It doesn't just look at competitor prices, it accepts internal and private financial data for numerous property (managers). Then it instructs the most profitable rates for each of them as a whole.

This is just collusion/price fixing through an indepedent 3rd party, not competition.

Or, perhaps it is put better by a RealPage exec: "there is greater good in everybody succeeding versus essentially trying to compete against one another in a way that actually keeps the entire industry down"