News Formal

The Apartment Rental Market Is Rigged by Algorithms, a DOJ Lawsuit Alleges

  • 📰 WIRED
  • ⏱ Reading Time:
  • 23 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 51%

Artificial Intelligence News

Real Estate,Housing,Justice Department

The US Department of Justice claims that a company called RealPage is responsible for price-fixing across millions of apartment rental units nationwide.

If you’ve rented an apartment in the US in the past several years, you may have had the sense that the game was rigged: Prices creep up not only at your building but at others throughout the city, seemingly in lockstep. A new civil lawsuit brought by the US Department of Justice today alleges that in many cases it’s not just in your head—and that a single company’s algorithm is to blame.

RealPage has repeatedly denied any allegations of antitrust violations, going so far as to publish a six-page digital pamphlet that claims to tell “the Real Story” about its products, along with an extensive FAQ page on a dedicated public policy website. The company did not immediately respond to a request for comment. “Attacks on the industry’s revenue management are based on demonstrably false information,” one section of that site reads.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 555. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Landlords offering 'sweeteners' like free parking as rental market slows: reportMore and more landlords are adding perks or 'sweeteners' to their rental listings to attract more prospective tenants as the markets slow down.
Source: FoxBusiness - 🏆 458. / 53 Read more »

'Soulless' gray vinyl floors have infested L.A.’s rental market — and tenants hate themOutdated gray vinyl floors are the object of ridicule, but the trend still fills rental units across L.A.
Source: latimes - 🏆 11. / 82 Read more »

Xpeng Launches as Australian EV Market Down, New Zealand Market RecoveringXpeng has made a spectacular launch in Australia as the Australian EV market contracts and the New Zealand EV market recovers.
Source: cleantechnica - 🏆 565. / 51 Read more »