Priceline.com-like system setting rental prices based on demand - WSFA.com: News Weather and Sports for Montgomery, AL.

Priceline.com-like system setting rental prices based on demand

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CINCINNATI, OH (FOX19) -

As demand for rental housing surges, a growing number of landlords are pricing their apartments based on a system similar to the one Priceline.com uses to determine airfares and hotel rates.

Now landlords are 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 their rates.

The software became more popular after the housing bust when a lot of homeowners became renters. At this point, the software is being used to determine the rent of about 5 million apartments, which is roughly 30 percent of the rentals handled by professional property managers.

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