DOJ ends antitrust probe into rental pricing, RealPage says
The property management software company, which still faces civil suits, says it will “continue to aggressively defend itself” against “baseless allegations.”
RealPage, an AI-powered property management platform, says that the Department of Justice has ended its investigation into multifamily rental pricing practices.
"RealPage extensively cooperated with the DOJ throughout its investigation, and we have remained steadfast in our belief that RealPage never violated the antitrust laws," the company said in a Dec. 6 statement, adding that "the DOJ never identified RealPage as a target of the investigation."
How we got here: In August, eight states and the Department of Justice filed a civil suit against RealPage, alleging that the company's pricing algorithm doesn't just help landlords figure out what to charge — it "distorts competition to the detriment of renters."
Why it matters: The DOJ has been looking hard at real estate, from buyer agent commissions to data sharing and a case involving Zillow. A top industry lawyer called its efforts "incredibly aggressive," and outspoken broker-owner Anthony Lamacchia said he expects the DOJ to "get their wings clipped" in 2025.
What's next for RealPage: This DOJ investigation may be done, but the civil litigation continues — at least for now. The company requested in a Dec. 3 court filing that the multi-state case be dismissed because plaintiffs have failed to show that RealPage is a monopolist.
"We remain unwavering in our belief that RealPage's revenue management software benefits both housing providers and residents and that the remaining lawsuits are based on misinformation and baseless allegations," the company said, pointing at the website it built to provide "the real story" of how it operates.