FBI Raids Cortland Management Over Nationwide Rent Hikes and Price-Fixing Allegations

Jun 3, 2024, 01:57 AM

The FBI has conducted a raid on Cortland Management, a major corporate landlord, over allegations of price-fixing in the multifamily housing market. The investigation is part of a broader nationwide crackdown on a conspiracy to artificially inflate rental prices. Reports indicate that the conspiracy involves coordination with the software firm RealPage, which allegedly facilitated the collusion by sharing pricing information and keeping units off the market. This practice, which began in 2016, has raised concerns about its impact on rental values and the financial stability of property owners. The FBI's actions highlight the severity of the alleged rent hikes and their widespread implications.