Renters are suing Richardson-based RealPage and some of the largest property management firms in the nation for allegedly forming what they call a “cartel” to...
Dallas-based rental giant Lincoln Property Co. also is among the firms being sued for allegedly coordinating with other landlords through a third party to artificially inflate apartment rents.
“RealPage strongly denies the allegations and will vigorously defend against the lawsuit,” said RealPage spokeswoman Natalie Dent. “Beyond that, we do not comment on pending litigation.”: “Revenue management software cannot control the market because it does not consider or have visibility into market availability.
The lawsuit is targeted at some of the largest managers of apartment complexes in the nation, including Greystar Real Estate Partners LLC, headquartered in Charleston, S.C.; Dallas-based Lincoln Property Co.; FPI Management Inc., based near Sacramento; Mid-America Apartment Communities Inc., based in the Memphis area; Chicago-based Equity Residential; Essex Property Trust, headquartered in the San Francisco Bay Area.
RealPage has said landlords must accept the recommended pricing at least 80% of the time to be most effective in increasing rents, according to the lawsuit. RealPage’s main architect, Jeffrey Roper, was quoted in the ProPublica article and in the suit saying, “if you have idiots undervaluing, it costs the whole system.”The suit cited a RealPage employee who said landlords adopt 80% to 90% of prices without any deviation.
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