"We are convinced that RealPage is part of the solution to addressing the cost of housing, helping operators make informed, independent decisions in a complex housing market. We are pleased to have reached this agreement with the DOJ, which brings the clarity and stability we have long sought and allows us to move forward with a continued focus on innovation and the shared goal of better outcomes for both housing providers and renters."
"The proposed agreement requires RealPage to stop using competitors' nonpublic information to determine rental prices and stop using active lease data to train its software models. RealPage must also cease using geographic models narrower than the state level, remove or redesign features that limit price decreases, stop conducting market surveys to collect competitively sensitive information, and avoid discussing market analysis trends based on nonpublic data. Additionally, RealPage must also cooperate with the DOJ's lawsuit against property management companies that have used its software"
The proposed agreement prohibits RealPage from using competitors' nonpublic information to set rental prices and from using active lease data to train software models. The company must stop using geographic models narrower than the state level, remove or redesign features that limit rent decreases, stop market surveys that collect competitively sensitive data, and avoid discussing market trends based on nonpublic information. RealPage must cooperate with the DOJ lawsuit against property management companies that used its software and accept court-appointed oversight. RealPage's president and CEO described the resolution as an important milestone and said the agreement brings clarity and stability while enabling continued innovation.
Read at www.housingwire.com
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