111 Iowa L. Rev. 359 (2025)
Abstract
Home prices are at all-time highs while renters throughout the country are rent burdened. At the same time, big data, algorithms, and artificial intelligence enabled apartment owners and management companies to increase revenues with dynamic pricing, or “revenue management” software. As a result, landlords make more money, and renters pay higher rents. Renters, states, and the DOJ are claiming that RealPage, Inc.’s revenue management software violates section 1 of the Sherman Act because it uses non-public, competitively sensitive data to coordinate prices across the housing market, allowing competitor landlords to price like a monopoly. But the RealPage scheme does not fit nicely in the existing Sherman Act analysis. Whatever outcome the cases produce, legislative solutions are needed to set policy and provide clarity to consumers, businesses, and technology providers around what degree of data-sharing is acceptable in pricing algorithms. At the same time, policymakers must tread carefully to avoid stifling business innovation and the positive benefits of modern technology. This Note identifies the critical features of the RealPage scheme that should be targeted in future enforcement, regulation, and legislation with the goal of relieving the soaring cost of rent facing American renters.