My own experience: I live in LA and know that almost every 100 unit+ building within a few blocks uses RealPage. I know it because I had to apply to them through it.

The software has completely ruined the market here and every leasing agent pretty much says "I have no control over this, if you see a lower price apply to lock it in but other than that the algorithm sets all the pricing. I can't modify it."

It is very obvious that all these buildings are colluding with each other to price their leases. It's pretty much a simple positive feedback loop of increases. Since everyone is raising their prices, the consumer has no choice but to pay the high price. Even smaller buildings who don't use this software, look at the prices set by it and use it to set their own pricing.

I think the conduct is egregious and clearly illegal. If this was one building using it, it wouldn't be. But when almost every building uses it, it clearly creates a monopolistic market