(Reuters) -The U.S. Justice Department has reached a settlement with RealPage over allegations it helped landlords fix rents by sharing pricing information through its software, court papers showed on Monday.
Under the settlement, Realpage agreed to a three-year monitorship and limits on how it collects and uses non-public data.
The case was among the first accusing companies of coordinating with competitors via software, also known as algorithmic collusion.
Assistant Attorney General Gail Slater said in a post on X that the settlement was "as good as any relief we would get from a court order after a lengthy and expensive trial, and importantly, it brings that relief to American consumers now, not three years from now."
The DOJ had sued in North Carolina federal court last year accusing RealPage of letting landlords collude with their competitors by sharing pricing information with the company's software, which then recommends rent prices. The software kept landlords from lowering rent and offering deals to attract renters, the DOJ alleged.
RealPage President and Chief Executive Officer Dirk Wakeham said in a statement that the settlement “brings the clarity and stability we have long sought and allows us to move forward with a continued focus on innovation and the shared goal of better outcomes for both housing providers and renters.”
(Reporting by Jody Godoy; Editing by Stephen Coates)
