Published by REALTOR.com | May 9, 2025
A sweeping antitrust case accuses some of the country’s largest landlords of using RealPage, a rental-management software company, to coordinate pricing, artificially inflating rents and undercutting fair market competition.
It’s no secret that rents surged across the country in the early 2020s, driven by pressures from inflation, limited supply, and a spike in demand. But according to a new lawsuit from the U.S. Department of Justice and nine state attorneys general, there may have been another, less-visible force at play: algorithms.
A sweeping antitrust case accuses some of the country’s largest landlords of using RealPage, a rental-management software company, to coordinate pricing, artificially inflating rents and undercutting fair market competition. The complaint alleges that RealPage enabled landlords to share proprietary data and set prices in lockstep, leading to higher costs for renters and reduced affordability in already-strained housing markets.
“The conspiracy allegedly engaged in by RealPage and these landlords has harmed Arizonans and directly contributed to Arizona’s affordable housing crisis,” Arizona Attorney General Kris Mayes, who was the first to bring charges against RealPage, shared in a press release from her office.
In Phoenix and Tucson alone, she noted, rents jumped by more than 30% over two years—a surge she attributes in part to what her office called a “rental monopoly.”
If the allegations hold up in court, the consequences could be transformative. This case has the potential to deliver relief to renters who paid artificially high prices while upending how rents are set in buildings nationwide.
What is RealPage, and why is it controversial?
RealPage is a Texas-based tech company that provides property management software, including the rent-pricing algorithm at the heart of this lawsuit. The tool, known as YieldStar, uses data from nearby rental listings to suggest prices that maximize profits. But according to the lawsuit, this system did more than just automate pricing.
The complaint alleges that RealPage facilitated “algorithmic collusion,” encouraging landlords to raise rents in lockstep rather than compete with one another. By sharing proprietary data and allowing RealPage’s algorithm to coordinate pricing decisions, landlords effectively engaged in a form of price-fixing that reduced competition and inflated rents, particularly in high-demand markets.
“The defendants in this case unlawfully lined their pockets at the expense of New Jersey renters who struggled to pay the increasingly unlivable price levels imposed by this cartel,” New Jersey Attorney General Matthew Platkin, said in a statement, pointing to rent hikes that helped fuel the state’s housing pinch.
RealPage, for its part, strongly denies the allegations. The company argues that its software supports efficiency, flexibility, and compliance.
“Housing affordability should be the real focus,” said RealPage CEO Dana Jones in a June 2024 statement. “Despite the noise, we will continue to innovate with confidence and make sure our solutions continue to benefit residents and housing providers alike.”
Who’s being sued and where?
The antitrust lawsuit shaking up the rental market isn’t just targeting RealPage. It’s also going after some of the biggest names in property management across the country.
The DOJ is leading the charge along with Arizona, Colorado, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, Oregon, and the District of Columbia.
The list of defendants reads like a who’s who of large-scale landlords: Greystar, Camden Property Trust, Cortland, LivCor, and Cushman & Wakefield are just a few of the corporate players accused of using RealPage to squeeze more from renters.
