Camden Property Trust, Equity Residential, and Lincoln Property Co. are among 11 apartment owners that agreed to pay more than $218 million combined to settle antitrust claims that they colluded with revenue management firm RealPage Inc. to fix rental prices across the US, Bloomberg reports.
Equity Residential’s settlement is the largest among the deals at $56 million, followed by Camden and Mid-America Communities at $53 million each.
The proposed settlements, and the plaintiffs’ request for preliminary approval of the terms, were filed in the U.S. District Court for the Middle District of Tennessee.
The proposed settlement estimates there are millions of individuals who will need to be notified of the settlement and terms. RealPage agreed to stop using nonpublic data to help set rent levels.
The class-action lawsuit had alleged that RealPage, along with owners and managers of large-scale multifamily residential buildings, used RealPage software in a nation-wide price-fixing conspiracy to inflate rental prices in properties that used the RealPage software.
Multiple class-action lawsuits were filed against RealPage, Inc. and approximately 50 of the largest owners and operators of apartment communities in the country.
On January 26, 2026, RealPage entered into a settlement agreement with the plaintiffs in the lawsuit. Under the terms of the settlement agreement, RealPage will pay an aggregate of $53 million into a settlement fund to settle all claims asserted in the class-action lawsuit.
Last year the Department of Justice and Texas software-maker RealPage reached a settlement in a case involving price-fixing allegations in some of the nation’s largest rental markets.
A 2022 ProPublica investigation showed RealPage was helping landlords decide rents in a way that legal experts said could result in cartel-like behavior. The DOJ also sued six big landlords, accusing them of using algorithmic software to work together and raise rents.
