The Department of Justice has sued RealPage and six major landlords accusing them of algorithmic price fixing in the rental market.The Department of Justice has expanded its lawsuit against the real estate software company RealPage to include six of the nation’s largest landlords.
The companies added to the suit are Greystar Real Estate Partners LLC Blackstone’s LivCor LLC; Camden Property Trust; Willow Bridge Property Company; Cortland Management LLC; and Cushman & Wakefield Inc. and Pinnacle Property Management Services LLC, which are jointly owned. Collectively, the companies operate more than 1.3 million units in 43 states, the DOJ said.
“Geystar’s director further disclosed its practices on accepting YieldStar rates and use of concessions,” according to the lawsuit. “As the conversation continued, the two competitors shared additional highly-sensitive information on occupancy—including in specific markets—demand, and the strategic use of concessions.”