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In re RealPage, Inc., Rental Software Antitrust Litigation (No. II)

CASE NO. 3:23-md-03071

United States District Court for the Middle District of Tennessee, Nashville Division

Settlement Overview

  • The Court preliminarily approved proposed settlements (“Settlements”) that have been reached with certain Defendants named in this litigation (the “Settling Defendants”).1
  • Plaintiffs alleged that the Defendants violated federal and state antitrust laws by conspiring to fix and inflate the price of multifamily rental housing across the United States and its territories. Settling Defendants deny all allegations of wrongdoing. 
  • The Court has not decided who is right or wrong. Instead, Plaintiffs and Settling Defendants agreed to these Settlements to avoid the risk and cost of further litigation.
  • If approved by the Court, the Settlements will establish a $359,925,000 Settlement Fund.2 Settling Defendants have also agreed to change their business practices in the multifamily rental housing market.
  • There will be no payments at this time. If the Court enters Final Approval of these Settlements, money will be distributed at a later date.  
  • Pursuant to the Court’s Preliminary Approval Order, the Settlement Class is defined as all persons and entities in the United States and its territories who paid rent on at least one multifamily residential real estate lease directly to any owner, manager and/or owner-operator (including to any division, subsidiary, predecessor, agent or affiliate of any owner, manager and/or owner-operator) on a property subject to a license for RealPage’s Revenue Management Solutions, Lease Rent Options (“LRO”), YieldStar (“YS”), and/or AI Revenue Management (“AIRM”) (“RealPage’s RMS”) at any time during the period of October 18, 2018 through November 21, 2025 (the “Settlement Class Period”). 

SUMMARY OF YOUR LEGAL RIGHTS AND OPTIONS IN THESE SETTLEMENTS

  • Submitting a claim is the only way to be eligible to receive payment from Settlements.
  • Be bound by the Settlements.
  • Give up your right to sue or continue to sue the Settling Defendants for the claims released in the Settlements but be eligible to participate in future settlements.

FAQ’s

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Documents

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1 Settling Defendants are Allied Orion Group, LLC; Apartment Income REIT Corp. d/b/a AIR Communities; Avenue5 Residential, LLC; Bell Partners, Inc.; BH Management Services, LLC; Bozzuto Management Co.; Brookfield Properties Multifamily LLC; Camden Property Trust; CH Real Estate Services, LLC; CONAM Management Corporation; Cortland Management, LLC; Crow Holdings, LP; Trammell Crow Residential Co.; CWS Apartment Homes, LLC; ECI Management, LLC; Equity Residential; First Communities Management, Inc.; FPI Management, Inc.; Greystar Management Services, LLC; Highmark Residential, LLC; Kairoi Management, LLC; Knightvest Residential; Lantower Luxury Living, LLC; Lincoln Property Co.; Mid-America Apartment Communities, Inc.; Mid-America Apartments L.P.; Mission Rock Residential, LLC; Pinnacle Property Management Services, LLC; Prometheus Real Estate Group, Inc.; Rose Associates, Inc.; RPM Living, LLC; Sares Regis Management Company, L.P.; Security Properties Residential, LLC; Sherman Associates, Inc.; Simpson Property Group, LLC; The Related Companies, L.P.; Related Management Co., L.P.; Thrive Communities Management, LLC; Windsor Property Management Co.; WinnCompanies, LLC; WinnResidential Manager Corp.

2 All capitalized terms in this Notice shall have the same meaning provided for as in the Settlement Agreements, unless stated otherwise.

Important Dates

Deadline to Exclude Yourself from the Settlements

Sep012026
Sep012026

Deadline to Object to the Settlements

Fairness Hearing

Attend the Fairness Hearing. Please check this Settlement Website for updates.
Oct152026
Jan292027

Deadline to File a Claim

Submit a claim on or before this date.