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FBI raids Atlanta corporate landlord in probe of rental market price fixing
The federal government’s antitrust investigation into price fixing in the rental market appears to have found a fulcrum in Atlanta after a surprise FBI raid of multifamily property developer Cortland Management.
Founded in 2005 in Atlanta, Cortland owns tens of thousands of units and manages apartment complexes across the US, with offices in Charlotte, Dallas, Denver, Greenwich, Houston, Orlando, and Phoenix, according to information on its website. Cortland is one of several corporate landlords facing civil litigation for their alleged role in a purported nationwide conspiracy to fix and inflate rental prices for multifamily homes. With an emphasis on outsourcing pricing decisions to RealPage’s algorithm, the knock-on effect for American consumers are ballooning rents, according to a federal class action lawsuit in Nashville, Tennessee, which consolidated the complaints.
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