Are Landlords Colluding On Rent?

RealPage software is used to set rental prices on 4.5 million housing units in the U.S. A series of lawsuits allege that a group of landlords are sharing sensitive data with RealPage, which then artificially inflates rents. The complaints surface as housing supply in the U.S. lags behind demand. Some of the defendant landlords report high occupancy within their buildings, alongside strong jobs growth in their operating regions and slow home construction.

Correction: A previous version of this video misrepresented Kevin Weller’s role in the class action lawsuit.

Chapters
0:00 Introduction
01:09 Chapter 1 - Lawsuits
02:54 Chapter 2 - RealPage
05:30 Chapter 3 - Housing markets
07:38 Chapter 4 - Collusion?

Produced, Shot and Edited by: Carlos Waters
Additional Camera by: Juhohn Lee
Animation: Christina Locopo
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images, RealPage
Additional Sources: 20for20 Multifamily Consulting, AvalonBay Communities, Bozzuto, U.S. Bureau of Labor Statistics, Camden Property Trust, CourtListener, U.S. District Court Middle District of Tennessee, Equity Residential, Federal Reserve Bank of St. Louis, U.S. Judicial Panel on Multidistrict Litigation, National Multifamily Housing Council, New York Stock Exchange, Stargate Partners, U.S. Department of Justice, Office of Sen. Elizabeth Warren, Redfin, Reuters

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Are Landlords Colluding On Rent?

[REDDRAGONARCHIVE]

I can't understand how people that work REGULAR JOBS are paying $1100 - $2500 for RENT ALONE. Ther just no F*%kn way you have a life away from work. Especially for us single people. Add a car note, utilities bills, food, phone bill... NO WAY IN HELL YOU WILL EVER GET AHEAD BY WORKING HARD. They say cut Netflix, other entertainment ect, NO MF they need to cut the RENT.

[ChristopherAbelman]

Current housing prices just aren't sustainable at these rates. If you don't have cash or equity to offset the rate you're in a tough spot and first time buyers are completely priced out. In my area, starter homes are in the $550k range. At 3%, payment was $2319 which is doable, especially with 2 incomes. At 8% the payment jumps to $4036!! For a basic 1500 sf 3 BR 2 BA. First time buyers are going to have to make $146k a year to do that and that's stretching the house payment to 1/3 of your income. If rates don't drop then values have to or inventory simply won't move.

[onlylikenerd]

I'm 25 years old. I genuinely believe I will never be able to own a home due to the prices and their trends. At this rate, I believe future generations won't even be able to RENT a home. Something big needs to happen. Homes SHOULD NOT be considered as investments.

[truuee]

Corporate landlords shouldn't be allowed to own single family homes, they should be forced to sell them. The # of apartments one entity and it's affiliates can own should be capped. The current system is unsustainable.

[vortical]

Shoutout to my former landlord in Bedford, VA who only charged $500/month rent for each unit, and fixed any issue promptly, every time. Not sure what hes charging now, this was in 2016.

[NoNameToYou]

Racketeering is racketeering whether it’s algorithm driven or not.

[rongooden]

The same should be done for home owner associations. They're raising monthly fees on home owners for no reason and clearly just following the trend of price hiking that everyone else is doing.

[_nimrod]

The problem with massive 25%+ increase in rent it doesn’t pair with a wage increases to compensate for it which pushes people back to the rental market which further places pressure on demand. Its such a vicious cycle my generation is experiencing that either you take on an extra job to pay for it or your out onto the street.

[CameronFussner]

The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people—at least in California, where I currently reside—are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!

[seamandi]

I worked in property management for 7 years. The answer is yes. They absolutely are colluding.

[nameblocked]

Blame Private Equity, Wealth Management and corporate landlords.

[sweetness]

I know a land lord, she said she was raising the rent on her homes because "everyone else was" truly disgusting in every sense of the word

[flyboy]

If only our benevolent overseers saw rent like minimum wage and kept it fixed for nearly a quarter century…

[spacecase]

Need some laws to limit these corporations buying up all the housing etc.

[ArchThaBoss]

Prices of everything is going up, profits are up across the board, but wages have stayed the same 🤔

[multatuli]

Manipulating prices of basic needs like land and foods (stapple food) should be illegal

[you]

how the hell can people afford 2k a month on rent?

[guitar]

I live at Portside. They’re refusing to cooperate and are STILL including an addendum in new leases indicating that the building isn’t subject to rent control, despite a ruling by the rent leveling board to the contrary. They’re breaking the law and they don’t care. It’s heartbreaking and making living here unsustainable

[bfrancis]

Housing is unlike any other asset. Government must step in. It is beyond out of control.

[Ohdeyummm]

They haven’t even touched on the ridiculous predatory move out fees.

$100 wrong color light bulb fee
$300 chipped paint on doorframe
$600 used microwave fee
$500 fee for breathing in living room.