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Sounds like price fixing to me. Competitors are sharing demand and inventory information in real time and responding to it in an "industry standard" way.
It's an annoying business model to say the least (shared with the cable company and airlines like the story points out).
But it's worth talking to your neighbors to see if they're paying less for the same unit. Then when lease renewal time comes, bring that up, and if the landlord won't budge, it's time to find a better deal elsewhere.
Sounds like price fixing to me. Competitors are sharing demand and inventory information in real time and responding to it in an "industry standard" way.
It's not anything like that. They aren't sharing the information with their competitors behind closed doors and setting rates across the board.
It's an annoying business model to say the least (shared with the cable company and airlines like the story points out).
But it's worth talking to your neighbors to see if they're paying less for the same unit. Then when lease renewal time comes, bring that up, and if the landlord won't budge, it's time to find a better deal elsewhere.
Very annoying BUT it allows some people to get smoking deals, and others, looking at high demand times, to pay for that high demand. Pros and cons.
Moral of the story - buy a place. Renting sucks, BTDT. This was just one small reason why I hated it.
Moral of the story is that most renters are gun shy about buying.
LL's know this and are making hay while they can.
If/when demand for rentals decreases (and it will) rents and terms will come down.
Regular rental properties are a joke in ROI, I'd never do it. There are other, MUCH more lucrative ways to make money renting homes out. No it doesn't involve drugs!
I know how that works. I remember when I was looking for a place down here; I called and scheduled an appointment on a place that was advertised online at $675 on a Tuesday, when I called, and set up an appointment for Saturday, and they kept trying to rent it for $100 more after I came in to look at it. They kept giving me the runaround about how specials change, etc, but that didn't solve my $1,200/year problem. I was ticked, they processed the application and even with the screenshot and printout of their advertisement from a week earlier, but they wouldn't let it go for what they advertised. I cancelled the check for the application fee and told them to pound sand.
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