability. Only 8% of organizations have a formal written AI policy and 74% of professionals have received no formal AI training. More than 90% of respondents said they are concerned about AI-related cybersecurity risks and AI-generated fraudulent applicant documents.