A group of major apartment owners and property-management companies has agreed to pay approximately $359.9 million to settle claims connected with RealPage’s rental-pricing software. The proposed settlements arise from a nationwide antitrust lawsuit alleging that landlords exchanged sensitive information and used RealPage products to coordinate or inflate apartment rents.
The court has granted preliminary approval, but the settlements are not yet final. Eligible renters must submit a claim by January 29, 2027, to be considered for payment. The settling companies deny wrongdoing, and the court has not ruled that they violated antitrust law.
What Was the RealPage Lawsuit About?
The litigation is formally titled In re: RealPage, Inc., Rental Software Antitrust Litigation (No. II). It is pending before Judge Waverly D. Crenshaw Jr. in the US District Court for the Middle District of Tennessee.
Tenants alleged that RealPage and numerous apartment companies participated in an unlawful arrangement affecting multifamily rental housing. According to the complaint, property operators provided non-public information about rents, occupancy and leasing conditions to RealPage.
RealPage’s revenue-management products allegedly combined this information and produced rental-price recommendations. The plaintiffs argue that competing landlords were therefore able to use each other’s confidential data instead of independently deciding what rent to charge.
They claim the alleged conduct reduced normal competition, increased rents and limited the availability of lower-priced apartments. The defendants dispute these allegations and maintain that they have valid legal defences.
How Much Is the Settlement?
The proposed settlements create a total cash fund of $359,925,000. The money is being provided by numerous apartment owners and management businesses that agreed to resolve the claims against them.
Taxes, settlement-administration expenses, court-approved legal fees, litigation costs and possible service awards will be deducted from the gross fund. The remaining amount, known as the net settlement fund, will be divided among eligible renters who submit valid claims.
The $359.9 million figure is not being paid entirely by RealPage. RealPage itself is not listed among the companies participating in this group of settlements. Claims continue against RealPage and several other non-settling defendants, including certain property operators and private-equity entities.
Who May Qualify for a Payment?
The settlement class generally includes people and entities in the United States and its territories who paid rent directly to an owner, manager or owner-operator for a multifamily residential property covered by certain RealPage software licences.
The qualifying period runs from October 18, 2018, through November 21, 2025. The relevant RealPage products include:
- Revenue Management Solutions
- Lease Rent Options, or LRO
- YieldStar
- AI Revenue Management, or AIRM
A person does not qualify merely because they rented an apartment during this period. Their building must have been subject to a licence for one of the covered RealPage systems.
The official settlement process includes a property list that tenants can use to check potentially covered buildings. A renter may submit a claim even when a building is not initially found on the list, but the court notice states that payment eligibility ultimately requires the rented unit to be on the approved property list.
How Will Individual Payments Be Calculated?
No fixed payment amount has been announced. Renters will not all receive the same cheque.
Payments are expected to be calculated on a proportional basis. The administrator will consider how much rent a claimant paid at qualifying properties during the settlement period. The calculation may also be adjusted according to estimated rental overcharges.
The number of valid claims, total qualifying rent, approved expenses and final court decisions will affect each person’s payment. As a result, it is currently impossible to state exactly how much an individual renter will receive.
Claimants may need to provide information identifying the property, rental dates and rent paid. Documents such as leases, rent ledgers, payment confirmations, bank statements, renter’s insurance records or move-in and move-out statements may help establish eligibility.
What Are the Important Deadlines?
The deadline to submit a claim is January 29, 2027, at 11:59 p.m. Eastern Time. Filing a claim is the only way to become eligible for money from these settlements.
The deadline to object or exclude oneself from the settlements is September 1, 2026. A person who excludes themselves will receive no settlement payment but will preserve the ability to bring separate covered claims against the settling defendants.
The final fairness hearing is scheduled for October 15, 2026, at 1 p.m. Central Time. The judge will consider whether the agreements, payment plan and requested legal fees are fair and should receive final approval. No payments will be distributed before the required approval process is completed.
What Business Changes Were Agreed Upon?
The settlements include more than financial compensation. Participating property companies have agreed not to give RealPage non-public data for use in competitors’ pricing recommendations. They must also avoid RealPage software that relies on confidential competitor information when recommending rental prices.
Many settling defendants must cooperate with the continuing case, potentially by producing documents, giving depositions or providing trial testimony against the remaining defendants.
The settlement therefore resolves claims against a large group of apartment companies, but it does not end the entire RealPage litigation. The case against RealPage and other non-settling parties remains ongoing, and the settlement itself still requires final court approval.