US sues RealPage over rent-setting software that allegedly drove up prices
Image: Cath Virginia / The Verge
The Justice Department is suing the company behind a widely used software that helps landlords set rental prices. It alleges that RealPage’s rent recommendation algorithm drives up prices and “deprives renters of the benefits of competition on apartment leasing terms.”
In the complaint, the DOJ, along with eight states, claim that RealPage obtains nonpublic rental price information from competing landlords who use the software. RealPage then allegedly feeds this information into its algorithmic pricing software, which landlords can use to get suggestions about their rent rates.
When landlords collude to delegate pricing decisions to algorithms, renters can lose out on the benefits of competition and face higher rates. I called on the...
Continue reading…
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings