CHARLOTTE — A new bill introduced by nine Senate Democrats aims to prevent companies from collaborating to set higher rents using algorithms, addressing a major concern for renters in Charlotte.
Senate Bill 232 targets companies that collect rental market information from landlords and use it to determine rent prices. This bill comes in response to a Department of Justice lawsuit alleging that six landlords, in conjunction with AI software company RealPage, used algorithms to fix rent prices and stifle competition.
“It’s pretty challenging. You have to settle for the higher rent,” said Hannah Wetherholt, a tenant at a Greystar Real Estate property in NoDa, one of the landlords accused in the lawsuit.
“We’re growing up in a time where these prices seem normal, and I don’t think they really are,” said Erin Steinhouse, another tenant affected by high rents.
The bill seeks to ban companies from using non-public, competitively sensitive information from their direct competitors, close a loophole in current law by presuming a price-fixing agreement, and increase transparency by requiring companies to disclose if they are using algorithms to set prices.
Hannah Wetherholt mentioned that she pays around $1,800 for a one-bedroom apartment, including all bills, and expects her rent to increase after renewing her lease.
Steinhouse, Wetherholt’s neighbor, pays just over $3,000 in rent and expressed concerns about the affordability of living expenses.
The bill will need bipartisan support to pass, and local residents like Steinhouse are hopeful that efforts to address rent pricing issues will succeed.
“It’s definitely nice to know that somebody is at least attempting to make it right,” she said.
You can read the bill in its entirety here.
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