A smoke-filled room sets off the alarm in Washington.
-century painter illustrates the bedlam of the bygone New York City tradition in which all leases began on May 1. Horse-drawn carts laden with trunks trawl the crowded street.looks: messy. But on the landlord side, apparently, things are more organized than you can possibly imagine.
A small example of the way that RealPage coordinates the rental market involves “expiration management.” Because RealPage collects troves of data from its clients, the company can see if a lot of leases in a particular neighborhood are set to expire on, say, Aug. 31. If that’s the case, it directs landlords to nudge tenants toward leases of 11 or 13 months, to spread out the expiration dates. In the words of a RealPage employee, this ensures that landlords “remain in a position of pricing power.
The DOJ says that RealPage uses this power to raise rents when the market is tight and to stop them from falling when supply exceeds demand. The complaint features one of the company’s executives saying the kind of thing that can bring a general counsel to tears: “There is greater good in everybody succeeding versus essentially trying to compete against one another in a way that actually keeps the entire industry down.
And yet, even in a world without algorithms keeping the big landlords in lockstep, a fundamental imbalance persists: Finding the maximum price for a unit is a big landlord’s job. They do it every day. Whether there’s a RealPage or not, they will find all the information they can to make that decision, even if that means paying for it.For tenants, on the other hand, moving is something nobody wants to be good at. The mismatch in expertise is compounded as the market becomes more knowable.
Rent-Control Department-Of-Justice
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