Word of landlords allegedly using RealPage software to collude with competitors to fix rent prices elsewhere in the region led many to wonder if the gimmick had any role in Montgomery County's skyrocketing apartment rents. Maryland Attorney General Anthony Brown now suggests it does, and has filed suit against the firm and several prominent landlords. Despite the openings of many new apartment buildings across the county, rents have only continued to rise amidst all of the new "competition." This violates the basic laws of supply and demand, and Brown says the Realpage software gave landlords a loophole to make collusion possible, by having the company fix the rents across the board.
“RealPage and the named landlords worked together to raise the cost of their apartments, making it hard for Maryland renters to put a roof over their heads,” Brown said in a statement. “Our Office is committed to holding landlords accountable so Marylanders can afford their rent.”
The firms Brown is accusing of using RealPage for the purpose of "colluding to illegally raise rents" for Maryland apartment dwellers are Morgan Properties Management Company, LLC; Bozzuto Management Company; Greystar Management Services, LLC; AvalonBay Communities, Inc.; UDR, Inc.; and Highmark Residential, LLC. Brown is seeking monetary damages for renters who were allegedly gouged by the use of RealPage, monetary damages for the State of Maryland, cessation of the alleged use of RealPage to fix apartment rents, and the appointment of a corporate monitor to ensure compliance by RealPage and the accused firms.
7 comments:
Expect more gouging, cheating, and stealing under trump (how do you think the Rs are going to fund that massive tax cut to the billionaires?). The level of corruption is and will be epic. Brace yourselves people!
And for those who didn't know or forgot: In 2022, the House of Representatives passed an anti-gouging bill, supported only by Dems. No Republicans voted to rein in the gouging going on. The bill was focused on gas price gouging ~ gas prices at the time averaged about $4.59/gallon. Just one example of the Rs working against Americans.
"The House voted Thursday to pass Democrats’ bill aimed at combating “price gouging” on gasoline.
The bill passed 217-207, with no Republicans voting for it and four Democrats voting against it: Reps. Stephanie Murphy (Fla.), Lizzie Fletcher (Texas), Kathleen Rice (N.Y.) and Jared Golden (Maine)...."
https://thehill.com/policy/energy-environment/3494387-house-passes-gasoline-price-gouging-bill/
Charming. Technology and the interwebs are truly a double-edged sword.
12:20 is going to have a tough 4 years. Seek help and perhaps pray at the tax altar of Wes Moore.
2:22 am Sorry that you can't handle the truth and the facts. Looks like you're in a delusional spiral. Get help!
It is not hard to pick up the phone and ask how much rent is for an apartment building. In a morning I could canvass the area to determine what the going rate is. Maybe I am friends with other owners and we talk about it over coffee. No one is forced to pay rent anywhere. And 12:20 - sheesh, you have issues!
@3:24 AM One of the big problems/issues with rents is that (at least for buildings less than 25 years old), there are no restrictions on how much rents can be increased. The county has voluntary guidelines that follow inflation and COLAs, but those are often not followed and are often abused, as many renters have reported on. If your building has been a rental since 2000 (I think that's the timeframe), an annual *maximum* 6% annual cap is in place, as of April 2024.
So, one's rent can dramatically increase over a short period of time. And it's a big hassle to have to keep moving (or have to pay a lot more for unexpected rent hikes) because of things that are out of your control.
Sample voluntary guidelines for 2023 (5.8%) and 2024 (2.6%) https://www2.montgomerycountymd.gov/mcgportalapps/Press_Detail.aspx?Item_ID=44846
New law https://www.seyfarth.com/news-insights/montgomery-county-maryland-adopts-6-cap-on-rent-increases.html
3:24am - 'No one is forced to pay rent anywhere' - must be nice in whatever reality you live in.
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