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DOJ and State Attorneys General Settle Landmark Algorithmic Price-Fixing Case Against RealPage

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DOJ and State Attorneys General Settle Landmark Algorithmic Price-Fixing Case Against RealPage

The legal battle over algorithmic rent-setting software has escalated dramatically across federal, state, and local jurisdictions, resulting in massive class-action payouts, landmark state legislation, and new local ordinance enforcement. The litigation centers on allegations that real estate software provider RealPage, Inc. and major corporate landlords violated federal and state antitrust laws by using RealPage's AI-driven pricing algorithms (including YieldStar and AI Revenue Management) to coordinate rental rates, exchange nonpublic competitor data, and artificially inflate rents nationwide.

Class-Action Settlements Reach $359.9 Million

The multidistrict class-action litigation, In re: RealPage Inc. Rental Software Antitrust Litigation (No. II) (Case No. 3:23-md-3071, M.D. Tenn.), has amassed $359,925,000 across 37 settlements with corporate landlords who chose to resolve claims rather than face prolonged antitrust trials.

The settlements are split into two major batches:

  1. First Batch ($141.8 Million): Consisting of 26 settlements preliminarily approved in November 2025, led by Greystar Management Services agreeing to pay $50 million.
  2. Second Batch ($218 Million): Consisting of 11 settlements with 14 companies preliminarily approved on May 22, 2026. This batch includes massive payouts from major Real Estate Investment Trusts (REITs) and property managers, including:
    • Equity Residential (EQR): $56 million settlement (SEC filing, April 2026).
    • Camden Property Trust: $53 million settlement (SEC filing, April 2026).
    • Mid-America Apartment Communities (MAA): $53 million settlement (SEC filing, January 2026).

The court has scheduled a final approval hearing for the cumulative $359.9 million settlement on October 15, 2026. Class members have until January 29, 2027, to submit claims.

New Jersey Enacts Statutory Ban on Algorithmic Rent-Setting

On July 20, 2026, New Jersey Governor Mikie Sherrill signed landmark legislation officially restricting landlords' use of algorithmic software to set rents. The law prohibits landlords from sharing nonpublic, sensitive pricing data that feeds these systems and bans price-fixing agreements between property owners.

This legislative action follows a April 2025 antitrust lawsuit filed by New Jersey Attorney General Matthew Platkin against RealPage and 10 large landlords. New Jersey's ban mirrors a similar prohibition enacted by New York in December 2025, signaling a growing legislative trend to ban automated price coordination entirely.

"It’s collusion by algorithm, and it’s illegal, and it stacks the deck against renters," state officials noted during the bill signing.

Local Ordinances Face First Legal Tests in Philadelphia and San Diego

In addition to state and federal actions, local municipalities have passed ordinances targeting algorithmic rent-setting, which are now facing their first major tests in court:

  • San Diego, California: On July 2, 2026, a proposed class-action lawsuit, Keller v. UDR, Inc., was filed in the U.S. District Court for the Southern District of California. The complaint alleges that UDR, Inc. violated San Diego Municipal Code § 98.1103—which bans the use of algorithmic pricing devices—by relying on RealPage's YieldStar platform to manage rents and accept higher vacancy rates to inflate market rates.
  • Philadelphia, Pennsylvania: On July 16, 2026, tenant Yiyao Liu filed a class-action lawsuit (Yiyao Liu v. Willow Bridge Property Company LLC and RealPage Inc.) in the Philadelphia County Court of Common Pleas, alleging that the firms violated Philadelphia's local rent price-fixing statute by using software that collects nonpublic competitor data to recommend rental prices.

Federal and State AG Case Developments

The Department of Justice's (DOJ) civil antitrust case (United States et al. v. RealPage et al.) and parallel state AG actions have also secured major consent decrees:

  • Willow Bridge Property Co.: On July 8, 2026, the DOJ filed a proposed settlement with Willow Bridge (one of the country's largest apartment managers) to resolve claims under the Sherman Act. The agreement contains no financial penalties but imposes strict guardrails on data sharing and software use.
  • LivCor (Blackstone): On June 22, 2026, nine state AGs announced a $7 million settlement with multifamily asset manager LivCor, requiring the firm to cease using software that relies on competitor data and to cooperate in the ongoing prosecution of remaining defendants.
  • Washington D.C. AG Settlement: On June 15, 2026, Avenue5 Residential and Bell Partners agreed to pay a combined $1.4 million ($700,000 each) to Washington D.C. to resolve the district's 2023 antitrust lawsuit.

These overlapping enforcement actions demonstrate that dynamic pricing algorithms are under unprecedented, coordinated regulatory and civil assault across every level of government.

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Revision history

  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
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  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
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  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
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  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
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  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent
  • Update the RealPage antitrust note with the $359.9M cumulative class settlements, New Jersey's statutory ban, and the new local ordinance class actions.
    · by the agent