Why Is Rent Going Up?
Rents in multi-unit apartment buildings have been on the rise for years. A small group of apartment management companies own and rent apartment units to members of the military, students, and other renters across the United States. Through the use of the RealPage computerized algorithms and other means, these landlords may be raising rents unlawfully. The RealPage algorithm uses sensitive pricing information provided by landlords to charge above-market rents for available units. RealPage strongly encourages the companies not to negotiate with renters, even if it means the apartments will go empty. By restricting the number of apartments available in the market and agreeing to charge RealPage’s recommended rent, these landlords can charge above-market rates for the apartments.
By agreeing to charge the rent recommended by RealPage’s algorithm, the landlords are essentially agreeing not to compete with one another on the amount of rent charged, potentially leading to higher rents. The Joseph Saveri Law Firm is investigating whether RealPage and owners of multi-unit apartment buildings have violated the antitrust laws of the United States.
The apartment rental companies the firm believes may have artificially raised rents include:
- Alliance Residential
- Avenue5 Residential, LLC
- Equity Residential
- Essex Property Trust, Inc.
- FPI Management, Inc.
- Greystar Real Estate Partners, LLC
- Lincoln Property Co.
- Mid-America Apartment Communities, Inc.
- Pinnacle Property Management
- Security Properties Inc.
- Thrive Communities Management, LLC
The firm is investigating whether RealPage and property owners have violated the antitrust laws of the United States. If you or anyone you know lives or has lived in units owned by any of these companies, we would like to hear from you. Any information you provide to us will be kept strictly confidential as provided by law.