Landlords’ go-to tool to set rent prices to be gutted under RealPage settlement

Landlords' go-to tool to set rent prices to be gutted under RealPage settlement.

RealPage, a leading provider of rental pricing software, has agreed to settle an antitrust lawsuit with the US Department of Justice (DOJ), alleging that it had enabled landlords to artificially raise rents across the country. The proposed settlement would require RealPage to update its software, removing features that allowed it to collect and share sensitive information about competing landlords.

Under the terms of the agreement, RealPage will no longer be able to access "competitively sensitive information" to determine rental prices in real-time. This means that rival landlords cannot use this data to set similar prices for their properties, thereby promoting competition in the rental market.

The DOJ has long suspected that RealPage's software was driving up rents and stifling competition. The company had argued that its software recommended "competitive, or 'market,' prices" and that it did nothing to prevent other commercial revenue management software companies from competing.

However, a recent report by ProPublica found that RealPage's software had become the dominant force in the rental pricing market after a 2017 merger was approved by federal regulators. The company's software used an algorithm to help landlords push up rents on tenants, with one executive boasting about its ability to do so at a meeting.

The settlement is seen as a victory for the DOJ and the antitrust division, which will ensure that RealPage complies with new regulations aimed at preventing price-fixing algorithms from harming Americans. The company has agreed to cooperate in the US lawsuit against property management companies that have used its software, and to designate an antitrust compliance officer.

As part of the settlement, RealPage will also accept a court-appointed monitor to perform audits over the next three years. This will help ensure that the company is complying with the terms of the agreement.

The proposed settlement has been welcomed by low-income residents who have seen rents skyrocket in recent years, making it difficult for them to afford housing. The DOJ's Assistant Attorney General Abigail Slater said that competing companies must make independent pricing decisions, and with the rise of algorithmic and artificial intelligence tools, the department will remain at the forefront of vigorous antitrust enforcement.

The settlement is a significant blow to RealPage's business model, which has relied on its ability to collect sensitive information from landlords. The company's services are used to manage over 24 million units worldwide, but it will now be forced to adapt to new regulations that aim to promote competition in the rental market.

In the wake of this settlement, real estate tech executives have expressed concerns about the impact on the industry. One executive told ProPublica that the changes to RealPage's software could make it harder for landlords to compete, and another noted that the company's dominance had been a key factor in driving up rents.

Overall, the proposed settlement marks a significant victory for the DOJ and antitrust advocates, who have long argued that companies like RealPage were exploiting their power to drive up prices. The agreement will require RealPage to fundamentally change its business model, but it could also promote greater competition in the rental market, benefiting low-income residents and other tenants who have been hit hard by rising rents.

just think about it, no more landlords using software to collude on rent prices this is a major win for antitrust advocates and low-income renters who've been suffering from super high rents the DOJ's doing a great job keeping an eye on companies like RealPage gotta love that they're making sure these algorithms aren't harming anyone

it's about time someone puts a stop to this rent hike madness realpage has been using their software to collect info on competing landlords and raise prices for tenants. it's just not fair that they get to make all the money off of renters while the landlords reap the benefits. now, with this settlement, they have to be more transparent about their pricing methods... let's hope it sticks

omg u guys this is insane realpage had no idea they were enabling landlords to artificially raise rents lol now they gotta adapt the DOJ finally stepped in & its about time we need more competition in the rental market low-income residents are literally struggling to afford housing & this settlement is a major win for them

can't say I'm surprised that a company's go-to tool for controlling the rental market is being gutted. I mean, when you think about it, artificially raising rents doesn't sound too "competitive" . The fact that landlords were using this software to share sensitive info with each other basically created an oligopoly of sorts - all or nothing, no room for independent pricing decisions. And now, as a result, the DOJ is basically saying "no more exploitation" . It's about time someone held these companies accountable for their actions... or lack thereof .

this is a big deal for renters out there - like, think about all those times you've seen the same rent prices popping up everywhere it's pretty wild that one company was basically dictating what everyone else had to pay but now, with this settlement, we're hoping to see some real change and maybe even lower rents

I'm still re-reading this news about RealPage's software settlement . I think what's really important here is that landlords won't be able to collect sensitive info from each other no more . That was basically giving them an unfair advantage in setting rent prices, which led to higher prices for tenants like us .

I'm glad the DOJ stepped in and made sure RealPage has to change its business model . This is a win for low-income residents who are struggling to afford housing . It's also good that there'll be a monitor keeping an eye on them to make sure they're playing by the rules .

But now I'm wondering, how's this gonna affect other companies in the real estate tech space? Are they gonna start using similar practices to stay competitive? We need to keep an eye on that and make sure it doesn't happen .

I'm all about that maximalist life, you know? Anyway, what's up with this RealPage settlement? It feels like a major win for antitrust advocates everywhere! The fact that they're making landlords compete on the open market without using proprietary info to jack up rent prices is a total game-changer. I mean, can you imagine if every landlord had access to the same data and could set their own prices? It'd be a totally different ball game. Plus, with all these new regulations in place, it's going to be harder for companies like RealPage to just coast on their dominance. They're gonna have to adapt and innovate if they want to stay on top. And honestly, I'm kinda stoked about that. The people who've been struggling to afford housing are finally getting some breathing room, and that's a beautiful thing.

so its pretty clear that realpage's software wasnt exactly helping out our community with rent prices, right? they were kinda making it easier for landlords to jack up prices on us but now the DOJ is stepping in and forcing them to change their game its about time! lets hope this helps bring down those rent prices a bit and makes it more fair for everyone

so i was reading about this realpage settlement and im like what a huge win for antitrust laws landlords can no longer use their software to collude on rent prices which is basically price-fixing. it's crazy how one company could be so dominant in the rental market and stifle competition. but now we might see more affordable housing for low-income folks, which is a total game changer

this is a big win for consumers tho i'm sure realpage won't take it lying down they'll probably try to find ways to work around the new rules. still good that we're getting some regulation in place to prevent price-fixing algorithms from hurting ppl.

