Major landlords are facing a lawsuit alleging they colluded to keep apartment rents high, using an algorithm provided by RealPage to influence pricing. The lawsuit, filed by the Colorado attorney general, the U.S. Justice Department, and other states, accuses several large landlords, including Greystar, LivCor, and Camden Property Trust, of feeding their internal data into RealPage's pricing algorithm to set and adjust rental prices. The lawsuit also alleges that the companies communicated directly about rents and occupancy rates during RealPage-organized user groups.
Hector Salas carries bags of Monopoly money in front of a cardboard yacht as he and others rally during a protest against Greystar at the Denver Tech Center on Thursday, Aug. 15, 2024. Several large landlords allegedly colluded in an effort to keep apartment rents high, including by using an algorithm that influences prices, according to new legal filings by the Colorado attorney general, the U.S. Justice Department and a coalition of other states.
The suit also alleges that the companies directly communicated about rents and occupancy rates while participating in “user groups” organized by RealPage. On Tuesday, incoming Senate President James Coleman, a Denver Democrat, trumpeted the bill’s imminent arrival and said the increased public focus on RealPage’s practices would likely pave a path for the bill’s passage into law this year.Denver metro area school closures and delays for Jan.
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