EXPLORESmart Cities Dive · 1h ago
D.C. landlords agree to $9.3M settlement over RealPage rent-setting allegations
Executive Brief
The 30-second read
Real estate investment trusts Mid-America Apartments and JBG Smith will pay $9.3 million to resolve allegations of algorithmic price-fixing in Washington, D.C. The settlement imposes new restrictions on the use of third-party rent-setting technology and confidential data sharing.
- 01Two major landlords reached a settlement over claims of using RealPage software to artificially inflate rents
- 02Mid-America Apartments will pay 8.1 million dollars while JBG Smith pays 1.2 million dollars in penalties
- 03Settlement terms prohibit defendants from sharing sensitive proprietary housing data with competitors via third-party platforms
- 04Action follows increasing regulatory scrutiny of algorithmic pricing tools within the commercial and residential real estate sectors
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London Business News: Executive Guide →AI-generated summary · Verify at source
Mid-America Apartments and JBG Smith agreed to financial penalties and restrictions to resolve allegations they used the technology to inflate rents and share confidential housing data.