I don't know about RealPage in particular. But the dynamics could be similar to (or an example of) a cartel. Cartels generally don't tolerate a cartel member u

I don't know about RealPage in particular. But the dynamics could be similar to (or an example of) a cartel. Cartels generally don't tolerate a cartel member undercutting their prices. Cartels are effectively in a prisoner's dilemma situation: * If no one defects (i.e. everyone sticks to the cartel price), the cartel members get the highest price, and get the most profits. * If one party defects and goes slightly below the cartel price, while everyone else stays loyal to the cartel pricing, the defecting party gets the most business at a price only slightly below the cartel price, and makes lots of profit. * If all parties defect, there is no cartel any more, and profits are reduced. So cartel members do not want other cartel members to defect. Cartel organisers get paid because the value of the cartel is only there if defection (i.e. not sticking to the cartel price) is controlled - so it is also in the interest of the organisers to prevent this.