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FBI raids Atlanta corporate landlord in probe of rental market price fixing
RealPage was accused of manipulating the rental market with higher rents. Its software affects millions of Americans.
The surprise search was reportedly part of a criminal antitrust investigation by the U.S. Department of Justice (DOJ) into RealPage, a$9 billion software company that recommends rent raises on millions of housing units across the U.S. Per RealPageblogposts, Atlanta, Georgia-based Cortland, which owned nearly 85,000 apartment units as of June 2022, used RealPage's algorithm to "ensure consistent vendor pricing for their communities from Arizona to Georgia." The problem with RealPage, according to multiple lawsuits filed in the past two years in California, Arizona, New York, and other states, is that its algorithm increases rental prices in response to data collected from landlords — not according to demand.
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