The U.S. DOJ sues RealPage, alleging it enabled price-fixing on rents
CBSN
The Justice Department on Friday filed an antitrust lawsuit against RealPage, a property management software provider, alleging it enabled a collusion among landlords to inflate rents for millions of Americans.
The complaint claims that the Richardson, Texas-based company and its competitors engaged in a price-fixing scheme by sharing nonpublic, sensitive information, which RealPage's algorithmic pricing software used to generate pricing recommendations. The company replaced competition with rent coordination to the detriment of renters across the U.S., according to the suit, monopolizing the market through its revenue management software which was used by landlords to determine rent costs.
The DOJ is joined by the attorneys general of California, Colorado, Connecticut, Minnesota, North Carolina, Oregon, Tennessee and Washington. The complaint alleges that RealPage violated sections 1 and 2 of the Sherman Act, an antitrust law.
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