If you’re getting ready to renew your lease or you’re looking for a new apartment, town home, single family unit, anything that requires renting, you need to watch this video by now.
I hope that everyone is up to speed on what’s going on with Realpage and these rental companies, how these rental companies have been price fixing by using the real page software that creates these artificial numbers that are usually higher than what the market actually already is. So various attorney generals in different states have been filing lawsuits. If you are in Arizona, these are the companies that have been sued under using Real Page. Yes, they were using the real page software.
Now it is so important that you look up which companies own whatever apartment, single family home that you’re looking into renting to see if they were using the real page software. It is so important that we stop renting from these companies and stop putting our money into these companies that don’t wanna do riot by tenants.
I was having a conversation with the leasing agent a few days ago, and she told me that if I’m ever renting again, to ask the agent what type of software they use. And she said LRO, which is the least print options in the ARAM Arim. And I’m probably saying that wrong, the automated inventory revenue management software. And so these are two different pricing softwares that are used by rental companies. Now she said the LRO, the lease rent options, is the one that a lot of properties use to set rental rates based on market conditions, property performance and demand, but they are automatically generated. And guess who acquired LRO? None other than real page.
The thing is though, a lot of these states knew what real page was doing. These lawsuits go back to 2017. So this is not something that it’s new, and it’s a big problem because now these prices are already up at a higher point where they shouldn’t be. If you’re currently living somewhere that used the Real Page software or LRO, which role page acquired, and they’re trying to increase the renewal, your rent price, negotiate.
Secondly, if there’s something that’s happening, mandatory fees at your apartment complex, wherever you’re at, petition, go around, get votes, talk to your neighbors, threaten non renewals. I know a lot of apartment complexes adopted the whole fetch program, which is this package delivery service, and residents don’t like it. Go get other people’s signatures. At some point, we had to stop complaining and actually start doing some think.