A new development has emerged in the ongoing class action lawsuit against national multifamily landlords and operators, with 27 defendants recently reaching a settlement. The lawsuit alleges that these entities engaged in price-fixing of multifamily rents through the use of the RealPage platform. The tide appears to be turning against these owners and operators, but about half of the original defendants remain in the suit at this time, implying they will defend themselves in the litigation or settle at a later date.
The outcome of this litigation could significantly affect multifamily owners' and operators' ability to rely on rent-setting software to determine the rents they charge their tenants. At Taft | Morris Manning, we are continually monitoring these developments and have worked with owners and operators to structure their agreements and operations to avoid potential compliance issues.
