The property management software company RealPage Inc. announced it was notified by the Antitrust Division of the US Department of Justice (DOJ) has dropped its criminal investigation into the company’s pricing practices in the multifamily rental housing industry.
“RealPage extensively cooperated with the DOJ throughout its investigation, and we have remained steadfast in our belief that RealPage never violated the antitrust laws,” said the company in the statement. “Throughout its investigation, the DOJ never identified RealPage as a target of the investigation. We appreciate the DOJ’s recognition that its investigation merited closure.”
In August, the DOJ claimed RealPage masterminded an “unlawful scheme to decrease competition among landlords in apartment pricing and to monopolize the market for commercial revenue management software that landlords use to price apartments.” The DOJ alleged that RealPage encouraged loyalty to its algorithm’s recommendations that allegedly maximized price increases and minimized price decreases. RealPage was also accused of training landlords to limit concessions and other discounts to renters. However, the lawsuit did not include any of the landlords that are using the product as co-defendants.
RealPage added thit would “continue to aggressively defend itself in the remaining, previously filed civil lawsuits, which we believe are wholly without merit.”
The DOJ offered no public comment on its actions.
