Leasing companies have discovered they can use the Texas data company RealPage’s software to help them inflate rents. So now they are working hand in glove to inflate rents.
Seattle renters sue leasing companies for allegedly inflating rent prices artificially
The lawsuit alleges that the leasing companies worked together to increase rent prices for Seattle residents using a third-party data collection service.
The lawsuit states that defendants Greystar, Crow Holdings, Lincoln Property Co., FPI Management, Avenue5, Equity, Essex Property Trust, Thrive, Avalonbay Communities and Security Properties Inc colluded and shared data through RealPage, effectively inflating the prices of multifamily residential real estate in and around downtown Seattle above competitive levels.
The lawsuit alleges that, "leasing giants began to work together to increase lease prices for Seattle renters. Instead of using an independent pricing metric and supply decisions, they agreed to use a third-party pricing and data collection service, RealPage, to make unit-specific lease adjustments."
RealPage owns software that uses an algorithm and analyzes data to suggest rent prices.
While the software is used nationwide, an investigation by the non-profit newsroom ProPublica found this software is “overwhelmingly” controlled by RealPage clients in Seattle’s Belltown neighborhood.
ProPublica’s investigation found that "70% of apartments [in Belltown] were overseen by just 10 property managers, every single one of which used pricing software sold by RealPage."
RealPage responded to ProPublica’s follow-up article about the lawsuit saying the company “strongly denies the allegations and will vigorously defend against the lawsuit.”
Here’s the video
Since the the RealPage software is used nationwide renters in your area may have been victimized by the RealPage software and the leasing companies that use it.
One thing is sure, House Republicans won’t lift a finger to bring rents down, so it’s up to renters groups, and perhaps Biden’s DOJ. No doubt these greedy corporations are helping drive the ballooning homeless population in Seattle.
