Public announcements, financial news

DOJ Sues Thoma Bravo's RealPage Over Alleged Rent Price Collusion, 20% Increase Since 2020

Aug 23, 2024, 03:46 PM

The U.S. Department of Justice, along with eight states, has filed an antitrust lawsuit against RealPage, a real estate software company owned by Thoma Bravo. The lawsuit alleges that RealPage's software enabled landlords to collude and raise rental prices across millions of units in the United States. The software, which uses algorithms for rent-setting, is accused of violating antitrust laws, specifically the Sherman Act, by facilitating price-fixing among property managers. This legal action highlights concerns over the impact of technology on housing costs, as rents have reportedly increased by 20% since 2020. Antitrust enforcer Jonathan Kanter has been vocal about the implications of this case.