Chicago’s rental crisis: Is an algorithm rigging the system?
October 22, 2024
Landlords in the Chicago area are using real estate software made by a tech company that may be engaging in an illegal price-fixing scheme to drive up rents, according to a U.S. Department of Justice lawsuit and a class-action lawsuit filed in federal court.
RealPage, a Texas-based real estate technology company, allegedly feeds proprietary rent-pricing data into an algorithm that generates daily rent prices for landlords and property managers across the country.