Professional publica did the examine. Some tenant advocates are suing the corporate, RealPage which is predicated out of TX.
https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent
“By no means earlier than have we seen these numbers,” stated Jay Parsons, a vp of RealPage. Residence rents had just lately shot up by as a lot as 14.5%, he stated… “As a property supervisor, only a few of us could be keen to really elevate rents double digits inside a single month by doing it manually.”
Article about lawsuit: https://arstechnica.com/tech-policy/2022/10/company-that-makes-rent-setting-software-for-landlords-sued-for-collusion/
The 9 property managers named within the lawsuit didn’t reply instantly to a request for remark.
They included a number of the nation’s largest landlords, reminiscent of Greystar, Lincoln Property Firm, Fairness Residential, Mid-America Residence Communities, and FPI Administration—which collectively handle a whole lot of 1000’s of flats.
4 of the 5 renters named within the go well with have been Greystar tenants. A fifth rented from Safety Properties. Their flats have been situated in San Diego, San Francisco, and two Washington state cities, Redmond and Everett.
The lawsuit accused the property managers and RealPage of forming “a cartel to artificially inflate the value of and artificially lower the availability and output of multifamily residential actual property leases from aggressive ranges.”