Realpage Rent-Pricing Case Resolved, With Settlement Reaching Nearly $360M
A significant federal antitrust lawsuit concerning algorithmic rent-setting through Realpage’s software has reached a settlement, as indicated by filings in the RealPage Inc. Rental Software Antitrust Litigation in the U.S. District Court for the Middle District of Tennessee, Nashville Division.
The court has sanctioned the settlements, “including the Settlement Amounts, the releases, and the dismissal with prejudice of the Action as to the Settling Defendants.” Further, it has determined that the settlements are fair and satisfactory for the settling class, according to the filing dated October 15.
Grand Overview of the Case & Actions
In late 2022 and early 2023, numerous class-action lawsuits were initiated against Realpage and approximately 50 of the largest apartment owners and operators. These lawsuits claimed that the software provider based in Richardson, Texas, facilitated collusion among landlords to increase rent prices beyond free-market levels, thereby violating antitrust laws. In April 2023, these cases were consolidated into a single action.
Settlement agreements were reached in phases, with 11 defendant landlords finalizing 14 class settlements in May for a total of $218 million, followed by 27 landlords who settled 26 claims for over $141.8 million in October 2025. The plaintiffs filed for class certification on October 2.
The settlement class encompasses U.S. multifamily renters who paid any owner or operator of a property utilizing Realpage’s Revenue Management Solutions, Lease Rent Options, YieldStar, and/or AI Revenue Management at any point from October 18, 2018, to November 21, 2025, according to the filing.
None of the involved companies acknowledged any fault or liability. However, they consented to cease providing Realpage with their nonpublic data for use in the price recommendations generated by Realpage’s revenue management system, as well as to refrain from employing Realpage’s RMS in a manner that utilizes competitors’ non-public data to guide pricing recommendations.
Peter Carstensen, an Antitrust Expert and Professor of Law Emeritus at the University of Wisconsin-Madison, stated to Multifamily Dive, “[…] really will work to limit the ability of these firms to coordinate with each other, to communicate with each other, that’s the thing that I can’t tell reading the decree.”
According to Carstensen, the settlements provide direction for the companies that offer rent-pricing models.
“The question for any particular industry is, ‘How much are they giving up by restricting what they do?,” Carstensen said. “Are there moves they can make consistent with the decree that would allow them to establish a little more coordination in pricing?”
Settlement Backlash
While it may come as no surprise, not everyone is satisfied with the settlements. Following the request from the defendant landlords for final approval of their settlements on September 25, attorneys general from the District of Columbia, Kentucky, Maryland, New Jersey, and Washington opposed the agreements, arguing that they could “unlawfully restrict” their own independent lawsuits. These concerns were initially raised by the AGs after the first set of settlement agreements last November.
Nevertheless, Judge Waverly Crenshaw once again denied their request to dismiss the settlements, stating in an October 9 filing that “the proposed releases do not harm the State AGs’ independent sovereign or quasi-sovereign interests,” while also indicating that he would consider their concerns.
Although the Department of Justice and state attorneys general with antitrust issues usually collaborate, there is an increasing number of disputes between states and the federal government regarding settlements at this time, as noted by Carstensen.
“What is different here in the second Trump administration is that the Justice Department and Trade Commission are bringing cases and settling them, and the states have brought the same case but are not settling on the same terms,” Carstensen said. “You’re looking at the states not having confidence in the Justice Department or the Trade Commission to do the right thing.”
According to the filing dated Oct. 15, all claims against the defendants are permanently resolved, except for those specifically detailed in the agreement.
“This dismissal does not affect, release, or impair any claim against any Defendant or alleged co-conspirator that is not a Settling Defendant,” Waverly said in the filing. Furthermore, the court’s certification of the settlement class “is for settlement purposes only and is without prejudice to, or waiver of, any defense, argument, or position of any Party with respect to any other class in the Action or any other action.”
In November 2025, the U.S. Justice Department reached a settlement with Realpage concerning a 2024 lawsuit that alleged the software provider facilitated collusion among landlords to increase rental prices. Numerous similar lawsuits at the state and local levels are currently in progress.
“The federal settlement is what it is, but it’s not the final word necessarily,” Carstensen said.
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