US EditionNew limits for a rent algorithm that prosecutors say let landlords drive up prices
The DOJ settlement bars RealPage from using real-time nonpublic data in rent algorithms to prevent illegal landlord collusion, affecting over 24 million rental units nationwide.
- On Monday, the Department of Justice announced a proposed settlement with RealPage Inc. that would bar the company from using real-time nonpublic data for price recommendations, pending judicial approval.
- The Justice Department's complaint said RealPage Inc. collected and combined landlords' nonpublic, competitively sensitive information and its YieldStar pricing system processed private landlord inputs to generate bespoke price recommendations.
- RealPage Inc. manages over 24 million rental units and holds an 80 percent market share, with more than two dozen property managers, including Greystar Real Estate Partners, settling claims tied to its software.
- RealPage Inc. must remove or redesign features that discouraged landlords from lowering prices, while prosecutors say the settlement should increase competition and RealPage said it did not admit wrongdoing.
- Last month, governors of California and New York signed laws, Gov. Kathy Hochul’s ban takes effect on Dec. 15, and Gail Slater, DOJ antitrust chief, said, `Competing companies must make independent pricing decisions.
103 Articles
103 Articles
DOJ and RealPage Agree to Settle Rental Price-Fixing Case
The settlement is the latest development following a 2022 ProPublica investigation that showed RealPage was helping landlords set rents in a way that legal experts said could result in cartel-like behavior.
RealPage Settles DOJ Lawsuit Alleging Algorithmic Price-Fixing in Rental Markets - The Thinking Conservative News
RealPage will settle a DOJ antitrust case alleging it helped landlords coordinate rental prices through algorithmic tools, aiming to lower rent costs. The post RealPage Settles DOJ Lawsuit Alleging Algorithmic Price-Fixing in Rental Markets appeared first on The Thinking Conservative News.
RealPage Settles DOJ Lawsuit Alleging Algorithmic Price-Fixing in Rental Markets
RealPage has agreed to settle a Department of Justice (DOJ) antitrust case accusing the real estate software company of enabling landlords across the United States to coordinate rental prices through its algorithmic pricing tools, in what Trump administration officials said was a major step in lowering rent costs. The proposed consent judgment, filed on Nov. 24 in federal court, would bar RealPage from using competitors’ real-time, nonpublic dat…
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