Greystar Actual Property Companions, Blackstone’s LivCor and Cushman & Wakefield are among the many institutional landlords accused of fixing rental costs — to the detriment of “millions” of renters.
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The U.S. Division of Justice has added six main landlords to an ongoing antitrust lawsuit in opposition to rental software program maker RealPage, officers introduced Tuesday.
The landlords have been added to the swimsuit by way of an amended criticism that accuses them of collaborating “in an unlawful scheme to decrease competition among landlords in apartment pricing, harming millions of American renters,” in accordance with a DOJ assertion. The landlords are additionally accused of attempting to set rents utilizing “each other’s competitively sensitive information through common pricing algorithms.”
Collectively, the six landlords oversee 1.3 million models throughout the U.S. The landlords embody:
Greystar Actual Property Companions
Blackstone’s LivCor
Camden Property Belief
Cushman & Wakefield Inc and Pinnacle Property Administration Companies
Willow Bridge Property Firm
Cortland Administration
In a press release to Inman Tuesday, Greystar stated it’s “disappointed that the DOJ added us and other operators to their lawsuit against RealPage.”
“Greystar has and will conduct its business with the utmost integrity,” the assertion added. “At no time did Greystar engage in any anti-competitive practices. We will vigorously defend ourselves in this lawsuit.”
Inman will replace this story with statements from the opposite firms as they reply to requests for remark.
The DOJ first introduced its antitrust swimsuit in August. On the time, the feds accused RealPage of utilizing a rental pricing algorithm that successfully allowed landlords to share info and repair costs. The case was the primary main antitrust swimsuit to take direct intention at an algorithm, and, in an August assertion, Lawyer Normal Merrick Garland stated that “using software as the sharing mechanism does not immunize this scheme from Sherman Act liability.”
For its half, RealPage denied wrongdoing and accused the DOJ of attempting to “scapegoat pro-competitive technology that has been used responsibly for years.” The corporate reiterated its place final month when saying that the DOJ had ended a separate felony probe into multifamily rental pricing.
The antitrust case in opposition to RealPage continues to be ongoing, now with six landlords additionally within the Feds’ crosshairs. Along with mentioning an alleged value fixing “scheme,” the DOJ’s assertion on Tuesday accused the landlords of “communicating with competitors’ senior managers about rents” and collaborating in RealPage-hosted teams the place executives mentioned pricing methodology, amongst different issues.
Along with saying the brand new amended criticism Tuesday, the DOJ additionally revealed in its assertion that it has reached a proposed decision with Cortland. The decision would bar Cortland from utilizing rivals’ aggressive information to coach or run pricing fashions.
It could additionally forestall the corporate from utilizing third-party pricing software program to set rents with out a court-appointed supervisor, in addition to disallow the sharing of rental costs with different property managers with the intention to set these costs.
The proposed decision, generally known as a consent decree, nonetheless wants court docket approval to change into ultimate.
In a press release to Inman, Cortland stated Tuesday it’s “pleased to announce” the proposed decision. The corporate additionally famous the now-ended felony investigation, saying its conclusion means “Cortland and its employees are no longer subject to the criminal investigation that motivated the Department of Justice’s May 2024 search at Cortland’s headquarters in Atlanta.”
“We believe we were only able to achieve this result because Cortland has invested years and significant internal resources into developing a proprietary revenue management software tool that does not rely on data from external, non-public sources,” the assertion continued. “The terms of Cortland’s settlement have been agreed to with the Department of Justice and will be filed with the court for its approval. We look forward to putting the federal government’s investigations behind us in 2025, as we continue to seek opportunities to invest in tools and services that will improve resident experience and the success of our managed communities.”
Along with the DOJ, the attorneys basic of California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, Tennessee and Washington have additionally joined the case as co-plaintiffs.
Learn the amended criticism right here (if the doc doesn’t load, refresh the web page):
Replace: This story was up to date after publication with statements from firms named as defendants.
E mail Jim Dalrymple II
Enterprise
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