Press Releases
RealPage, Price-Fixing Algorithms Add $3.8 Billion to U.S. Rental Costs
WASHINGTON, DC — A new analysis from the White House Council of Economic Advisers revealed today that pricing algorithms added $3.8 billion to rental costs in 2023. The company behind these algorithms, RealPage, has faced criticism for allegedly manipulating the rental market to inflate prices.
Many of the landlord companies that are under fire for their use of RealPage software have seen their profits soar over the last year. It’s no surprise that algorithms like RealPage’s are contributing to the housing affordability crisis. While the Biden administration has taken steps to reduce costs and hold RealPage accountable, Congress must stand up against greedy corporate landlords. No one should be price gouged under a shady rent fixing scheme.”
Accountable.US Executive Director Tony Carrk
Earlier this year, Accountable.US hosted a press conference with U.S. Senator Elizabeth Warren (D-MA) and former Biden administration Deputy Director for the National Economic Council Bharat Ramamurti to discuss profiteering and tactics of large corporate landlords. On the call, Accountable.US presented a new report finding the six largest publicly traded apartment companies—all of which have faced lawsuits related to their use of RealPage—brought in nearly $300 million combined in increased profits in Q1 2024, many from rent hikes.
Government watchdog Accountable.US has sent two rounds of letters to state Attorneys General nationwide, urging investigations into landlord companies with ties to RealPage.
MORE FROM ACCOUNTABLE.US
- DOJ, State AGs Announce Lawsuit Against RealPage Over Rental Price Fixing Scheme
- RealPage-Linked Corporate Landlords Continue to See High Earnings Amid Needless Rent Hikes
- Sen. Elizabeth Warren, Former NEC Dep. Dir. Bharat Ramamurti, Watchdog Group Spotlight Corporate Landlord Tactics Driving Up Rent & The Solutions
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