RealPage and landlords illegally created a 'cartel' to set prices, lawsuit says

https://www.seattletimes.com/business/real-estate/seattle-landlords-accused-of-conspiring-to-raise-apartment-rents/

by AnneC1234 • 4 years ago

23 3 4 years ago

shrthnd• 4 years ago

setr• 4 years ago

This makes no sense. A software is being used to recommend prices for a given property, and this somehow constitutes an anti-competitive cartel? There’s no apparent reason for the software to represent non-market prices, and AFAICT, there’s no apparent reason why a landlord wouldn’t continue offer discounts, deals, and non-recommended prices to beat out the competition.

Vacancy rates and other details about rental properties have long been “closely held secrets in the industry because people are competing,” Flynn said. His group has avoided collecting rent data from its members for fear of appearing to fix prices, he said.

Isn’t the sharing of information like this exactly what you want for healthy competition? Information asymmetry is not a good thing for the market, it’s just a good thing for a participant in the market. You want vacancy rates to be known, so prices are competing closer to their “true” value instead of the estimated/guessed.

What the fuck is this shit

fragmede• 4 years ago

a cartel.

RealPage and landlords illegally created a 'cartel' to set prices, lawsuit says

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