Operators outside of a few select markets (think Northeast metros and California) are struggling with rent compression. With COVID-era building slowdowns giving way to a glut of supply in overbuilt Sunbelt metros, and insurance premium spikes plus climate risk causing firesales in coastal markets like Florida, operators expecting to see 5% or more year-over-year rent growth like years past are in for an unpleasant surprise. At EliseAI, we’ve already extensively covered the impact of AI on avoiding rent compression and keeping occupancy rates high even in challenging macroeconomic conditions—ALN data makes it clear that using EliseAI drives a 2% occupancy delta relative to market averages—but what we haven’t touched on is a softer side of this equation: the impact of real-time, AI-powered translation on occupancy.
The impact of real-time AI-powered translation on expanding both housing access and workforce access has been significant, but hasn’t translated into hard data…until now. We recently conducted a deep dive into leasing conversion metrics for a variety of non-English languages to see how well the EliseAI product empirically performs when speaking to non-English speakers. The results might surprise you—here’s what we found out.
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Top Non-English Languages by Leasing Conversion Rates
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The proof is in the data—non-English language prospect conversations with EliseAI convert from leads-to-leases at a relatively high percentage, with certain languages seeing 10%+ lead-to-lease conversion rates. With multifamily industry-average lead-to-lease figures coming in somewhere near 5%, the data makes it clear that AI-powered non-English lead nurturing actually outperforms market averages in many cases. This just goes to support what our ALN report showed—interacting with prospects when they want, in the languages they speak, drive improved conversion and occupancy rates by helping people find the right housing for them faster.
Why AI-Powered Translation Impacts Leasing Performance
While the data shows that AI-powered translation clearly does a good job helping non-English speakers find the right homes for them, we should step back and think about the “why” behind this performance. A few key factors stand out.
Factor One: Non-English Speakers Feel Supported
If you moved to another country where you didn’t speak the language, finding housing would be an immediate challenge. You’d have to either find someone who does speak the language (as well as your own) to help you translate and navigate the rental process, or find a rental housing provider that does speak your language. Depending on where you move, and how many people worldwide speak your native tongue, it could be a relatively difficult proposition.
AI-powered real-time translation solves that problem. Operators who previously either couldn’t afford full time translators on staff or couldn’t find translators who speak certain less common languages can now use AI to ensure prospects get the information they need in the languages they speak at home.
Factor Two: Speed to Prospect Usually Wins Out
We’re living in an on-demand economy. People have come to expect instant, personalized buying experiences as conditioned by brands like Uber, Amazon, and Netflix. Today, prospects bring those elevated expectations to their hunt for an apartment. Beyond being able to respond in whatever language a prospect speaks, AI makes instant gratification and fast responses a reality. When coupled with AI-powered real-time translation, it’s easy to see how speed of reply + personalized language skills can make an outsized impact on the prospect-through-resident journey.
Why This Data Matters
This data makes a hypothetical a reality—being able to effectively serve non-English speakers can yield significant conversion rate increases for leasing and marketing teams. With the non-English speaking population of the United States growing dramatically (tripling in size over the last 40 years), being able to effectively translate top of the funnel leasing conversations into other languages, like Spanish, French, Mandarin, Hindi and more goes from a “nice to have” to a leverageable competitive advantage. Just think—if you’re the only community in the area using AI to automate basic leasing inquiries with the option to translate them into a variety of languages, you’re capturing a large chunk of potential renters that other operators can’t effectively serve or nurture through the leasing funnel.
Getting Started with Real-Time Translation
Speaking your prospects’ language is a competitive advantage, and in a NOI-compressed world, any advantage counts. If you’re looking to meet prospects where they are with real-time translation to increase conversion rates, get in touch with us today via the form below to learn more.