This bill aims to combat anti-competitive practices among residential rental property owners in New Jersey, particularly in light of the ongoing affordable housing crisis. It prohibits rental property owners from engaging in "consciously parallel pricing coordination," which involves tacit or express agreements to manipulate rental prices. The bill also makes it unlawful for rental property owners or their agents to use services from coordinators—entities that collect and analyze nonpublic information to recommend rental prices—if such services facilitate agreements that restrict competition. Notably, the bill clarifies that actions related exclusively to properties controlled by the same owner are exempt from this prohibition.

Additionally, the bill outlines definitions for key terms such as "coordinator," "coordinating function," and "nonpublic information," establishing a framework for enforcement under the New Jersey Antitrust Act. It mandates the Department of Law and Public Safety, in collaboration with the Department of Community Affairs, to create a public education program to inform citizens about the bill's provisions and how to report suspected violations. The bill does not apply to multiple listing services or their members, ensuring that certain collaborative practices in real estate remain unaffected.