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The U.S. Justice Department has reached a settlement with LivCor, a property management firm owned by Blackstone, over allegations of rent collusion. The case relates to claims that major landlords shared non-public rental pricing data through RealPage software to influence rents. Under the settlement, LivCor has agreed not to set rents using competitors confidential information or third-party pricing tools. The agreement is part of a broader government push to protect renters and promote fair competition in the housing market. LivCor settled without admitting wrongdoing. The action follows earlier settlements involving RealPage and other large landlords, highlighting increased regulatory scrutiny of algorithm-driven pricing practices in the U.S. rental housing sector.
The U.S. Justice Department on Tuesday settled claims against LivCor, a Blackstone property management firm, in its lawsuit alleging competing landlords colluded to raise rents by sharing rental pricing information through a software platform. Advertisement
In early January, the DOJ sued six large landlords, including LivCor, alleging they used software created by RealPage to unlawfully share non-public information about rental pricing. In the settlement, LivCor agreed not to set prices based on other landlords' non-public information or use third-party software to do so.
DOJ Assistant Attorney General Abigail Slater said the deal is part of President Donald Trump's bid to bring prices down for Americans. The Republican president faces low approval ratings on his handling of the U.S. economy, and has said his predecessor Joe Biden is to blame for high living costs.
"Landlords across America are on notice that the competition laws protect renters from the harms caused by competitors sharing competitively sensitive information or aligning prices, whether through an algorithm or otherwise," Slater said on Tuesday.
LivCor settled without admitting to the allegations. "We remain as focused as ever on serving our residents," a LivCor spokesperson said.
The DOJ sued RealPage last year, in its first case tackling alleged algorithmic collusion, a practice where competitors feed non-public pricing data into software that generates recommendations. The DOJ settled with RealPage last month after the company accepted a three-year monitorship and limits on how it uses data.
Cortland Management and Greystar Management Services have also settled with the DOJ.
Source: Reuters
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