AIM 2026: The New Language of Leasing

The New Language of Leasing

Michael Sherman, SVP of Zillow Rentals, opened the session with a shift in how multifamily should think about data. Instead of analyzing isolated outcomes—tours, applications, and leases—AI creates an opportunity to understand the entire consumer journey and help renters take action throughout it.

Early data from Zillow AI mode, which Sherman said was deployed to approximately 5% of Zillow traffic at the time of the session, revealed how renter behavior is changing. Sixty-five percent of users were seeking location information, while 20% focused on specific listing details. More importantly, renters were moving beyond browsing into deeper investigation around three themes: cost, personalization, and qualification.

True cost emerged as a major priority. Renters aren't simply asking for monthly rent; they're calculating parking, utilities, internet, deposits, moving costs, and how a new apartment compares with their current expenses. Without transparent answers, Sherman argued, renters may eliminate a community before ever becoming a lead.

AI is also enabling renters to ask increasingly detailed unit-level questions—whether a unit is quiet, what is above or below it, whether photos accurately represent the floor plan, and whether specific features meet their needs. At the same time, renters are self-screening around accessibility, income, support animals, and other personal circumstances before contacting the property. The leasing conversation therefore begins long before the lead enters the CRM.

The panel, including Julia Kanter and Nicole Booth of Zillow, connected this evolution to AI accuracy, regulation, and trust. As AI becomes more integrated into apartment discovery, operators need accurate structured data while maintaining transparency, fairness, and consumer confidence.

Key Takeaways

• Lead with total cost transparency. Publish rent, parking, utilities, fees, deposits, and other relevant costs.
• Invest in unit-level detail. AI can only answer renter questions when accurate information exists.
• Expect prospects to self-screen. The leasing journey increasingly begins before a traditional lead is generated.
• Treat response time as marketing. After extensive AI-assisted research, renters expect immediate engagement once they make contact.
• Audit your listing data. If information cannot easily be found by a person, AI is unlikely to provide a reliable answer.
• Trust is the new conversion currency. Accurate information, transparency, fairness, and an operational experience that matches the marketing promise will increasingly determine who wins the renter.