The Justice Department has reached an agreement to settle an antitrust lawsuit against RealPage, a real estate software company that the government accused of enabling landlords to collude to raise rents. From a report: Using RealPage software, landlords shared information about their rents and occupancy rates with the company, after which an algorithm suggested what to charge renters. The government's suit, which was joined by several state attorneys general, accused RealPage of taking the confidential information and suggesting rents higher than those in a free market.
Under the settlement proposal, which requires approval by a federal judge overseeing the case in the Middle District of North Carolina, RealPage's software could no longer use information about current leases to train its algorithm. Nonpublic data from competing landlords would also be excluded when suggesting rents. "Competing companies must make independent pricing decisions, and with the rise of algorithmic and artificial intelligence tools, we will remain at the forefront of vigorous antitrust enforcement," said Gail Slater, who leads the antitrust division at the Department of Justice, in a news release.
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