Justice Department Targets RealPage Inc. in Lawsuit, Alleging Rent Price-Fixing Scheme Using Advanced Algorithms
WASHINGTON — The U.S. Justice Department has launched a significant legal battle against RealPage Inc., a prominent real estate software firm, for allegedly manipulating rental market prices through its pricing algorithm. In a concerted effort with multiple state attorneys general from regions including North Carolina and California, the federal agency has charged the company with breaching antitrust laws, potentially leading to unjustifiably high rents for millions of Americans. According to the lawsuit, RealPage’s platform enables landlords nationwide to synchronize their rental pricing strategies, diminishing the competitive practices that typically help keep housing costs in check. … Read more