AI Screening: Performance Validation Study Whitepaper
Data confirms advanced solution for application screening reduces rental risk and increases net value for multifamily operators
RealPage® AI Screening was released in 2019 to replace the legacy screening model for assessing the lease default risk of a rental application. Designed to better identify and further reduce risk in multifamily property management using artificial intelligence, this improved application screening model was also expected to enhance and increase value in bottom-line savings for community operators and investors.
RealPage conducted a validation study to compare and evaluate the actual performance of both the new and the legacy models, as well as to quantify the benefits of the new version in terms of incremental value:
- The study compared lease data for the AI and legacy versions across 487 unique assets and 130,000 units.
- The real-world outcomes demonstrated positive changes with AI Screening in each of three key metrics analyzed.
- The data showed that the AI model significantly outperformed the legacy model on all 3 metrics.
- The study revealed that the vast improvement in the accuracy of assessing the risk of an application results in a value to the AI Screening users of $39 per unit per year.
The key metrics analyzed, detailed results of the study and the methodology used to effectively and accurately quantify the performance of the new model versus the legacy model are compiled in this whitepaper.
For more information about this advanced software solution, visit RealPage AI Screening.