The state of New Jersey has filed a lawsuit against RealPage, a property management software company, and ten of the state's largest landlords, alleging they conspired to inflate residential rents. The lawsuit accuses the parties of violating federal and state antitrust laws as well as New Jersey consumer fraud laws. Attorney General Matthew Platkin described RealPage and the landlords as operating a 'cartel' to manipulate rent prices. This suit aligns with federal claims involving RealPage and major landlords such as AvalonBay and Greystar, which also allege rent inflation through pricing software. Meanwhile, Compass, a real estate brokerage firm, has initiated its own legal action against a Seattle-based listing service, the Northwest Multiple Listing Service (NWMLS), accusing it of monopolistic and anticompetitive practices that hinder competition by prohibiting pre-marketing. This lawsuit contends that NWMLS policies prevent meaningful competition in the online home-selling market. Additionally, the Class Action Real Estate lawsuit in Boston is progressing, with the Department of Justice seeking to reduce transaction costs and apply downward pressure on home sales prices.
Need help throwing real estate commissions overboard? Fog clearing on the Boston Harbor as #ClassActRE lawsuit heads into final phase. Will DOJ prevail in its quest to: 1) reduce transaction costs; 2) put downward pressure on sales prices? 1/2 https://t.co/HMHlgEKHCC
🚨 BREAKING NEWS 🚨 In the 39-page complaint, Compass alleges that NWMLS policies prohibiting pre-marketing are preventing “meaningful competition from gaining traction.” https://t.co/sV5qU6ncWv #realestatenews #realestate #breakingnews #compassrealestate #realestateagents
10 NJ landlords colluded to drive up rent in state: authorities https://t.co/JgxDuWizjX