Priceline for landlords may determine your next rent - KAIT-Jonesboro, AR-News, weather, sports

Priceline for landlords may determine your next rent

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Your next rent hike may be determined by a sort of Priceline.com for landlords. (Source: CNN) Your next rent hike may be determined by a sort of Priceline.com for landlords. (Source: CNN)

(CNN) - We all know of real time systems like Priceline.com that travelers can use for reservations and to get cheaper flights, but landlords are now using similar real time systems to pair up apartments with renters.

The software lets real estate owners know they can charge higher rents when demand is high.

But when demand drops, the software tells them to lower rates.

The software became more popular after more homeowners turned into renters in the wake of the housing bust.

Many larger management companies are now using the software to set rents more efficiently.

The software is being used to determine the rent of some five million apartments, that's roughly 30 percent of the rentals handled by professional property managers.

Real estate managers say the system takes emotion out of the equation by keeping them from overpricing units.

The software automatically lowers the rent, based on day-to-day market conditions, until a tenant takes it.

Real estate professionals also say that the software helps landlords better comply with the Fair Housing Act, aimed at preventing discrimination.

The law requires that two people who are offered the same apartment at the same time must be quoted the same price.

Copyright 2014 CNN. All rights reserved.

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