Dive Brief:
- A group of apartment owners and managers has agreed to pay a total of $218 million to resolve a 2023 class-action lawsuit, which alleges that they conspired with rivals to inflate rent prices using RealPage’s algorithmic pricing software, according to documents recently filed in federal court.
- Eleven defendant landlords have reached 14 class settlements, but they do not admit fault or liability, according to preliminary class-action settlements filed May 14 in the U.S. District Court for the Middle District of Tennessee, Nashville Division. The deal still requires a judge’s approval.
- This is the second batch of settlement agreements in RealPage Inc. Rental Software Antitrust Litigation, following the first group of 26 settlements worth more than $141.8 million in October 2025, which included a $50 million payout from Greystar. That brings the total settlement amount to date to nearly $360 million.
Dive Insight:
In late 2022 and early 2023, a slew of class-action lawsuits were filed against RealPage and approximately 50 of the largest apartment owners and operators, alleging that the Richardson, Texas-based software provider enabled landlords to collude to raise rent prices beyond free market levels in violation of antitrust law. In April 2023, those cases were centralized into In Re: RealPage, Inc., Rental Software Antitrust Litigation.
Now Equity Residential will pay the largest amount at $56 million, while Camden and Mid-America Apartment Communities will each pay $53 million.
The 14 settling defendants, and their 11 settlement terms, are:
Settling defendant |
Amount |
|---|---|
| Camden Property Trust | $53 million |
| Cortland Management, LLC | $18 million |
| Equity Residential | $56 million |
| Highmark Residential, LLC | $7.5 million |
| Lincoln Property Co. | $12 million |
| Mid-America Apartment Communities, Inc. and Mid America Apartments, L.P. | $53 million |
| The Related Companies, L.P. and Related Management Company, L.P | $5 million |
| Rose Associates, Inc. | $1 million |
| RPM Living, LLC | $7.5 million |
| Sares Regis Management Co., L.P. | $3 million |
| Trammell Crow Residential Co. and Crow Holdings, LP | $2.125 million |
All defendants also agreed to stop providing RealPage with their nonpublic data to be used as an input in RealPage’s revenue management system’s price recommendations, and to stop using RealPage’s RMS that uses competitors’ non-public data to inform pricing recommendations, according to a May 14 joint declaration in support of the settlements.
Multifamily Dive reached out to all settling companies for comment, but they either declined or did not respond by publication time.
RealPage, which is also a defendant, has denied any wrongdoing. RealPage previously told Multifamily Dive it does not anticipate needing to make any changes to its revenue management software products under any terms in these settlements for customers to keep using them.
In November 2025, the U.S. Justice Department settled with RealPage in a related 2024 lawsuit that claimed the software provider enabled landlords to collude to raise rent prices beyond free market levels. While the agreement includes no financial penalties or admissions of wrongdoing, it did put guardrails around what data RealPage can collect and how it can use it.
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