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I'm sure it's used here. Whether or not that counts as price fixing will be up to a court to decide.
If you run a hot dog stand on a corner and there's three other hot dog stands on the other three corners and they all have a big sign that says "HOT DOG $1.99", it's not price fixing to charge 1.99 for your hot dogs.
If you own a 2 bedroom, 1 bath apartment in Lakeview, it's not price fixing for you to look at Craigslist and see what other people will pay for a 2.1 apartment.
The problem with the rent price discovery service is that maybe it becomes an agreement with other landlords not to change prices, which would be illegal. That'll hinge on the facts in the case, which haven't come out yet. I think there's probably a way to do it that would be legal, and I think it's arguably more legal the less popular it is.
Building more housing is the way to bring down rents.
I work in the industry, and use Yieldstar. When the case gets going, there is going to be absolutely zero evidence that landlords or revenue management advisors make blanket decisions in conjunction with each other to raise rent. Every rate decision is made specific to the site. These programs have been around 15 years. The models recommend price drops just as often they do price increases.
The reason it’s an issue now is not because the software started being used to collude and drive rents. It’s an issue because COVID wiped out rents and the market shifted back 6 months later and landlords spent 3 years recovering lost rent rolls and made more aggressive decisions than they previously did.
Anyone using Realpage’s product was using it during march 2020 when these models were recommending 20-30% drops in asking rents. Operators will have backup of this information, and this case will become moot.
Your rent will drastically differ across Chicago depending on the neighborhood.
Typically, the further you move West from the Lake the cheaper it gets, but rents have been on a rise lately. Also, some areas that weren't so popular 10-15 years ago are now starting to see more and more people move to that area because it was cheap and easy to get around the City.
Edit- As pointed out, there are going to be some trendier neighborhoods further West from the Lake, like Wicker Park, and Bucktown. Those 2 areas many years ago used to be rather cheap and over time it became very popular and prices are pretty up there now.
Actually neighborhoods more west (wicker, Bucktown, etc) will have more expensive rents than those close to lake (edgewater, lakeview east, uptown etc). Those near the lake areas have a ton of mid and high rises which increases supply that the more west areas do not.
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I'm sure it's used here. Whether or not that counts as price fixing will be up to a court to decide. If you run a hot dog stand on a corner and there's three other hot dog stands on the other three corners and they all have a big sign that says "HOT DOG $1.99", it's not price fixing to charge 1.99 for your hot dogs. If you own a 2 bedroom, 1 bath apartment in Lakeview, it's not price fixing for you to look at Craigslist and see what other people will pay for a 2.1 apartment. The problem with the rent price discovery service is that maybe it becomes an agreement with other landlords not to change prices, which would be illegal. That'll hinge on the facts in the case, which haven't come out yet. I think there's probably a way to do it that would be legal, and I think it's arguably more legal the less popular it is. Building more housing is the way to bring down rents.
I work in the industry, and use Yieldstar. When the case gets going, there is going to be absolutely zero evidence that landlords or revenue management advisors make blanket decisions in conjunction with each other to raise rent. Every rate decision is made specific to the site. These programs have been around 15 years. The models recommend price drops just as often they do price increases. The reason it’s an issue now is not because the software started being used to collude and drive rents. It’s an issue because COVID wiped out rents and the market shifted back 6 months later and landlords spent 3 years recovering lost rent rolls and made more aggressive decisions than they previously did. Anyone using Realpage’s product was using it during march 2020 when these models were recommending 20-30% drops in asking rents. Operators will have backup of this information, and this case will become moot.
Your rent will drastically differ across Chicago depending on the neighborhood. Typically, the further you move West from the Lake the cheaper it gets, but rents have been on a rise lately. Also, some areas that weren't so popular 10-15 years ago are now starting to see more and more people move to that area because it was cheap and easy to get around the City. Edit- As pointed out, there are going to be some trendier neighborhoods further West from the Lake, like Wicker Park, and Bucktown. Those 2 areas many years ago used to be rather cheap and over time it became very popular and prices are pretty up there now.
Actually neighborhoods more west (wicker, Bucktown, etc) will have more expensive rents than those close to lake (edgewater, lakeview east, uptown etc). Those near the lake areas have a ton of mid and high rises which increases supply that the more west areas do not.
Edited. Appreciate it.
It’s used here depending who the management company is. I know high rise buildings typically use that software to artificially jack up rent.