DOJ Antitrust Suit Alleges Price-Fixing By Landlords

CNBC reports:

The Department of Justice and eight states on Friday accused software company RealPage of unlawfully scheming to undermine competition among landlords and create a monopoly that harms millions of renters.

RealPage “allows landlords to manipulate, distort, and subvert market forces,” the Justice Department said in a civil complaint in U.S. District Court in North Carolina.

“At bottom, RealPage is an algorithmic intermediary that collects, combines, and exploits landlords’ competitively sensitive information,” the antitrust lawsuit said.

CNN reports:

The software, according to the complaint, uses non-public data provided by landlords to see what competitors are charging or offering to maximize the amount landlords can charge as well as other ways they can make more money from renters.

“The rent is too damn high, and this is one of the reasons why,” Garland told reporters during a press conference on Friday.

The complaint is unique in its allegation that an algorithm created by the company violates antitrust laws, Justice Department officials say, but still represents “one of the oldest” examples of violating antitrust laws in the United States.

Watch the clip for a better explanation.

AG Merrick Garland announces that the DOJ has filed an antitrust lawsuit against the real estate software company RealPage for enabling “landlords to sidestep vigorous competition in the rental market” and raise rents. pic.twitter.com/KmeywaGVzo

— The Recount (@therecount) August 23, 2024