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New Jersey Sues Property Management Software Firm RealPage, Says Collusion With Landlords Drives Up Rents
New Jersey sued the property management software company RealPage, accusing it and 10 of the state's largest landlords of conspiring to drive up residential rents, violating federal and state antitrust laws and New Jersey consumer fraud laws. From a report: The complaint filed on Wednesday by state ...
New Jersey sued the property management software company RealPage, accusing it and 10 of the state's largest landlords of conspiring to drive up residential rents, violating federal and state antitrust laws and New Jersey consumer fraud laws. From a report: The complaint filed on Wednesday by state Attorney General Matthew Platkin said the defendants, including AvalonBay Communities illegally used RealPage's revenue management software and algorithms to inflate rents for apartments in multifamily properties. New Jersey said the defendants also quietly exchanged non-public data such as lease prices, amenities, concessions offered, property values and housing inventory, in order to align pricing and avoid competition to lower rents.
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