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I work in this industry. The biggest problem with the software is it gave the management companies instant access to everyone else’s current prices. The industry has used “market surveys” for years but you had to actually call around and gather those prices yourself. It’s a very time consuming process so many only did their surveys sporadically.
With the software you had instant access to current price data and everyone pretty much raised their prices to match the market average. Then the newer/fancier properties saw the new higher average and thought “We’re a better property so we can raise our prices above the competition.” Which then led to a higher average that the rest then met again. Rinse and repeat and you have a de facto price fixing cartel.
This is why 'competition lowers prices' is a load of bullshit.
Ya'll ever seen Walgreens and CVS? Same prices, right next to each other.
What about 2 gas station on opposite sides of the street, charging the exact same price for their fuel?
It's a gentleman's agreement at best, and a cartel at worst. Either way, no business is going to start an 'undercut war' because they don't want their opponents to do the same thing.
Here's another fine example: Nvidia and AMD. AMD releases worse GPUs, then just piggybacks off of Nvidia's ridiculous prices.
It's all a game to funnel as much money as possible to as few people as possible.
competition only lowers prices if supply isn't limited sadly. And due to how the housing system works, that would virtually never happen.
It could. If something causes housing to be less in demand. Like negative population growth.