Tenants sue their corporate landlords for inflating rents with software that “removes empathy from the equation”. The plaintiffs claim that the owners have used an algorithm on the RealPage website to raise prices substantially.
The Government equates it to a “real estate cartel” in another lawsuit. Redfin reports that asking rents in the US fell to $1,964 per month in December 2023, down from recent high of $1.1,900. But analysts believe low home construction rates on the country's East Coast could give more homeowners well-located pricing power.