This is a big deal! I mean, who wouldn't want to raise rent prices on unsuspecting tenants? It's disgusting that RealPage was able to get away with this for so long. The fact that they were using algorithms to manipulate prices and stifle competition is just plain sinister. And the worst part is that low-income residents are already struggling to afford housing, now they're going to have to deal with even higher rents? It's not like RealPage was hiding in the shadows or anything, it was right out in the open.

I'm so glad the DOJ stepped in and took action against them. This settlement is a major victory for consumers and anyone who values fair competition in the market. And you know what really gets my goat? The fact that real estate tech executives are already talking about how this is going to hurt their business models. Like, come on guys, if you're not willing to play by the rules, then maybe you shouldn't be in the game. It's not like RealPage was being transparent about its practices or anything.

This settlement is a major step forward for antitrust enforcement and I'm glad to see that the DOJ is committed to protecting consumers from these kinds of predatory practices. We need more people like Abigail Slater, who are willing to take on big corporations and fight for what's right.

omg u know how frustrating it is 2 see those crazy rent prices !! but this news is like a breath of fresh air ! realpage's software was basically allowing landlords 2 collude & raise rents, which is just not fair . now they gotta change their business model & prioritize competition over profit it's amazing 2 see the DOJ stand up 4 low-income folks who r struggling 2 afford housing this settlement might be a bummer 4 realpage but it's like, a win 4 everyone else

I'm so down for this one #RentReformNow. The fact that RealPage's software was basically driving up rents without any checks and balances is wild #Gutted #NoMorePriceFixing. It's about time the DOJ stepped in to ensure fair play in the rental market #JusticeForTenants. This settlement could be a game-changer for low-income residents who've been struggling to afford housing #RentAffordabilityMatters. Let's hope RealPage adapts quickly and promotes competition, not monopolistic practices #CompetitionIsKey.

idk how this is gonna play out lol realpage is a big player in the rental market and now they gotta change their ways cuz of antitrust laws i mean its not like they were being malicious or anything, but they did use all that info to jack up rent prices on ppl who cant afford it anymore my aunt is actually renting an apartment right now and her rent just went up by like 20% it's insane hopefully this settlement helps bring down the costs for low-income folks

I'm low-key worried that this settlement is gonna create more problems than it solves . If RealPage can't collect sensitive info, how's it supposed to give landlords accurate pricing recommendations? It's not like they're just gonna magically start using some magic 8-ball to decide on prices .

And let's be real, if smaller companies can't compete with the likes of RealPage because of this new regulation, they might get pushed out of the market entirely . That'd be a total disaster for competition and ultimately, for tenants who need affordable housing .

I'm all about keeping the free market wild west, but not at the expense of people's livelihoods . Maybe this settlement is just another step in the long journey to fix the broken rental market? Only time'll tell

I'm not surprised they got caught . I mean, it's crazy how these big companies can just manipulate prices to their advantage. RealPage knew what they were doing was shady, so why did the feds take so long to crack down? The fact that they're being forced to adapt now is a good thing, though - it means we might see more competition in the rental market and lower rents for people who need them most . I'm just glad that the DOJ is finally taking antitrust enforcement seriously .

I think this is a big win for renters . I mean, who hasn't seen their rent skyrocket over the past few years? It's like, you can barely afford to live in your own home . And it's not just low-income residents who are being affected – people of all income levels are feeling the squeeze. So, this settlement is definitely a step in the right direction. I'm glad the DOJ is cracking down on companies like RealPage that were taking advantage of landlords and driving up prices. It's about time someone held them accountable . Now, it'll be interesting to see how this plays out in the real estate tech industry – will we see more competition and lower rents? Only time will tell .

[Image of a landlord with a shocked face, surrounded by rent increase signs]

[Rent increase graph goes up, then crashes down]

[Lamp post with the words "Competition" written on it, turning off the light of greed]

[An AI robot taking over RealPage's software, with a thumbs up emoji]

[Landlords and real estate agents crying and holding their heads, as prices plummet]

I think this is a big win for tenants everywhere . It's crazy that one company was basically able to manipulate rent prices across the whole country with their software. And it's not like they were being transparent about it either, they just called it "competitive pricing" .

The fact that RealPage is now going to have to change its business model and actually promote competition in the rental market is a huge deal. It means more options for tenants and less room for landlords to jack up prices without consequence .

I'm also loving the fact that this settlement marks a bigger victory for antitrust enforcement overall . The DOJ is doing some amazing work here, holding companies like RealPage accountable for their actions. And it's not just about saving low-income residents from skyrocketing rents - it's also about promoting fairness and transparency in the market.

I'm curious to see how this all plays out in practice though . Will other companies follow suit and start making changes too? Only time will tell, but for now, I'm celebrating a major win for tenants everywhere