LivCor LLC, a subsidiary of Blackstone, has agreed to a proposed settlement with the U.S. Department of Justice that would resolve allegations the landlord used RealPage’s revenue management software to fix rent prices, according to a proposed consent decree filed Tuesday in North Carolina federal court.
The proposed deal follows similar settlements reached with Cortland Management LLC and Greystar Management Services LLC, as well as a separate agreement with RealPage Inc. If approved by the court, the decree would bar LivCor from using any anticompetitive algorithm that generates pricing recommendations based on competitor data or incorporates certain anticompetitive features.
Under the filing, LivCor would also be prohibited from sharing “competitively sensitive information” with competitors and from attending meetings of competing landlords hosted by RealPage. The agreement would require LivCor to use a court appointed monitor if it relies on a third party pricing algorithm that is not certified under the terms of the decree, and to cooperate with the government’s claims against the remaining defendants.
Abigail Slater, an assistant attorney general in the DOJ’s Antitrust Division, said in a statement Tuesday that the government “is committed to an economy that works for all Americans.”
“Landlords across America are on notice that the competition laws protect renters from the harms caused by competitors sharing competitively sensitive information or aligning prices, whether through an algorithm or otherwise,” Slater said.
LivCor did not admit wrongdoing under the proposed settlement, according to the filing.
The DOJ and a coalition of state enforcers first sued RealPage in August 2024, alleging the company aggregates data from landlords using its software to generate pricing recommendations that effectively allow property owners to coordinate rental rates through algorithms. The lawsuit also accused RealPage of monopolizing the market for revenue management software used by large residential landlords.
In January 2025, the Justice Department expanded the case to include six residential landlords accused of using RealPage’s tools to coordinate rents. The DOJ has said those companies collectively operate more than 1.3 million residential units across 43 states and the District of Columbia.
The DOJ announced its first settlement in the case in June, reaching a deal with Cortland. The most recent agreement, announced in November with RealPage, was the largest. Under that settlement, RealPage agreed to stop using “current or historical unaffiliated property data” when making rent pricing recommendations, among other restrictions.
Blackstone did not immediately respond to a request for comment late Tuesday.
The government is represented by Henry C. Su, Andrew Tisinger, Claire M. Maddox, David A. Geiger and Jessica N. Butler Arkow of the Justice Department’s Antitrust Division.
LivCor is represented by Kearns Davis and James W. Whalen of Brooks Pierce McLendon Humphrey & Leonard, and by David Kiernan, Katherine Brockmeyer, Michelle K. Fischer and Peter J. Schwingler of Jones Day.
The case is United States of America et al. v. RealPage Inc. et al., Case No. 1:24-cv-00710, in the U.S. District Court for the Middle District of North Carolina.
Additional reporting by Isaac Monterose, Bryan Koenig and Matthew Perlman. Editing by Leah Bennett.
