- A group of lawsuits accuse large landlords of price-fixing the market rate of rent in the United States
- A complaint filed by Washington D.C.’s Attorney General alleges 14 landlords in the district are sharing competitively sensitive data through RealPage, a real estate software provider
- RealPage recommends prices for roughly 4.5 million housing units in the United States
- RealPage told CNBC that its landlord customers are under no obligation to take their price suggestions
A group of renters in the U.S. say their landlords are using software to deliver inflated rent hikes.
“We’ve been told as tenants by employees of Equity that the software takes empathy out of the equation. So they can charge whatever the software tells them to charge,” said Kevin Weller, a tenant at Portside Towers since 2021.
Tenants say the management started to increase prices substantially after giving renters concessions during the Covid-19 pandemic.
Yeah, I agree totally. That’s a great idea. Lease-to-own or something similar. As a renter I’d love to build some form of equity. Because in the US the only real way to build equity or generational wealth is through owning property. Which makes real estate a VERY hot commodity to speculate in. Which is a huge problem for people who just want somewhere to live and built modest equity like everyone else has.
