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Corporate Landlords' Profits Soar as Tenants Drown in Rent Hikes and Fees
Key Excerpts from Article on Website of Common Dreams
Posted: July 2nd, 2024
https://www.commondreams.org/news/corporate-landlords
An analysis from Accountable.US showed how more than 100 million people who rent their homes in the U.S. are not seeing the benefits of what one Biden spokesperson called "the great American comeback" in their housing costs, particularly millions of people whose homes are owned by corporate landlords. The government watchdog found that the six largest corporate landlord companies brought in close to a combined $300 million in increased profits in the first quarter of 2024, with the profits mostly stemming from rent hikes. Overall in the U.S., rent prices have skyrocketed by 31.4% since 2019 while wages have increased by just 23%, meaning tenants need to earn nearly $80,000 per year to keep from being rent-burdened. The six companies included in the Accountable.US analysis on Wednesday have more than rent increases in common: They have all faced lawsuits regarding their use of the property management software company RealPage, which is alleged to have used an algorithm to fix rent prices, impacting about 16 million rental units in the United States. The group's analysis was released weeks after the Federal Bureau of Investigation conducted a raid on an Atlanta-based property management firm in the Department of Justice's antitrust investigation into RealPage regarding "allegations of a nationwide conspiracy to artificially inflate apartment rents." RealPage's ... influence covers 70% of multifamily apartment buildings.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
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