The U.S. Justice Department has filed a lawsuit against several landlords, accusing them of engaging in anti-competitive practices to keep rental prices high. The lawsuit alleges that the landlords used an algorithm to set rents and shared sensitive information with competitors to maximize profits.
This legal action comes at a time when many American renters are facing challenges in the housing market, with incomes not keeping pace with rising rental costs. Recent data indicates that a significant portion of renters are spending more than 30% of their income on rent and utilities, reaching an all-time high in 2022.
