Rent Software Rules Get a Big Update

RealPage, a company that makes software for landlords, has agreed to change how it works after a big legal fight. The Department of Justice said the software helped landlords work together to raise rents unfairly. This is called "algorithmic collusion. " The deal means RealPage can't use the latest data to suggest rent prices anymore. Instead, it has to use data that's at least a year old. The Justice Department said this is good news for renters. They think it will make the housing market more competitive. RealPage said the software actually helps keep rents lower. They also said there's been a lot of wrong information about how their software works. This isn't the only company dealing with this issue. Many property management companies have settled lawsuits recently. Some states and cities have also passed laws to stop this kind of rent-setting software. The settlement still needs a judge's approval. RealPage doesn't have to pay any damages or admit they did anything wrong. The fight started last year when the Biden administration filed a lawsuit against the company.