DOJ and RealPage Agree to Settle Rental Price-Fixing Case
What Happened: The Department of Justice and Texas software-maker RealPage announced Monday that they have reached a settlement in a case involving price-fixing allegations in some of the nation’s largest rental markets. At issue was algorithmic rent-setting software the tech company sold that prosecutors said enabled landlords to compete less and boost prices in apartment buildings in ways that could violate antitrust laws. The proposed settlement, which must now be approved by a judge, said RealPage will stop offering software that uses nonpublic, “competitively sensitive” data shared among landlords to recommend how much to charge tenants, officials said. Under the agreement, RealPage will stop conducting market surveys to gather such information, and it agreed not to discuss pricing strategies or trends based on nonpublic data at meetings it holds for property managers, officials said. The company also must remove or redesign software features that restrict rent decreases or al...