New Jersey Attorney General Matthew Plakin filed a lawsuit Wednesday against property management software company RealPage and 10 of the state’s largest landlords, accusing the group of “conspiring” to drive up residential rent prices in violation of federal and state antitrust laws and New Jersey consumer fraud laws.
The complaint, which was filed in the United States District Court for the District of New Jersey, says the defendants used RealPage’s algorithmic revenue management system to inflate rent prices for apartments in multifamily properties.
Platkin said the defendants also exchanged sensitive, non-public information on things like occupancy rates, leasing activity, concessions and pricing strategies in order to align their prices and avoid competition…