I think that is a good question. I am not 100% but I do think you could take the algorithm to extremes and it does matter.

Algorithm A - professionally_evaluated_price + inflation

Algorithm B - average_price_of_cohort_you_agreed_to_join + 0.01

The first algorithm is super simple and is conceivably how many landlords might do it anyway and is based on value of your goods. Everyone using it wouldn't raise prices or hurt consumers. The second algorithm is basically agreeing with a cohort that you will never undercut each other and slowly raise prices. This obviously hurts renters and raises prices.