Mid-America Apartment Communities Inc. disclosed Wednesday that it has agreed to pay $53 million to resolve claims in sprawling multidistrict antitrust litigation accusing major landlords of conspiring to fix apartment rents through RealPage Inc.’s pricing software.
The disclosure came in an 8-K filing with the U.S. Securities and Exchange Commission, outlining a deal that would mark one of the latest dominoes to fall in a case reshaping the rental housing industry nationwide.
Two Payments, One Resolution
Under the agreement, Mid-America will pay the settlement in two equal installments of $26.5 million, totaling $53 million. The funds are intended to settle claims brought by a certified class of multifamily renters who paid rent to landlords, owners or property managers using RealPage’s revenue management software.
The plaintiffs allege that the software functioned as a shared compass for pricing decisions, steering landlords toward coordinated rent increases rather than independent competition.
