This bill aims to address the affordable housing crisis in New Jersey by making it unlawful to use algorithmic systems that influence the pricing and supply of residential rental units. It identifies the growing trend of landlords utilizing property management software to collude and artificially inflate rental prices, which has contributed to significant rent increases across the state. The bill highlights that over 50% of renters in New Jersey are considered rent burdened, spending more than 30% of their income on rent, and seeks to protect renters by promoting fair competition in the rental market.

Under the provisions of the bill, it is a violation of the New Jersey Antitrust Act for rental property owners or their agents to engage with coordinators—defined as individuals or entities that operate software or data analytics services performing coordinating functions. These functions include collecting and analyzing rental data and recommending pricing strategies. The bill explicitly prohibits any agreements among rental property owners that restrict competition regarding residential units, thereby aiming to ensure a more equitable rental market for residents. The act will take effect four months after its enactment.