New Jersey Sues Property Management Software Firm RealPage, Says Collusion With Landlords Drives Up Rents
New Jersey has taken a bold step by suing RealPage, a property management software company, alongside ten major landlords in the state. The lawsuit alleges that they conspired to inflate residential rents, breaching both federal and state antitrust laws, as well as consumer fraud regulations. Attorney General Matthew Platkin filed the complaint, claiming that the defendants used RealPage’s software to manipulate lease prices and engaged in clandestine data exchanges to eliminate competition and drive rents higher.
Key Points
- New Jersey has filed a lawsuit against RealPage and 10 landlords for alleged rent manipulation.
- The complaint accuses them of conspiring to inflate rents using proprietary software and data sharing.
- Collusion reportedly affected hundreds of thousands of residents, particularly low-income renters.
- The Attorney General argues this manipulation breaches antitrust and consumer fraud laws.
- Half of low-income renters in New Jersey now reportedly spend over 30% of their income on housing.
Why should I read this?
This article sheds light on a significant legal move that could affect the rental market in New Jersey and beyond. If you’re a renter or interested in housing policy, this is a must-read! The implications of this lawsuit might just shake up how property management firms operate and could lead to more affordable housing options. We’ve taken the time to summarise this critical event for you, so dive in!