The Justice Department has filed an antitrust lawsuit against real estate software company RealPage, accusing it of an illegal scheme that allows landlords to coordinate to hike rental prices.
Get organized and transform your home with these Insider DealsFILE - The Department of Justice seals is seen during a news conference at the DOJ office in Washington, May 16, 2023. – The Justice Department filed an antitrust lawsuit Friday against real estate software company RealPage Inc., accusing it of an illegal scheme that allows landlords to coordinate to hike rental prices.
The lawsuit, filed alongside attorneys general in states including North Carolina and California, alleges the company of violating antitrust laws through its algorithm that landlords use to get recommended rental prices for apartments.The algorithm allows landlords to align their prices and avoid competition that would keep rents down, Justice Department officials said.
In a statement, Attorney General Merrick Garland said,"Americans should not have to pay more in rent because a company has found a new way to scheme with landlords to break the law." Attorneys general in several states have separately sued RealPage alleging an illegal price-fixing scheme over its algorithmic pricing software.
In a statement posted on its website in June, RealPage called claims against the company “false and misleading,” and argued its software actually"contributes to a healthier and more efficient rental housing ecosystem.” RealPage said landlords decide their own rent prices and are free to reject the recommendations provided by its software.Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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