LAS VEGAS (FOX5) — A software company has settled with Nevada in a lawsuit alleging that its software algorithms were anti-competitive and allowed rental rates to rise in the state.
RealPage, a private tech firm based in Texas, faces allegations that the company violated antitrust laws by using an algorithm that allows landlords to align prices and avoid competition. That algorithmic pricing scheme allegedly harmed renters.
A U.S. Department of Justice civil antitrust lawsuit was filed in August, along with attorneys general from North Carolina, California, Colorado, Connecticut, Minnesota, Oregon, Tennessee and Washington.
Aaron Ford, Nevada attorney general, said Friday’s lawsuit and consent judgment represented the first settlement in the United States regarding the RealPage allegations. As part of the settlement, RealPage has agreed to practical limitations on its continued use of nonpublic data when calculating rent recommendations for Nevada clients, Ford said. The company will also aggregate and age the nonpublic data by at least three months.
“Under the terms of Nevada’s settlement, the outcome of any settlement from that particular lawsuit may lead to further relief for Nevadans as well,” Ford said Friday. “If any other settlement provides any settling plaintiff in that lawsuit with monetary relief that, on a pro rata basis, exceeds the amount of the contribution that RealPage has made to our state, then RealPage will make supplemental contributions to our state so that our settlement remains fair in relation to any of those other settlements.”
Additionally, RealPage has agreed to contribute $200,000 to the state of Nevada for use by organizations that provide rental assistance and relief to low-income residents, Ford said. The company has also agreed to submit an annual attestation and to subject itself to state investigations to prove its software complies with the agreement. RealPage will also retrain its employees.
RealPage released a statement Friday evening, noting that the company denies allegations made by the Nevada Attorney General, instead saying it resolved the matter to “avoid the costs and distraction of potential litigation.”
“RealPage’s solutions have always been legally compliant and are easily configurable as laws change or legal interpretations evolve,” the release said. “RealPage’s revenue management software has been reviewed over the years both by experienced antitrust counsel and, in 2017, by the U.S. Department of Justice without objection.”
“We are gratified we found a path forward with the State of Nevada,” said Dana Jones, RealPage CEO and president. “RealPage remains proud of the role we play in facilitating affordable housing for renters in Nevada, advocating for the responsible use of data across our industry, and standing up for our industry so that everyone, including renters and housing providers, in the housing ecosystem benefits.”
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