A group of landlords and property managers has agreed to pay $359,925,000 to resolve nationwide antitrust claims that they used RealPage’s algorithmic pricing software to coordinate apartment rents, according to a joint announcement from three plaintiffs’ law firms. The proposed settlement, which still needs a federal judge’s approval, would cover renters across the country who leased apartments at properties using RealPage’s revenue-management tools going back to 2018.
The settlement was announced via a PR Newswire release from Scott+Scott Attorneys at Law LLP, Robins Kaplan LLP and Hausfeld LLP, who represent the plaintiff class. The case, captioned In re: RealPage, Inc., Rental Software Antitrust Litigation (No. II), is pending as MDL No. 3071 before Judge Waverly D. Crenshaw Jr. in the U.S. District Court for the Middle District of Tennessee in Nashville. The “(No. II)” designation in the case caption indicates it is a second multidistrict proceeding consolidating RealPage-related antitrust claims, distinct from other RealPage litigation working through the courts.
Plaintiffs allege the settling defendants violated federal and state antitrust laws by conspiring to fix and inflate multifamily rental prices nationwide and by exchanging competitively sensitive rent and leasing data through RealPage’s software products, which the release names as Revenue Management Solutions, Lease Rent Options (LRO), YieldStar (YS) and AI Revenue Management (AIRM). The settlement class covers renters who paid rent directly to an owner, manager or owner-operator of a property licensed to use any of those products between October 18, 2018, and November 21, 2025.
The release does not name the individual settling defendants or break out how much any single company is contributing to the $359.9 million total; it states only that “Settling Defendants deny all allegations of wrongdoing and assert that they have valid defenses.” No dollar breakdown by company was disclosed in the release, and it includes no direct quotes from the plaintiffs’ attorneys.
Before any money moves, the settlement must clear a fairness hearing scheduled for October 15, 2026, at 1 p.m. Central time, where the court will decide whether to grant final approval. Class members who want to exclude themselves or object have until September 1, 2026. Anyone eligible has until January 29, 2027, to file a claim. The $359.9 million fund is subject to deductions for taxes, notice and administration costs, service awards, and attorneys’ fees and expenses before any money reaches renters. Additional details and claim forms are available through the settlement administrator at www.RealPageRentalSettlement.com.
The settlement adds to a broader wave of litigation over RealPage’s role in apartment pricing nationally. The company separately settled a Justice Department antitrust suit in late 2025 over claims it enabled landlords to share nonpublic pricing data, according to Bloomberg. That case is distinct from the private class action settled this week. RealtyWire has also covered a separate Philadelphia lawsuit against Willow Bridge and RealPage, filed as the first test of that city’s algorithmic rent-fixing ban β a smaller, city-specific case that is not part of the nationwide MDL settlement announced this week.
What it means
- Verified: The release confirms a proposed $359,925,000 cash settlement, a defined settlement class running from October 2018 through November 2025, and a court schedule requiring final approval at an October 15, 2026, fairness hearing before money can be distributed.
- Attorneys’ characterization: Plaintiffs’ counsel frame the deal as a resolution of claims that RealPage’s software let competing landlords coordinate pricing. That is the plaintiffs’ legal theory and settlement framing, not a court finding of liability β the release notes defendants deny wrongdoing, and no admission of fault accompanies the settlement.
- RealtyWire analysis: A settlement of this size, layered on top of a separate DOJ resolution and scattered local suits like the Philadelphia case, suggests multifamily owners and managers nationwide are facing sustained legal exposure over algorithmic pricing tools, regardless of how any single case is decided. Whether it changes how landlords use revenue-management software going forward is not addressed in the release and remains to be seen.
Renters and industry observers can track the broader commercial real estate fallout from RealPage-related litigation as additional cases move through the courts.
