Hausfeld, Berger Montague, Lieff Cabraser Heimann & Bernstein and Justice Catalyst Law, filed a federal antitrust class action against RealPage and several of RealPage’s property management clients.
The complaint alleges that Defendants conspired to use RealPage’s so-called “revenue management” service to set rental prices and restrict the supply of available rental units in major metropolitan areas across the United States. Plaintiffs allege that by using this conspiracy to stifle competition, Defendants inflated rents to supra-competitive levels and unlawfully suppressed the supply of rental housing, injuring the plaintiffs and thousands of renters across the United States.
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Defendant RealPage was a public company from 2010 until 2020, when it was purchased by private equity firm, Thoma Bravo, in a transaction that valued RealPage at approximately $10.2 billion. The Lessor Defendants are some of the largest owners and managers of rental real estate in the United States.
“Today’s lawsuit plausibly alleges that Lessors of rental units have coordinated to drive rents up to unprecedented levels, exacerbating the nation’s affordable housing crisis,” said Gary I. Smith Jr., a Partner at Hausfeld. “We look forward to vindicating our clients’ rights in this important federal antitrust litigation.”
