New Jersey Attorney General Matthew Platkin has filed a major antitrust lawsuit against property management software company RealPage and 10 of New Jersey’s largest landlords, alleging they worked together to artificially inflate residential rent prices across the state.
The lawsuit accuses the defendants of violating both federal and state antitrust laws as well as New Jersey consumer fraud laws. According to the complaint, these landlords unlawfully used RealPage’s revenue management software and algorithms to raise rental prices for apartments in multifamily housing complexes.
“The defendants in this case unlawfully lined their pockets at the expense of New Jersey renters who struggled to pay the increasingly unlivable price levels imposed by this cartel,” stated Attorney General Platkin. He emphasized that these actions have contributed to the state’s affordable housing crisis and denied residents their basic right to shelter.
The lawsuit alleges that the defendants secretly shared confidential information—including lease rates, amenities, concessions, property valuations, and housing availability—to coordinate pricing strategies and reduce competition that would normally keep rental costs lower. Instead of lowering rents to fill vacancies, the landlords allegedly maintained high prices, knowing competitors would not undercut them.
The situation is particularly concerning for seniors on fixed incomes, as New Jersey already faces significant housing challenges with average rents among the highest in the nation and a shortage of over 200,000 affordable rental homes. The crisis is especially severe in North Jersey, where half of low-income renters spend more than 30% of their income on housing costs.
The lawsuit seeks several remedies, including an injunction to stop anticompetitive practices, appointment of a corporate monitor, civil penalties, damages, and disgorgement of profits generated through the alleged unlawful behavior.
Jeremy Hollander, Acting Director of the Division of Consumer Affairs, described the lawsuit as “putting a stop to corporate greed at its worst.”
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