Major apartment landlords being sued for price-fixing

Major apartment landlords being sued for price-fixing; are they to blame?

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Landlords using Realpage Inc. software have found themselves in some hot water. Now, those landlords are joining forces to bring suit against RealPage, after they say the company provided an algorithm that generates a price for each available unit – the problem being that landlords were unable to adjust pricing in order to remain competitive n the market.

Landlords across multiple states allege RealPage illegally raised rents for thousands of tenants. This is a major problem when 70% of Phoenix multifamily properties are under contract with RealPage to use their Multifamily Pricing Software. Depositions for the lawsuits have not taken place yet, but have been consolidated in a Tennessee District Court. The lawsuits come as rents across the country have sky-rocketed – in some cities, rent increases have doubled inflation.

Among those landlords in various lawsuits you’ll find:

-Mid-America Apartments L.P.

-Greystar Management Services L.P.

-Weidner Property Management

-Highmark Residential LLC

https://www.bizjournals.com/cincinnati/news/2024/06/17/realpage-apartment-lawsuit-rent-price-fixing.html

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