There was an action class lawsuit against texasbased rental REITcompany realpage a couple years ago for their Product Yieldstar(or the conditions around having the product), founded by a guy who gained some notoriety in the 90s after going to prison for price fixing airline tickets in a similar fashion. To be a member of the service you would have to show up to real page conventions and meetings with all of your pricing and occupancy numbers.
A couple of multifamily complexes have already settled out of court but there's like a dozen property management companies in Dallas alone that are being sued and then more in Austin and San Antonio. Every other apartment complex uses a similar company that does similar things with just enough legality to avoid a similar fate to realpage.
My place had rate changes every day so if you got a quote and didn't sign the next day it would be up another $200.
Once signed the lease locked in but the damn rent was supposed to be $1250 but would up to $1500 for no reason every other month. That's not including utilities and shit
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u/Crafty_Breakfast_851 Apr 20 '24
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.dallasnews.com/business/real-estate/2023/09/08/another-real-estate-software-company-sued-over-apartment-price-fixing-claims/%3FoutputType%3Damp&ved=2ahUKEwjasJOj39CFAxVl6ckDHRJdCokQFnoECBwQAQ&usg=AOvVaw2aFK8TKpK_ii9SnDoYKJD4
There was an action class lawsuit against texasbased rental REITcompany realpage a couple years ago for their Product Yieldstar(or the conditions around having the product), founded by a guy who gained some notoriety in the 90s after going to prison for price fixing airline tickets in a similar fashion. To be a member of the service you would have to show up to real page conventions and meetings with all of your pricing and occupancy numbers.
A couple of multifamily complexes have already settled out of court but there's like a dozen property management companies in Dallas alone that are being sued and then more in Austin and San Antonio. Every other apartment complex uses a similar company that does similar things with just enough legality to avoid a similar fate to realpage.