If you’ve rented an apartment from a major corporate landlord in the last several years, there’s a chance that you’re eligible for a piece of an $360 million settlement deal involving dozens of landlords and property managers.
More than 20 Houston-area multifamily firms managing tens of thousands of apartments have been accused of colluding to set rent prices by using a popular algorithmic software developed by the technology company RealPage. The apartment companies, along with RealPage, were among roughly 50 defendants named in a class action lawsuit filed in a federal Tennessee court by a group of renters in 2023.
While the lawsuit isn’t over yet, the majority of defendants, including companies like Camden Property Trust and Greystar, have agreed to settle the case. A judge has preliminarily approved the deal, which is expected to be finalized in October. A handful of other landlords, in addition to RealPage and its private equity owner Thoma Bravo, are still fighting the class action lawsuit…